Unless you have been living under a rock for the last few years, you probably have heard of network marketing and you may even have a peripheral understanding of how it works. In fact, you are probably reading this article right now because you are being diligent and you would like to know more about network marketing, and to find out if this type of business is for you.
So, just what is network marketing?
Essentially, network marketing is the art of selling products to your peers who in turn sell products to their peers. A few examples of this form of marketing would be Amway, USANA, Jeunesse, Vemma and World Ventures and there are literally thousands of other companies.
Everyone has the ability to succeed at network marketing. It just takes time and a willingness to succeed no matter the obstacles. But is it right for you?
These are the top ten questions you should be asking yourself before you decide to go into network marketing. Answering these questions will also help you determine whether the network marketing company you want to join is the right one for you.
1. Question The Company
Is this company legitimate? Are they playing by the book with their business practices? These questions are important to ask when you find a network opportunity that may be valuable to you. Make sure the company shows signs it can be stable and thrive. Check for BBB ratings, online reviews, and their current reputation.
You want to succeed. If you question the legitimacy of the company, then move on. You don’t want to fail before you even get your business started.
2. Are sales growing among the company’s network marketers?
When you look for a company you can successfully build a business with, you want to make sure sales for the company are growing. Positive growth means old customers are still ordering product while new customers are being introduced to the company as well.
Does this growth continue to occur? Look at previous profits over a range of time. If you see change in a positive direction, you have a better chance of building a successful business and obtaining financial rewards.
3. Question Whether Your Team Can Benefit You
When you choose to enter into marketing yourself and products, you need someone to guide you and to mentor you through the process.
Can your mentor teach you the step by step process to successful network marketing? If they can and you work well together your team and mentor will benefit you greatly.
4. Do the values of your team benefit you?
Is your team only focused on the big prize at the top? Or does your team focus on overall success?
These are important questions to ask yourself when evaluating if the team you will be a part of focuses on the aspects of the business that personally mean something to you. Having a common goal can help elevate your success in network marketing.
5. Are you willing to invest time into your business?
Are you willing to invest a large portion of your time into developing a business strategy and marketing yourself?
You are essentially building a business from the ‘ground up’. While a business in networking marketing can provide a small amount of immediate financial satisfaction, it can provide incredible long term financial satisfaction. But, you have to be willing to have time.
6. Are you willing to invest hard work into your business?
You are not the only one with an end goal. Your team also has a goal. In order for your team to succeed you need to succeed and building a thriving network marketing business is hard work. The art of networking and marketing yourself and your product is learned over time and experience, but know that it can be had. You just have to want it, and be willing to put in the effort.
7. Is Long Term Commitment going to work for you?
When you begin network marketing you start out with only the basics. Your supplies, your fortitude and patience.
Are you willing to look into the future and see the potential? This is not instant gratification. This is the beginning of your small business and your future financial success. You have to nurture that, and that takes time.
8. Are you willing to make the initial financial investment?
With most network marketing companies, there is an initial investment to start your business. This investment may be in the form of actual product, training and educational materials or even some combination of the two. While the majority of companies fulfill their customers orders for their distributors, if you are marketing physical products, then it is best that you have some of those products on hand to demonstrate and even sell yourself rather than having immediate customers order directly from the company.
Consider this initial investment your startup costs and remember that starter costs for a “normal” business can run into the hundreds of thousands of dollars. While there is generally a startup cost for your network marketing business, it is minimal and much, much lower than a traditional business. This is one of the characteristics that makes netwrok marketing so attractive.
9. Find a Team Balances Recruitment and Customer Sales
Here is something that you need to know. A legitimate network marketing company will have a balance of both customers and new distributors in their organization. In fact, this is a determinent of whether or not a company is operating legally.
If your team or company placing too much emphasis on simply recruiting, then there could be issues with the companies ability to stay in business in the future. make sure that the product you are marketing is something that people actually want and will gladly pay for. If this is the case, then gaining customer will be a natural part of your business growth.
In addition, make certain that the business plan itself is attractive to others, like yourself, who want to grow financially. When this is the case, it will be much easier to grow your personal team of distributors.
10. And Finally…
Take the time to determine whether network marketing is for you by asking the ten questions above. When you make the initial investment on a marketing kit and training, you aren’t just investing in a few products. You are investing in your future personal and financial success.
But just like making a financial investment, you also must make a mental investment.
Are you able to learn how to build your business? Do you have the patience to ride out the slow climb to success?
If so, then network marketing may be right for you. By making these investments you may just be working towards a new life or new goal that you may not have seen before.
Look at yourself and decide whether you have the ability to work well with others. Network marketing isn’t just about selling a product. By putting a face behind a name, you bring renewed interest to a product or service.
Do you want to be a happy face behind the product? With a team that motivates you and helps you succeed? With fortitude, flexibility, time and a willingness to learn then you may just be in the right field.
Remember, Network Marketing is one of the most flexible ways to start your own small business. Start small if you need to. Work a few hours here and there until you feel comfortable.
Start off small, make your financial investment and learn to connect with others. You may feel uncomfortable at first marketing yourself but that is what network marketing is.
Get yourself out there.
If you feel intimidated by this idea, don’t be. It is only natural. Putting yourself out there, building a customer base and ramping up your small business is one of the best ways to change your financial future.