All the perks of running a business – with none of the risks
Do you want to become your own boss, work flexible hours and make money? Of course you do. One way to get to this stage in your professional life is via network marketing. It can be a great fit for those with an entrepreneurial mindset. Network marketing gives you all the benefits of being a business owner without all the headaches and level of risk.
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But what is network marketing?
A common network marketing definition is that it’s a business model dependent on person-to-person sales of a product or service. It also involves developing a team of people who work together to deliver the product’s message to a wide range of potential customers. The leaders of these teams are compensated for the products they sell as well as the products their team members sell.
It’s also known as multilevel marketing, referral marketing and consumer direct marketing. No matter what you call it, these are businesses where true entrepreneurs can succeed – and even find their true gift.
How to start network marketing
A successful start in network marketing begins with finding the right company. You’ll need to research carefully to locate a business whose message, story and products or services capture your image and make you want to join their ranks.
Look for businesses that display the following traits:
At least five years in operation
Fifty percent of businesses fail within the first year, and 80% fail within five years. Signing up with a business that hasn’t had its doors open for at least that long is an additional risk.
Steady cash flow
Network marketing companies with nothing to hide disclose their financial statements – and if they are publicly traded, they have to. Take the time to read the statements and ensure the business is well-capitalized.
You don’t want to be a benchwarmer. Make sure the business intends to coach you and provide you with the tech and support you need, as well as send you to any conferences and meetings required to advance your training.
Established customer base
Does the product or service provide value to customers? Is there a demand for it? Is it of high enough quality to turn customers into raving fans? Signing on with an established company that knows its products and customers – and how to change its products to keep up with said customers – is critical to network marketing success. A long-established business has a good grasp on what it offers and can shift gears as necessary.
Network marketing examples
The reputation of network marketing has suffered over the years, but there are numerous examples of successful companies built on its principles. Tupperware, Avon and Mary Kay have all been around for years and are nationally-recognized names. Newer network marketing examples include Scentsy, Younique Cosmetics and Young Living.
How to succeed in network marketing
1. Manage your mindset
The way you think about yourself matters far more than your tactics. You might have plenty of strategies to deploy, but if you’re not in the right mindset, you won’t be able to execute them. On the other hand, even if you have no business experience, you can learn how to succeed in network marketing if you create the right mindset.
Before learning how to start network marketing, you need to learn how to cultivate positive emotions and control your reactions to situations. Choose how you feel rather than reacting to a situation. When you do this, life happens for you instead of to you, putting you firmly in the driver’s seat. You will face plenty of challenges as you learn about network marketing, and viewing each setback as something you can overcome and learn from will help you move on from temporary disappointments.
2. Put your resources to work
Succeeding at network marketing is largely dependent on how many resources you can cultivate. Start by discovering how you can leverage things you already have – connections, education and achievements – into business success. You may already have dozens of relationships that you can capitalize on to grow your network.
As you consider turning to these people, remember that you want to add value to their lives with your product or service. Don’t pitch everyone in your phone book just because you can. Remember that the secret to living is giving. Those who learn how to succeed in network marketing understand that it’s not about selling – it’s about using the opportunity to cultivate an abundance mindset and improve the lives of others.
3. Find your passion
According to Tony, network marketing is about “picking the right company and realizing you’re a value creator. Whatever you enjoy the most, you’ll do the most.”
Your love and passion for a product or service drives you to properly tell its story, and that’s how you create value. Consider what products have improved your life in the past and what you want to learn more about. Is it supplements? Home décor? Cosmetics? When you choose something you have a deep interest in, that passion will shine through.
There’s another benefit to choosing something you love: more sales. Today’s consumer is bombarded with marketing, branding and advertising. They’re on high alert and know when they are being “sold” to. If you’re just doing this for the money, they will sense it right away – and react accordingly. True entrepreneurs are drawn to business because they want to make a difference in the world. The ones who succeed in network marketing have figured out how to combine that desire with making money.
You may not end up spending your life in network marketing. Even if you shift into another field, you can still use the skills you develop to help you grow as a professional and succeed in anything you choose to do in the future. Those skills involve developing instant connections with others, making persuasive presentations, cultivating and leading a team and effective follow-through.
Figuring out how to start network marketing doesn’t have to be time-consuming or complicated. You can create a breakthrough with a few simple steps – change your story, change your strategy and the rest will follow.
Using network marketing skills to grow as a professional
Will you spend your entire life in network marketing? The answer to that is up to you. But even if you don’t, you can still use the skills you develop to create network marketing success to help you grow as a professional and succeed in anything you choose to do in the future. Those skills involve developing instant connections with others, making persuasive presentations, cultivating and leading a team and effective follow-through. These are skills you can use in future network marketing endeavors or in any other type of career you choose to pursue down the road.
Figuring out how to succeed in network marketing doesn’t have to be time-consuming or complicated. You can create a breakthrough with a few simple steps – change your story, change your strategy and the rest will follow. Tony says, “Most of us get what we tolerate.” It’s time to stop tolerating anything less than being your own boss.
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