Thursday, March 10, 2011, AM | 1 Comment
In any business, may that be online or offline or a combination of the two, there can be strengths as well as weaknesses depending on how much effort is put into it. Multi-Level Marketing (MLM) is no different. The MLM entrepreneurs must be on top of the business using smartness, hard work and educating themselves with good and relative information.
However, many folks don’t see MLM as a legitimate work-from-home business. Even Federal Trade Commission and other government agencies have come out and written against it and have warned the consumers to stay away from it. It is true that many are scams and an overwhelming majority of individuals will never make money in an MLM business, but there are some legitimate businesses of the kind that some folks have made lots of money from.
The MLM method of business growth has helped many on the path of financial independence as is apparent from the website businessforhome.org. In some cases, it has created even millions for some. The ratio of success is very small and folks have failed miserably and lost money.
There are Strengths, Weaknesses, Opportunities, and Threats (SWOT) to any business. One should develop strengths by finding and taking advantage of opportunities. One must, at the same time, work on weaknesses and threats and turn them into strengths and opportunities respectively.
MLM Weaknesses & Threats
When the MLM businessman lacks the dedication and discipline to truly work the business, the result will obviously be nothing but failure. That is true for any business. It’s extremely hard to make money when you join late and are at the bottom levels of the pyramid.
MLM Strengths & Opportunities
There are some definite advantages in joining an MLM business of which the following stand out the most:
- Simple to get into
- Requires little investment
- Can be Worked on a part-time basis
- If you join early, you can make money.
Of course many folks have lost money but in no way they have lost money on par with a brick-and-mortar franchise. Federal Trade Commission and other relevant agencies have indicated that success rate of being a franchiser is very small. Individual businesses have even a lot less success. At least, in MLM business, you don’t lose a lot of money.
Steps to Succeed in MLM
In any case, when you decide to join an MLM after doing basic research and reading reviews about the business and you think it’s good for you, then you must work on it, give it quality time and your utmost effort even part-time is okay.
Plan your Work and Work your Plan
You must have a business plan even if it’s just a page or two. You must have brief explanation to yourself how you would go about executing the business plan.
Get Information about The MLM business
Have understanding about the product and services. You must be able to give intelligent answer to any kind of question that folks in your group might have.
Find a person or two as mentor above your position and stay connected with them. Get on their email list to send you newsletters and be on the alert to any conference call they might have.
Reinvest your Profits
If you are making money, after expenses, reinvest the profit back in the business.
Have good Marketing Strategy
Let folks know who you are and what you are selling. Be diplomatic but without misleading your potential customers. People will come to you if you don’t let them go on a hunt to find you. On the contrary, you need to be on the hunt for prospects and converting them into loyal customers and business partners.
In a Nutshell
You can be successful in MLM business if you are lucky enough to join early and then work on the business.
- Mar 10, 2011: Strengths And Weaknesses Of Multi-Level Marketing | Doable Finance … | Save Taxes With MLM