Network marketing is based on the principle in which the members are compensated not only for the business volume that they personally sold or consumed, but also for the business volume that was generated by other people that they recruited.
In order to succeed one needs to develop sales, business, teaching and leadership skills. In order to build your business fast you should utilize a proven system of success that includes the application of the Internet. 7 tips for building a successful network marketing fast are listed below:
1. Find out your WHY. Where are you going to be in five years if you are doing what you are doing now? Will you be happy with your achievements? Will you have enough time and money to do what you want to do?
2. How to know how to choose the right company?
There are thousands of network marketing companies that start-up each year, but less than 10% of these companies remain in business after one year. What does it mean for me and you? Well, maybe after very hard work for many months and achieving great success, the company will not longer be in business and will stop paying you the promised "residual income". How can you avoid it?
2.1. The company that you choose should be financially stable
The company needs to be at least close to 2 years in business and the best company would be the one that is debt free.
2.2. Product should be consumable, unique and preferably patented that most people need and like.
This type of product can be easily sold to the end consumer and it will allow you to build a network of consumers very fast. The drop out rate will be very low thus you can build your business really fast.
2.3. Timing
There are four phases of growth of any business: formulation, concentration, momentum and stability. Richard Poe in his book entitled "Wave 3: The New Era in Network Marketing" wrote "...the phase with the most rapid growth is the momentum phase, which occurs after the company has exceeded $50 million in annual sales. This is the moment when exponential growth kicks in, when fortunes can be made... by these lucky few who got into the company before it went into momentum". This means that companies that are well established, like Amway, are already in saturation and while one can still make money, it is difficult to make a fortune.
3. Compensation
There are different compensation plans for different MLM companies. Make sure that your company is not promising to pay over 100% , because this company will not stay in business very long. Very few network marketing companies can afford to pay over 60% of their revenue. The best way is to determine how much would you like to make a month and find out what you need to do to achieve it. Then, with a help of your sponsor, create a feasible plan of action to achieve this goal.
4. Training
Training is essential and it should include 3 different levels:
4.1. Sponsoring your warm market locally and long distance. It is necessary to have a proven and duplicatable system that everybody can follow.
4.2. Approaching cold market. This is much more difficult than working with a warm market. It has to be approached with knowledge and patience.
4.3. Implementation of the Internet marketing strategies. This is the highest level of network marketing strategy and it takes time to develop it, but it leads to the most lucrative and stable business. The online course that will show you how to generate an endless new stream of distributors ready to join, can be downloaded, for a limited time only, for free.
Download your course while you can.
In order to succeed one needs to develop sales, business, teaching and leadership skills. In order to build your business fast you should utilize a proven system of success that includes the application of the Internet. 7 tips for building a successful network marketing fast are listed below:
1. Find out your WHY. Where are you going to be in five years if you are doing what you are doing now? Will you be happy with your achievements? Will you have enough time and money to do what you want to do?
2. How to know how to choose the right company?
There are thousands of network marketing companies that start-up each year, but less than 10% of these companies remain in business after one year. What does it mean for me and you? Well, maybe after very hard work for many months and achieving great success, the company will not longer be in business and will stop paying you the promised "residual income". How can you avoid it?
2.1. The company that you choose should be financially stable
The company needs to be at least close to 2 years in business and the best company would be the one that is debt free.
2.2. Product should be consumable, unique and preferably patented that most people need and like.
This type of product can be easily sold to the end consumer and it will allow you to build a network of consumers very fast. The drop out rate will be very low thus you can build your business really fast.
2.3. Timing
There are four phases of growth of any business: formulation, concentration, momentum and stability. Richard Poe in his book entitled "Wave 3: The New Era in Network Marketing" wrote "...the phase with the most rapid growth is the momentum phase, which occurs after the company has exceeded $50 million in annual sales. This is the moment when exponential growth kicks in, when fortunes can be made... by these lucky few who got into the company before it went into momentum". This means that companies that are well established, like Amway, are already in saturation and while one can still make money, it is difficult to make a fortune.
3. Compensation
There are different compensation plans for different MLM companies. Make sure that your company is not promising to pay over 100% , because this company will not stay in business very long. Very few network marketing companies can afford to pay over 60% of their revenue. The best way is to determine how much would you like to make a month and find out what you need to do to achieve it. Then, with a help of your sponsor, create a feasible plan of action to achieve this goal.
4. Training
Training is essential and it should include 3 different levels:
4.1. Sponsoring your warm market locally and long distance. It is necessary to have a proven and duplicatable system that everybody can follow.
4.2. Approaching cold market. This is much more difficult than working with a warm market. It has to be approached with knowledge and patience.
4.3. Implementation of the Internet marketing strategies. This is the highest level of network marketing strategy and it takes time to develop it, but it leads to the most lucrative and stable business. The online course that will show you how to generate an endless new stream of distributors ready to join, can be downloaded, for a limited time only, for free.
Download your course while you can.
About the Author:
Dr. Grazyna Pajunen is an inventor, university professor, and a resercher in a field of EE. She is also a successful investor and a Network Marketer. Lately she has implemented onlinemlm principles to her businesses. The FREE course showing how to obtain an endless stream of customers to your business is available, for a limited time only from MLM Success .
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