Network Marketing has gained a lot of importance in India in the last decade. This platform that combines flexibility of a business and paycheck system of job. To give you best of both worlds. Today in this article, I will discuss about each steps that required for how to start network marketing business on your own.
Let us get started!..
Understand What is Network marketing?
The term itself is self explanatory. Network marketing simply implies marketing or promoting and selling a product within your own circle of family and friends.
You can also include it to colleagues, neighbors, business associates and anyone whom you can network with effectively. And if you want to make it big then you can promote to strangers through offline and online advertisements. Like newspapers, pamphlet, blog, Facebook, Whats App etc.
Advantages of Network marketing Business
- You can do it part time and also in full time.
- I have seen hundreds of people who earn more income from MLM than their full time job.
- Many people become wealthy during the same period.
- You can start network marketing business without investing much money or also in zero investment.
- You don’t require infrastructure such as dedicated office for this network marketing business.
- Academic qualification are not important for network marketing.
- Products and services offered by network marketing tend to be lower priced than same stuff available at stores.
The Best thing ever i like about network marketing business is meeting new people & travelling to different locations around the world.
Network marketing is known worldwide with many names. These include
- Multi Level Marketing (MLM).
- Direct Marketing.
- Pyramid schemes/marketing.
- Ponzy schemes.
However, ‘pyramid’ and ‘Ponzy’ have negative connotations. They refer to scams.
Basic Skills Required to work as Network marketer
Firstly, your academic achievements and qualification are irrelevant for network marketing business. Here are some skills that can help you to become a successful network marketer.
- Excellent communications and also interpersonal skills.
- patient listener.
- convincing talker.
- pleasant personality.
- Helping their team members to grow their network.
- Open to new ideas and concepts.
- Finally, skills to develop and consistently maintain network of contacts.
Additionally, if you are a native speaker of any particular language, this ability can help you develop a network within ethnic community.
Tips to Start a Network Marketing Business
Obviously , there are several benefits of becoming a network marketer, full or part-time. You can easily enroll for network marketing and get rich quickly.
All your interpersonal skills and social contacts will undergo rigorous tests when you enter network marketing.
ACTION: Write your five dreams that you wish to fulfill with this business.
If you want to become a affiliate marketer as your side business also read this article:
Step 1. Study the Market
Firstly, find out which exclusive products can be useful in your community or neighborhood. This can indeed be very tricky.
Start a nutritional network marketing company. Which is the most popular type of network marketing business.
It is also remember to note that, a majority of successful network marketing companies operate in rather avantgarde domains of healthcare and beauty.
Meaning, the product will most likely be untested for results are based on traditional or shaman recipes. However, the biggest challenge is selling financial products or schemes that offer high returns for low investments.
Finally, you will require astute and excellent mathematical and financial skills to convince a buyer to take your investment product.
Also remember that, to choose a product line that you are familiar with and that you will enjoy working with others to market this product line.
Step 2. Determine affordability
Regardless of whatever product or service you intend to promote through network marketing, affordability matters. Meaning, your target clientele should be able to buy your product/service easily.
Expensive or high-risk offerings have fewer takers. Affordable product means attract more people. This directly translates into higher or lower income for you.
Generally, reasonably priced products stand a better chance of success in network marketing business. For example, nobody will buy a make-up kit for Rs.1500 or belt worth Rs. 800 unless they have proven miraculous predictions. However, a product that costs reasonable for its quality and ingredients will sell faster.
Step 3. Find Network marketing Companies
Once again, this is also a very essential element of entering the network marketing business. As mentioned earlier, several fraudulent companies continue to mar the market almost daily.
I joined Money making power in 2013 and recruited few of my relatives & friends in this MLM company but soon i begin to doubt about the authenticity of the company.
Thank got i did not promote it heavily because the company proved to be a biggest fraud that time.
Because of that now you can need to choose the best network marketing opportunity that appeals to you the most. Join the company that offers you good commission and deals in the product you are interested in selling.
Note: Don’t join a company if you find these 2 things in the company:-
- If the product, company is offering is not a useful & unique product.
- If the plan looks like money rotation scheme.
Step 4. Identify your target market
Upon completion of the first three steps, you need to identify your target market. This involves compiling a list of your closest people who can afford the product or service. you can also determine popularity of your target customers in the society.
