Network Marketing Tips – Some Keys to Building a Successful Business
In the current economy, many people are seeking sources of income outside the traditional job market. Alternatives include such things as franchises, traditional business startup, and the more non-traditional MLM/network marketing options. What are the advantages and disadvantages of network marketing and what are the keys to success of those choosing this option?
Network marketing, conceptually, is similar to the broker/agent model that is used in real estate. It is also a sales type opportunity, except that many sales positions have base compensation plus commission/bonus pay. Network marketers, essentially are on 100% commission. On the other hand, network marketing is a true Plan B alternative, in which part-time hours can often be leveraged into walk-away full-time income.
The challenge many have in network marketing, which may drive the current high failure rates, is underestimating the level of effort needed for success. Those new to the industry often look at those that are successful, without realizing the effort behind their success. What looks easy may, in fact, have taken years in training and personal development.
In addition, a person successful in business usually has done a significant level of planning for their success. Our “microwave” society wants success without the prerequisite effort. Jim Rohn’s quotes include the following “If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.” Here are some planning questions to consider (just a few):
- What is the plan for your business?
- What are your SMART goals?
- What can you do to guarantee someone else’s success?
- Why are you doing a network marketing business?
- What is your own unique business niche in the marketplace?
- What are you willing to “sacrifice” in order to achieve business success?
In order to be successful in network marketing, it is imperative to first understand why you are doing what you do. Once you know this, then the particular company, product, etc. becomes irrelevant. If you know where you are gong and why you truly “need” to get there you become unstoppable. A game plan, that may have previously been meaningless will suddenly take form and you will begin using it for the first time. Not only that, you’ll attract a following as a leader who many want to follow. You deserve to have this level of success, not only for yourself, but for the sake of those who are following your lead.