Do research on the top MLM companies
You can do some snooping around on the internet and take a look at the companies around your area. You have to look at things like how long the company has been in business, the number of sales they do in a year, what is the reputation of the company among the general public and if it has been in some legal cases or in the middle of a scam in the recent times. Also, the company should be on par with you on a personal note since you have to deal with them during the course of your career all the time. To check on scams, you can read the online reviews, blogs, find if there has been a newspaper report or simply ask around your social circles. Get to know more about how to choose the right network marketing company.
Investigate the company leadership
Now, after you have zeroed in on the company, have a look at the top management and the leadership of the company. The leadership and the chief of the company should be a reputable and well-respected person in the community and should be a part of anything scandalous or shady. They should also be free of any legal proceedings against them.
Study the products that the company sells
Do a thorough study of the kinds of products that the company sells. This is important since you are the one who has to ultimately sell the products and experts in MLM says that you cannot sell a product unless you believe in it and is quite passionate about selling it. It always wises to choose products that are reputable and you can milk the popularity of the brand.
Certain companies market dangerous products and you will be in the middle of serious legal implications once you start selling these products. Be careful to stay away from such products.
The following checklist can help you choose the right product.
> Is the product safe for use?
> Would you use the product?
> Is the product priced right?
> Are the claims based on research or are they just empty ones to lure customers in?
Study more about the MLM company from your recruiter
Once you have shortlisted the company, you will meet a recruiter or sponsor. during the meeting, be skeptical and question him thoroughly on the company, products, compensation plan and another thing you have in mind. He is bound to answer your questions. Do not fall for the lucrative and naive promises that he makes on how much money you can earn and dream vacations that the company would sponsor. See how much open he is with you. The more transparent the sponsor is, more will be the fairness of the system.
You can prepare a list of questions you would like to ask in the meeting and question the sponsor. If you feel the answers are not clear, ask for clarifications. Ask him what the company expects from a consultant like you and how many people you will have to recruit. Ask about the training programs and the induction classes the company and the sponsor will provide.
Go through the contract carefully
Do not sign anything in haste. Read the entire contract and understand it thoroughly before you make the next move. You can even seek professional help by consulting a lawyer and chartered accountant to make sure that you are getting a fair deal and the company is a genuine one.
Watch out for red flags
Some companies pose as MLM while they are illegitimate pyramid schemes. These companies recruit people to buy into a company and the recruit will incur great losses.
You should keep the following pointers in mind before signing a contract.
Does the company make more money by selling products to the distributors than to the public?
Does the company make more money by recruiting members than by selling products?
If you feel something is not right, don’t sign the contract. Draw out a business plan
When you have the right company and an enthusiastic sponsor under your belt, draw out a plan for building and expanding your business. It helps to have this plan figured out early before you start on anything major. To be successful in Network Marketing you need MLM Compensation plan.
Know more about MLM Compensation Plan
Always keep the following things in mind when devising a business plan:
What are the products or services you are intending to sell? Who is your target market?
How much time will you allocate for this business? Will it be a part-time career option or are you planning on working full time?
What is your goal behind joining MLM? Do you want to make a bit of cash or get real rich during your career? Where do you find yourselves in 5 years?
What will be your marketing strategy? Online marketing? Telephone marketing? The door to door selling? You can update the plan from time to time but it is really beneficial to have a rough sketch of the plan when you are starting out.
2. Start your business
Choose the right mentor
It is very common that in most MLM models, the person who recruited you becomes your mentor. He will coach you through the early stages of your work and help you get sales in the initial stages. Usually, the more sales you get, the more money your mentor makes. So, he will be there for you and help you establish yourself in the business.
The perfect mentor must fulfill the following criteria.
Someone who is always available for you if you need their help.
Someone who you could see yourself working with and build a team under him.
Someone who will be honest with you.
Study your products and know them well.
Your job is to sell the products and it is your responsibility to know everything about the products. You should know how to pitch the products to your customers and plan on doing so. You should also learn how to answer all the questions, clear their doubts and do all the relevant research and studies to support the products and bag the sales.
Buy the right MLM software
Buying the right MLM software will ensure that your management of the business and network is very easy. The software has multiple features to improve the functioning of the business very effectively. Know more about MLM software and software buying tips from here.
Attend company meetings and training calls
Attending the meetings and training sessions will help to make new contacts and learn new skills. You can hone your skills and prepare to build the business in a successful manner.
Build new leads
Leads are your shot to a successful MLM career. They are your potential customers. You have to find ways of generating new leads if you want to make money in the business. A good Lead generation Software can help you there.
is very cheap and probably the easiest way to generate buzz for your product. Start a page for your business on all the major social media sites and update them all regularly.
Buy advertising space online and offline
Websites and newspapers can help build awareness of your product.
Follow up with all leads
Once you have generated the leads, you have to follow up with them regularly and turn them into customers. A Customer Relationship Manager can help you there.