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When you are thinking about joining a network marketing company, there are a number of factors to consider. Just like with any job, you need to research the company, find out details relating to the job description and assessing your own skills as a match.
The fantastic news is that network marketing is open to everyone and anyone can learn the skills to be successful. However, I am going to go against the majority and say that not everyone WILL become successful or SHOULD join for that matter.
I think many people misunderstand the industry and treat it as a ‘hobby’ not a business. It is absolutely fine to treat it as a hobby and join a network marketing company for your own discount on products. But, don’t then expect to be earning $10,000 a month if you aren’t willing to work for it.
If you are looking to run a successful business through a trusted network marketing, not only is it important to treat network marketing as a business, you also need to ensure your sponsor is as transparent as possible when it comes to telling you about their company. I have heard stories where some people have been misled with incorrect information when they have discussed joining someone’s team within network marketing. It isn’t always intentional, some sponsors might not know the information themselves, but there have been occasions when sponsors have exaggerated their own personal income and not being truthful about the effort needing to be put in. It isn’t until an individual has signed up and read documentation themselves that they realise their sponsor might not have been 100% honest. This is NOT something that every network marketer does but I am here, to be honest, and tell you that it can happen and to be aware of it.
This is why I have put together a list of things to consider about yourself AND information you absolutely MUST find out from the beginning before you think about joining a network marketing company.
Yes, network marketing is fantastic in that it isn’t your standard 9-5 job, you can choose your own hours and be flexible with when and how often you work. However, if you truly are serious about building a successful network marketing business, you need to invest an appropriate amount of time.
Think about it with any industry, such as say I wanted to become a Chef. I would need to learn about ingredients, how to use knives correctly, hygiene and this is all before I have even started to learn how to cook! It would take dedication, time and consistency to learn everything I could about this trade and put it into practice BEFORE I could become a professional Chef.
The same principles apply when you think about network marketing. It is a professional trade. Yet the great difference when compared to other professions, you have the opportunity to learn on to go. You already have your business and can earn money WHILST you learn.
This point relates to the above in that network marketing isn’t a skill you learn overnight. With any profession, if you want to become a professional you need to dedicate yourself and devote time and effort. For example, athletes, Doctors, Pilots and Teachers all work hard and consistently to learn their profession. Eric Worre, a top leader within the field of Network Marketing with over 25 years of experience, explains a formula many network marketers work towards with their business, the 1/3/5/7 formula. He states that it can take around 1 year to become competent in network marketing and 3 years of part-time consistent effort to go full time. Within 5 years of consistent effort, you can become a six-figure earner and in 7 years, you then become an expert. (more details can be found in his book, Go Pro: 7 Steps to Becoming a Network Marketing Professional.)
This point is to show you that it really is possible to reach the top level within your network marketing company if you are dedicated to putting in consistent time and effort in developing yourself as a person, your skill set and actioning your training.
It doesn’t mean you have to put in 12 hour days, 7 days a week, hell no! But it does mean you need to commit, show up and action. Ensure to turn up at your companies training sessions, whether this is weekly online calls or monthly in-person events. Follow in your sponsors’ footsteps, with them leading by example and keep in touch with them and the activity they are doing. Most importantly, be open to being teachable and willing to listen to those where you aim to be and learn from them.
About the Company
With 100s of network marketing companies to choose from, it is really important that you take the time to do your research. Not all network marketing companies will succeed or even stick around for you to have a stable, growing business. A whopping 90% of companies actually fail within the first 2 years (The Balances MB). So it is definitely worth looking at how long the company has been around for, ensuring they have a good reputation and are a trusted company. You also need to consider what they are selling and whether these are high-quality products.
Whatever product a network marketing company has to offer needs to be consumable. Simply put, this just means that once your products are used, your customers will buy them again. For example, say you sell shampoo. Your customers use the shampoo to wash their hair and once it runs out, they will need to buy it from you again.