Remember. network marketing depends heavily upon the proverbial word-of-mouth publicity.
So, don’t be hurry to show your network marketing business to the first person that comes in your mind. Instead make a list of all the people you know.
The best way to do this by checking the contact list of your mobile & sort them with high potential candidate to low potential.
Step 5. Invest cautiosly
Every network marketing company brazenly brags about its popularity. This will be evident from their promos on the internet, mailers etc.
Undoubtedly, there would be several rags-to-riches stories that a company highlights. However, you also need to determine whether there are any riches-to-rags stories among the company’s network marketers.
Therefore, be cautious when investing in network marketing products and schemes. Further, never empty your coffers on bank balance to invest on network marketing.
In conclusion, a popular brand means intense competition, little known product means slower progress.
Step 6. Approaching the Multi Level Marketing Company
“Network marketing business is sold not bought”. Someone will knock your doors in the form of relatives, friend or colleagues offering you a great-sounding scheme…
But if you have already decided to join a particular company. then easiest way to join it through an exiting network marketer working in that company.
Now search for leaders, distributor and associate of that company on the google. You will find them in many websites. Then contact each of them. Find the best network marketers who can provide you complete help for growing your network.
Step 7. Get your Credentials
As soon as a network marketing company welcomes you onboard, get yourself the necessary credentials. This involves getting company brochures, flyers. promotional material, samples and other material stuff.
Further, you will require business cards and some basic stationery including invoices, cash receipts, books and letterhead. This can cost a small fortune. However investing on these will impart a professional ting to your network marketing business.
Things you will need:-
- Commission payment software
- Instruction manual
- Sales letters
- Price list
- Business Card
- Shipping labels
- Cash receipts
- Order forms
Step 8. Identify opportunities
Immediately upon establishing your network marketing venture, you need to look for clients. For starters, begin with the list of target customers you made and approach them with your offerings.
Look for opportunities to set up a small stall or showcase your products and services wherever people will attend in large numbers. But will have ample time to speak with you.
Network marketers in thailand and the philippines serve as excellent examples about how Facebook can be effectively deployed for network marketing.
Step 9. Help your downline for duplication
One of the biggest mistake most of the network marketers make is not helping their downline to grow their team.
You need to invest part of your earning to provide training & other help to your team members. Each and every member in their team will give you same earning as your direct members.
You can take separate meetings of your team in a nice hotel. And also provide them all the support & training they needed to expand their network marketing business.
Insight into working of network marketing
Understanding how network marketing works is rather simple. Once you enroll with a company you become their associate. You do not represent this company.
Meaning, you buy from the company and sell to the end user. There are absolutely no intermediaries like distributors or agents who get commissions. Usually, you will have to place an order for the stuff you wish to sell.
This can be done before or after getting orders from your customers. The company will send you its products through appropriate channels such as road, rail or airfreight.
For smaller packages, the company can use the postal service or a good courier. Once you have received the ordered stuff, you sell it to the consumer.The difference between your buying and selling price determines your profits.
For any information about pyramid and ponzi scheme and also get real information about the legal Top 5 network marketing company you need to read this article:
Tips and warning for your Network marketing Business
- The best way to become a successful network marketer is to help others and also build their downline.
- Share your experience with other people, They like to hear success stories.
- Helping others will build the depth of your business.
- Your whole action plan must focus on
- Team members
- New personal recruits
- Give excellent training to your team members.
- Do not quit your job to start network marketing business. Build your your network marketing with your current income untill you are earning enough to support yourself.
- Be sure to check out how long your organization has been around.
- You chance of success greatly increases if your organization has been around 35 – 38 years.
Before Join any network marketing business, read Best 3 compensation plans of network marketing
Finally, network marketing business is a great way to get rich quickly. However you need to get associate with a great company or start your own company. Before entering into any network marketing/MLM marketing/pyramid or ponzy scheme, it is better to take a few precautions.
1. Ensure that the scheme is legal in your country.
2 .Verify credentials of the MLM company and its officials.
3. Read testimonials and reviews about the company.
4. Do not invest or sell in any products offered by dubious network marketing companies.
Finally, if you need more information about legality of network marketing business in country and Different compensation plans of network marketing/ MLM companies Don’t forget to read our upcoming articles.
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