The Secret to longterm income with any Mlm business is to pinpoint something you can get really wild about.If you are comprehensively confident that what you are doing is not only helping you but supporting hundreds or even thousands of others you will never lose your aspiration for sharing it with everyone who you speak to.
There are a few significantly important things to consider before breaking ground into any multi level marketing business.I have a criteria that should be used as a guide to all areas of viability,they are Management,Longevity,Company,Product,whether Publically or Privately owned and finally the compensation plan.
A Publically held company is always better as its much more transparent and open,i.e you can go online and see the companies figures and who is actually operating it,they really can't have anything to hide if you can get entrance to the financials of the company.With Private establishments you have no idea how they or the management are performing and most importantly the compensation plan.Some are better than others as some only pay those people who got in first and pay the most to them.Other plans extend this out evenly across hundreds of people meaning you trully get paid what you are worth.Put the sweat and hard yards in and you'll get paid that,do just a little and thats what you ‘ll get paid.VERY LITTLE !!
The best way of scrutinising the compensation plan is this:
There is only ever so much money that can be paid out to associates every week.If I were to ask you which of these is superior I'm sure you'd all react the same way.Would you rather have a 30% payout or a 70% payout ? pretty easy answer right ? Wrong and this is where so many people get taken for a ride.Let me explain here.Firstly if the company is paying 70% to its associates its not going to be around for very long,industry research has it that around 30-40% is the top end a company can pay out for any long period without going bankrupt or having other fiscal problems that threaten your income stream.And as there are many example of companies that have failed throughout the last 50 years these stats are very important and relevant.So the next time someone says “you have to join xyz company with me as we pay 70 % which is so much more than anyone else” you'll be able to tell them where to get off.
Next is another overlooked piece of the puzzle.Lets say you find a company that is paying 40%, which is a good commission rate, are they paying millions every week to the top associates of the company or are they sharing that around to all ? This is another ambush for young players.If the company is paying 80% of all commissions to the top 20% of associates there wont be many new people making money when they get started.This creates a large casualty list and means that you need to work even harder to maintain your organisation as it grows.If the company is spreading that 80% across a larger group of associates it allows new people to earn income right out of the gate and keep them interested longer.The rule of thumb here is that if an associate doesnt make a check in the first 2-3 months they will most likely lose motivation and interest and leave and there is statistics to prove this.I have in fact seen this many times personally in my own business.
When researching a companies products dont use sales statistics to try to ascertain whether a particular product is better than another.A friend of mine tried to convince me that a certain companies product was the best because it had $ 50US Billion worth of sales per year and the second ranked company had only $ 30 Billion.Sales figures are one thing but what does the science tell us? This was a Nutritional Supplement product that has been around for years and is a highly regarded .But is it better that the rest just because of the sales figures ? NO. Seek out non biased independant scientifically balanced knowledge not just sales stats or any other hype that people use to tell you “ours is better”.
Longevity is another important piece of the puzzle to.NEVER EVER EVER EVER jump into the latest start up craze company that just launched and everyone is saying “get in at the top or miss out”. Most of this is just more BS and crap.look for a company with at least 5 years trading record ,look at the share price ,is it growing or not ?. Is it a field that is set to grow massively in the next ten years ? eg the health and wellness industry is set to explode due to baby boomers aging.History tells us that where ever this group of people have been as they age they have created a need for products and services.Dont join an multi level marketing company that sells the rubix cube for example as that craze is over.
And finally dont forget to chose an industry or company with unique usable products that people need and want.
If you joined a company selling laptops do you think you'd make money here ? Probably not, and why ? How often do you buy a new laptop ? probably every 3-4 years. Repeat sales are the backbone to your success in any mlm company.If the product is ordered on the first of every month over and over again you'll be creating a lifetime of residual income in one of the most exciting and changing industries in the world.Good luck and my last tip.Once you have chosen your company.NEVER EVER give up ,follow this and I guarantee 100% you will build a successful business that will be around for years to come if you duplicate that down through your organisation.
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