Are you thinking of starting an MLM business? Here are 7 things you must consider before joining. Many people won't tell you this information, do your research. Ask anyone who has been successful in the network marketing industry what they had to go through to succeed.
Starting an MLM business is similar to any other business. Because the overheads are lower than traditional businesses, people wrongly assume that it's easier and you don't have to do as much, nothing could be further from the truth. Here's some background info on starting an MLM business.
Let's dive in…
7 things to consider before starting an MLM business.
- Are you dedicated? – This industry requires a lot of dedication. It's not as straightforward as people think. Yes it's simple, but it requires lots of work and learning. It's not all talking to your friends and family and drawing circles. If you aren't dedicated, don't even think of starting an MLM business.
- Do you give up easily? – You probably won't make $10,000 your first month, or second, or third month… You get highly compensated for your actions in network marketing, but it does take time to build up. Have you heard that entrepreneurs are underpaid at first and then overpaid for the rest of their lives? It's all to do with your personal development and taking meaningful action. You have to do the things that work, over and over. Doing the wrong things won't get you any results. Take it from me, I struggled in the network marketing industry for 6 years, but I don't give up. Then I started doing the things that produce results and I began to see success.
- Do you get upset by rejection? – You will get rejected, many times, know that from now. How often? Well 90% of the people you talk to will never join your network marketing business. Let me explain… Most people are not cut out to be entrepreneurs. Some think they can't do it, some don't understand the concept of investing in a business, there's also people who are already have a network marketing business. Remember, these people are not rejecting you. Don't take it personally. What you have to offer may not be the right fit or the right timing for them. For example, if someone approached me with a business about knitting, I wouldn't be rejecting them, I'd be rejecting opportunity since I have no interest in knitting.
- Are you willing to learn and be coachable?
If I had to give you one tip, this would be it. The degree to which you are willing to invest in yourself and learn, is the degree to which you will succeed in this industry. This involves reading personal development and mindset books, attending company events and training webinars, investing in courses and learning new strategies. I can't stress the importance of this when starting an MLM business. This is one of the biggest tips for multi level marketing.
- Are you willing to get uncomfortable?
Everything that moves you forward in life requires you to get uncomfortable, this industry is no different. Depending on your comfort level, you'll have to talk to new people, get on the phone with them and learn new skills. If you want to market online like I do, I'd highly recommend learning to blog, and learning to do videos. If you're comfortable with all the things I mentioned, great. If you're not, it's time to get out of that comfort zone. How badly do you want success?
- Are you willing to invest in yourself?
When people get started in the business, they think that their startup fee and products are the only expense. They are the only required expense; however, it's critical to invest in yourself to succeed. Let's take a sandwich shop for example. What are the shop's expenses? The cost of the property, the utilities to keep it running, and the inventory. Is that it? If the shop doesn't want to succeed it is! The shop owner will likely pay for advertising, they might pay for a business course at university, they might buy a course to learn how to advertise online, perhaps a booth at a trade show etc. The same goes for starting an MLM business. I'll tell you exactly what you can expect to invest in. Personal development books, marketing courses, company events, a system to funnel prospects through, software to keep track of all your customers and prospects (Customer Relationship Manager aka CRM). Most people won't tell you this when getting started. Since people don't know this, they don't invest in it and ultimately quit. The good news is that you have shown you are willing to invest in yourself when starting an MLM business – just remember that it doesn't stop there. Any professional has to invest in themselves annually to learn new procedures, new licensing etc, this profession is no different.
- Are you willing to sacrifice?
Are you willing to live a few years of your life like most won't so you can live the rest of your life like most can't? I've sacrificed going out with friends, going on holiday to focus on my business, going to sporting events to attend training sessions, I've stopped watching TV entirely (except for football and Shark Tank) and replaced it with reading and learning, I've sacrificed eating out to use that money to invest in myself. Now you don't have to go as far as I've gone, especially when starting out. But the question you need to ask yourself is, what are you willing to sacrifice? It can be as little as half an hour less sleep a day, or it can be sacrificing every second week at the pub with your friends. Whatever it is, just know that there is a sacrifice involved in this industry and decide what you are willing to sacrifice for your dreams. Write it down, what are you willing to sacrifice to start an MLM business? This is again one of the biggest tips for multi level marketing that most people won't tell you.
If you can do, or work on these 7 things, you're capable of succeeding in the network marketing industry. Also check this other article you should read before you join. This discusses more of the marketing involved when starting an MLM business.
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