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This article was co-authored by Ernest Sturm, one of our co-authors. wikiHow co-authors work closely with editorial staff to ensure that the content is as accurate and comprehensive as possible.
This article has been viewed 14,020 times.
Network marketing, also known as multi-level marketing (MLM), is a business model in which individuals known as “contract independents” join a company and receive commissions. commission based on the number of products they sell. This industry attracts many participants because they are self-employed, determine their own working hours and strive for their own careers. Network marketing requires a lot of dedication but can be very lucrative.
Steps
Find a suitable company
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Research companies. Choosing the right company is the key to opening the door to success. You can find many answers on the internet with easy and quick searches. Go online and decide which company is best for you. Some questions you should ask yourself include: [1] X Trusted Source Federal Trade Commission Go to Source[2] X Research Source
- How old is that company? Does the company have a solid foundation or just established?
- How is the company’s sales? Increase or decrease?
- Find out about the company’s reputation. Often online reviews and ratings can help you guess whether a company is trustworthy or suspicious.
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Find information about executives and other leaders of the company. Keep these same factors in mind when learning about company leaders. Are they reputable and law-abiding? You should avoid companies whose leaders have been accused of fraud or got into trouble with the law.
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Consider the product or service the company offers. You will be responsible for promoting and selling the company’s products, so you need to make sure the product is trustworthy. Some network marketing companies market suspicious or dangerous products, and you could face lawsuits if you engage in company sales. When reviewing a product, you should keep the following in mind: [3] X Trusted Source Federal Trade Commission Go to source
- Is the product safe?
- Are the company’s claims backed up by official research?
- Will I use this product?
- Is the price of the product reasonable?
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Ask questions to the recruiter. When you find a company you like, you’ll usually meet a recruiter or an agent. You should be cautious in the recruitment process. Remember that your sponsor will get extra money if you join, so he may not be as clear to you as he should be. Don’t be fooled by promises about how much money you’ll make, you have to think carefully about what you’re going to do. [4] X Federal Trade Commission Trusted Source Go to Source
- Ask candid and specific questions. If you feel the answer is too vague, ask for clarification.
- Ask exactly what the company asks of you – how many products will you have to sell? How many people do you have to hire? Do you have to attend training programs?
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Read the contract carefully. Don’t rush to sign anything. Take the time to read and understand the entire contract. You can even consult an attorney or accountant to make sure you’re getting a fair deal, and that the company is legit.
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Pay attention to warning signs. According to the US Federal Trade Commission, some businesses operating as network marketing companies are actually illegal pyramid schemes. The pyramid scheme is a form of fraudulent business whereby new members who join the company almost always lose. You should be on the lookout for these signs: [5] X Trusted Source Federal Trade Commission Go to source
- The amount the company earns from selling products to distributors is higher than selling out.
- The company’s profit from recruiting new members is greater than the profit from selling the product.
- If you feel something is wrong, don’t sign the contract.
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Make a business plan. After targeting a few potential companies, write down a plan to build and expand the business. It helps to have a business plan early even before you officially join the company. That way you’ll be able to get to work as soon as you actually start your business. Keep the following in mind when creating a business plan:
- What product or service do you intend to sell?
- Who are you going to market to?
- How much time can you spend on this job? Are you going to work part-time or seven days a week?
- What is your goal? Do you want to get rich or just want to earn extra income?
- Think long term. What is your position in the next 5 years? Next 10 years?
- What is your marketing strategy? Will you be calling potential customers? Using the internet or going door to door?
- You can update or change your plan as needed, but it’s still helpful to have guidance from the start.
Start a business
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Choose the right instructor. In most network marketing models, your employer will be your mentor. The instructor will coach you during the work in the early stages. Usually, the more successful you are, the more money your instructor makes; They will be enthusiastic about you because it is in their interest. In terms of mentors, you will need: [6] X Research Sources
- Always available when you need help.
- Someone you can work with.
- The person who is upfront with you if there is something you need to do better.
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Research and know well about the products that you trade. Your job is to sell these products, so you should spend a lot of time learning every aspect of the product. You will have to plan how to market your product to potential customers, answer their questions or doubts, and use research material to support your product. [7] X Research Sources
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Attend company meetings and trainings. This will help you make new relationships and learn new skills. You can take advantage of these to prepare to grow your business.
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Grow the number of potential customers. In the network marketing industry, they are the customers who are interested in your product. You will need to find new leads if you want to continue earning. There are many ways to do this, and you should use a diversified mix strategy to capture the largest possible market.
- Social media is an inexpensive and easy way to promote your products. Open a new page for the company on every major social media site and regularly update all pages.
- Buy ad spaces online. Websites and newspapers can help promote your product image.
- Calling customers is an old but still popular method of finding potential customers.
- Personal relationships are also a useful channel. Always carry a business card and be ready to advertise the company. You never know when you will meet interested customers to pitch.
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Follow up with all potential customers. To turn potential customers into real customers, you will have to follow them closely and promote your product.
- Create an autoresponder website designed to communicate with people who visit your site.
- Manage all contact information in a systematically organized file with all information easily accessible.
- Ready to market products at any time when in contact with potential customers.
- Try to convince potential customers to become real customers more than once. Just because a person wasn’t interested in your product before, doesn’t mean they never will. However, you need to be careful, do not overdo it, or you will easily get a reputation as a harasser, and that will harm your business.
Business development
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Recruit new members. Just like when you are recruited into the company, you will have to recruit members to your team if you want to succeed. Always look for new prospects that you think would make valuable team members. Try recruiting services like MLMRC. You’ll also need a charming person, a good salesperson, and a willing teammate.
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Guide new members effectively. You will make more money if the recruitments are successful, so you need to prepare to train them well. This process can take a long time, even weeks. But you need to understand that you’re building a team, and it’s in your best interest to spend enough time making sure new members are qualified to start their own businesses. [8] X Research Sources[9] X Research Sources
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Pay high commissions to team members. Compensating your members well can ensure that they’re motivated to sell. This way, team members will make more money for you and for themselves. This also helps you retain them longer – you probably want to keep the talented salespeople on your team to grow your business.
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Consult an expert about your business. Don’t forget that you are responsible for everything related to running the business – taxes, laws, etc. the most effective. [10] X Research Source
Advice
- This is not a get-rich-quick scheme but a serious endeavor, and you should be willing to put in the time it takes to succeed.
- Seek advice from people who have been successful in network marketing.
- Don’t reinvent useless things. Let’s follow those who went before.
- You can read books about successful entrepreneurs for more ideas and inspiration. However, you need to remember that a method that works for one person does not mean it will work for another. You can read books for ideas, but the tips should only be used as a reference.
Warning
- Make sure you’re not in a hurry to quit your full-time job. You should only quit your current job when you are sure that you can live with the income from the network business.
- Always make sure your business is legal and compliant with regulations.
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This article was co-authored by Ernest Sturm, one of our co-authors. wikiHow co-authors work closely with editorial staff to ensure that the content is as accurate and comprehensive as possible.
This article has been viewed 14,020 times.
Network marketing, also known as multi-level marketing (MLM), is a business model in which individuals known as “contract independents” join a company and receive commissions. commission based on the number of products they sell. This industry attracts many participants because they are self-employed, determine their own working hours and strive for their own careers. Network marketing requires a lot of dedication but can be very lucrative.
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