Is there a need for the products you are selling? This is a pretty important point to consider. A network marketing company will collapse if people do not have a need for the products they are selling. Using the above example, everyone who has hair needs shampoo to wash and maintain hygiene. So there will be a continuous market to sell this product to.
Though not quite as important, but I think worth mentioning, you need to consider how BIG you want to grow your business. Is the company just based within your home country or are their opportunities to grow your business on a global level. Many successful companies have grown substantially and have launched into countries around the world. This then enables network marketers to grow their own business globally within these countries. For example, if your company is in America, the UK and Australia, you would be able to build your business with customers and clients within all three of these countries. With the growth of social media and easy access to the internet, many network marketers are doing just that, growing their business globally through social media.
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I have already touched base with products in the above point. Just to reiterate, you really need to be fully informed about the products you would be required to sell as part of your network marketing business. A large proportion of your earnings as a network marketer are through product sales. Ask yourself if the products are consumable, high-quality and if there is a market for them?
An area that people don’t consider is how the products will be sold. Each network marketing company has their own method. Some involve buying and storing stock to sell, others require you to go door to door with catalogues and many are sold online via your own online shop link provided by the company. This is a pretty big factor you need to consider. I personally, would never sign a company that requires you to bulk buy and store stock to sell. I just don’t have space and do not want to be tied down to one particular area. However, I know of an extremely successful network marketer who does just that and makes a couple of £1000 a month. You really need to think about how you would like to run your business and that will help you choose the right company for you.
You MUST like and use the products yourself. If I was your customer, I would be asking you questions about your results, what’s your favourite product and why. It is really important, to be honest with your customers, they will know if you are lying. Another point is that it really is ok if you don’t like a product your company sells. If your company sells 500 different products, nobody expects you to have tried and like every single one of them. But you need to be genuine and honest to your customers if you have or haven’t used a product and your personal experiences. There is no point even joining a company if you don’t like what you would be selling, you’ll just grow to resent it.
Every network marketing company should have a detailed compensation plan. This will clearly outline every single promotional level they offer, what you need to do to reach each level, your own discounts, how much you need to personally purchase each month and any additional bonuses on offer. Make sure you read this through with a fine tooth comb. You need to know what you are signing up for if it is realistic and clearly laid out.
Within the company, each consultant should be given an equal opportunity from the onset to achieve each promotional level. The only difference being, in the consult’s efforts NOT in the opportunity presented to them. Finding all of this information out will also help to ensure the information your sponsor is telling you is accurate and up to date.
When you start any new job, it can feel overwhelming learning new skills, background about the company, tasks to complete and meetings to attend. Network marketing is just the same and it is really important that you start your business alongside someone who will hold your hand every step of the way in the beginning. Your sponsor should be your guide, teaching you how to do things, where to find information on your companies website and who to contact in case or order issues etc. Just a note though, your sponsor is not there to do it for you. It is your business to grow as quickly or slowly as you choose. But your sponsor will be there to support your growth in any way they can.
You also need to be aware of if your company provides any additional support to help your business. Do they host any local training sessions or information evenings? Where can you find their ingredients policy? Are there any materials to help you with social media such as images or training on what to say to prospective clients and customers? Your sponsor will be able to show you where to find these details initially but it is worth asking before you sign up to a company.
Some network marketing companies also have a head office within each country they are trading in. This is fantastic if your company has one. Even better, ask your sponsor if there is a dedicated support team for network marketers to contact relating to any order issues/information. For example, what happens if an order is delayed or part of a customers order is missing? All these finer details need straightening out and answering to help you make an informed decision. If your sponsor does not know the answer to a question, that’s ok but give them time to find out and come back to you.
These are a couple of factors I would really love for you to take into consideration before you join a network marketing company. This list is not extensive, but pointers that I consider important to think about. Choosing the right network marketing company for you can really make all the difference between loving and hating network marketing. Working within network marketing is fantastic, there are so many benefits, especially the opportunities to grow a successful business and grow yourself.
Are you considering joining a network marketing company? Comment below your questions about network marketing.