Making Your Multi Level Business Work For YOU!

Statistically speaking, no matter what product your MLM represents, the cost of entry, type of compensation plan, or stage of the business, the harsh reality is that 97-99% people who get into a network marketing (MLM) businesses will fail. Now to be fair, 95% of all small businesses fail within the first 5 years. This means that all types of businesses face challenges, some work through the challenges to survive and thrive, while others just can't and must shut their doors.There are lots of reasons why businesses fail, some internal and some external, however, failing at an MLM does not have to be inevitable, especially if the company and products are solid and in demand. There are some realities about the MLM concept that make it difficult, but knowledge is power and the problems that arise from these realities can be avoided.Reality 1 - Even though MLM recruiters talk extensively about "taking control" and "owning your own business", when you sign up to become involved with an MLM, you do not technically "own your own business". You own a piece of a money-making system.If one starts their own business, say as a plumber, the plumber make the rules, does the marketing, hires the employees, manages customer service, pays the bills and generally runs the whole business. When joining a MLM, you plug into a system that provides products to sell, a web site and other marketing materials (which must be purchased) some training and the ability to build a team. Success depends on effort, but in the long run the company does hold the fate of those efforts in their hands. Research the leaders, the industry the consumer cost of products and the market prospects before signing up. Too many people join a MLM from an emotional place instead of using a logical, business approach. No one would buy any other business with the same cavalier approach that is seen in the MLM industry.Reality 2 - Your success depends on your efforts. You must be willing to take responsibility for the activities that you need to do to be successful. A common mistake the many folks make when investigating the whole idea of joining an MLM is that they don't consider what they will have to do to be successful. They think that they can sponsor a few people and sell a little product in the neighborhood and pick up their six-figure paycheck. The reality is that being a multi-level marketer might be the hardest job you will ever do. You will have to set time aside each week to work your business and approach it with a systematic work regimen.Reality 3 - You are going to have to sell something. Many people recruit a team by telling them that they are never going to have to sell anything and then wonder why these recruits don't stay in the business. If someone approaches you with this line don't walk, but run away. If you don't like to "sell" you can learn some good relationship sales techniques so that when you have to talk to people about your product,(and you will) your approach will be much more authentic and produce good results. But be assured you are going to sell something, if only yourself.Reality 4 - You can find just about anything represented by a MLM model so don't just jump into the first pool on the street. If you are considering a MLM, chances are good that you are doing so because a friend or co-worker has introduced you to their company. Perhaps you like the products and feel you could sell them. You may even be comfortable with the investment and compensation plan. Don't sign up right away. The reality is that there are a large number of MLM companies out there. If you have decided that doing a MLM is a good option for you, take your time and look at all your options. Study the compensation plans, training, marketing systems to plug into and cost of product. Just because your friend or relative loves their company is not a good enough reason for you to sign up with them. You may even consider having a friend or coach help you choose the best option for you.Reality 5 - The most successful MLMers in the business did not get to there just talking to family and friends. The reality of the business today is that you are likely going to talk to more than just your friends and family. I coach my clients and team members in the MLM I represent to avoid starting with family and friends unless they want to start with these folks. I also teach them how to build their business using purchased leads because I believe it gives them a fighting chance at success. It is much easier to face rejection from perfect strangers than from family and friends. It is also easier to go to family and friends to talk about your business when you have experienced some success sponsoring and selling.Reality 6 - Building a MLM is not cheap. While it is true that one does not spend the same amount of money on a MLM that one would spend to buy a franchise or start and brick and mortar business from scratch, there are costs associated to building a MLM. You will network, buy leads, pay for web sites and marketing materials, not to mention the cost of buying your product and paying your entrance fee. It is completely unrealistic to think that one can start a business for nothing, so do NOT let people convince you otherwise.Reality 7 - You need help to grow your business. Whether it is your sponsor, or your sponsor's sponsor, or you hire a coach, find someone that can keep you encouraged, share wisdom, hold you accountable and move you forward. If you can't find someone in your organization, hire a business coach who specializes in MLM businesses, it will make the difference in your success.Realty 8 - It is not enough that you like the product, there must be a market and others must be willing to buy the product. As I said earlier there are more and more products out there that are sold using the MLM model. I buy lots of products from MLMers, but I sell only what I believe there is a good market for. I have learned that just because I love something, does not mean everyone else will buy it. Cost is not an obstacle if it is something most people like and generally need. Avoid getting involved in a company with a product you have to explain too much and that is solving a problem that you have to convince people they have. Look for products that fill an obvious need.Multi-level marketing is an opportunity that provides success for many people. If you are considering getting involved with a MLM the chances of success are good if you leverage the experience of others, the power of internet-marketing and your own determination to drive your success. Don't be afraid to ask hard questions and do your research. Remember knowledge is power, the more you know the better your chances of choosing a company that will give you the freedom and independence you are seeking.