Are you considering starting a business and do not know where to start or how to raise the funds to start. This is one common problem people face across the world as starting a business requires funds which unfortunately many do not have.
Due to the covid-19 pandemic nations as well as companies are on the brink of bankruptcy and a possible collapse. Thus you have to take you destiny into your two hands to survive the hardship that is about to emerge if nothing is done speedily to halt the decline.
As the number of those living below the poverty line continue to rise unabated it has become expedient that employees, retirees and the self-employed seek for ways to augment or enlarge their meager income.
In this century one sure way to do that without breaking the bank is through what is today known as Multilevel or Network marketing. This business model has been identified as the business of the 21st century and has helped many to exit the poverty line.
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However before you delve into this you ought to know how it works and how it will benefit you. So let’s know what it is
What is Network marketing?
Network marketing is a business concept that involves selling a company’s product directly to a customer by an independent representative. Some models of Network marketing require you build a team of business partners who have the same passion to sell the company’s products.
There are numerous Network marketing company’s operating today all around the world; with majority focused on the sale of healthy supplements, cosmetics products and every-day household item.
Some are structured in the form of a pyramid and can also be called a Multi-Level Marketing system; though it could be a Single Tier Network marketing scheme.
In the latter you do not need to recruit or build a team, you simply buy the company’s products from the company and then sell.
In the former you sell products and also are required to recruit and build a team. You get paid for sales you make directly to customers and also earn commissions from sales made by those you recruited.
Network marketing relies on a network of distributors to grow a business. But without the right mindset, Network marketing could be frustrating especially if you are marketing a bad product. Thus thought must be given to the reputation of the company, if the products and services the company is offering is actually needed by people.
Who can participate in Network marketing?
The fact is anybody can join this form of business model and earn money passively or full-time from sale of the company products or train people to do what you are doing and thus earn commission from their efforts.
Nonetheless certain fundamental requirements must be met for one to succeed in Network marketing.
- You must have adequate knowledge of the products and its appropriate usage to solve a problem.
- The Networker must have a high-energy level and strong sales-skills
- Due diligence must be taken to research on the company and the reputation of its founders.
- Carry out a personal research on the company’s products to at least verify the potency of their products.
- Are you personally satisfied with the product and can you confidently recommend it to someone?
Advantages and Disadvantages of Network Marketing
Network marketing has its advantages and disadvantages which every networker must duly consider before making the decision to join. This section will therefore highlight the key advantages and disadvantages of Network marketing.
- Earnings could be made from other people’s efforts put in by your recruits (downlines); these are people that signed up under you. When they buy and sell products or when they bring in people you earn a commission. When you successfully recruit hard-working downlines you are sure to build a strong team and earn consistent income from them.
- Your receive and acquire knowledge based on the product or service you are selling
As a network marketer you acquire and develop new skills in sales and knowledge of products and services. Some companies spend time and resources to develop their sales representatives using product manuals, catalogs and video reports.
These trainings allow the representative to personally develop leadership skills and personal development which is a panacea for success in marketing.
- It can be done from anyway and at your own pace
As a Networker you can work from anyway while still keeping your regular job. This is because you can work according to your capacity with no specificity on working hours. It also helps you build a second source of income without you spending money on rents, employees or equipment.
With the recent need to work from home due to the Covid-19 pandemic. Network marketing provides a good opportunity that anybody can take advantage of.
- It’s relatively easy to start.
It cost little or nothing to start Network marketing unlike building a regular business that involves high capital. And this is one of the attractions for many that have joined this model of business. It provides an opportunity to make ends meet with a low-risk investment into the products and services.
Also there are laid down system and practices that any new participant can work with to develop themselves. Thus using them immediately means you stand the chance of succeeding rapidly.
- You help people experiencing certain aliments or deficiencies solve their challenges
Most products distributed by network companies are health supplements and skin care products which have been useful to many. Today health challenges
- It takes time to succeed
Though it’s a good business to go into if done wrongly success is impossible because essential Network marketing is a business. This however is understandable since most brick and mortar business also fail if not nurtured properly. The amount lost in Network marketing is very little compared to running a conventional business thus making it worth giving a trial.
- The compensation plan might be poor
Most Network marketing companies do not pay reasonable compensation to its representatives. Hence a marketer must ensure he reads the compensation plan of any company they intend partnering with.
Due diligence must be taken to ensure the products and services the company is offering will appeal to people before deciding to commit your time and resources into it. Afterwards make sure to look at its compensation plan if it meets your expectations.
- It’s difficult to get the right people to work with.
Network marketing more often than not require you recruit the right people to work with you. Though it’s optional; nonetheless working with the wrong people could be frustrating. Getting the right people to work with is the key to succeeding in this business and hence means you need to identify the recruits that will take the business opportunity seriously.
- There is a high possibility of rejection
Selling is not any easy task because it involves a lot of convincing. Rejection is very common here if your potential prospects keep on saying No to you and this could lead to giving up.
However if you join a good company with good products that are in demand you sure will overcome the rejections.
In conclusion Network marketing is one of the easiest and fastest means for individuals to start and grow a business. As an employee, student or a mother this is one of the best business you can start with little start-up capital.
As a multilevel marketer with a credible company with quality and highly potent products you stand a high chance of succeeding in this business as little efforts would be put into canvassing clients. Huge commissions have been paid to people who have put in efforts into this business venture.
However you must be enthusiastic about the product and be passionate about solving problems people face health-wise. Selling and making profits then follow as compensation for your efforts.
And with the internet and several social media platforms the ease of operating in this scheme reputed as the secret multibillion dollar has never been this easy. Marketing on the internet is presently the trend and with quality products offered by network marketing based companies you sure will be on the path to financial freedom.
According to Robert T Kiyosaki author of Rich Dad Poor Dad, this Network marketing is one of the fastest-growing business models presently. If this is coming from a renowned business tycoon this business should not be taken lightly.
I thus encourage you the reader to make conscious efforts to leverage on this business model to pull yourself out of financial stagnation. You don’t require much to start with and in most cases registration is free. All you need to do is register, learn about their products then you launch out.
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So do you desire to become a Multilevel Marketer today there are various Network marketing companies you can join out there? Go for a company with an effective and affordable range of products that meets health and wellness need of the populace. Do this and the skies will be your limit.
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