Thanks for your response. Rich (your name sake) is someone I had hoped you would be interested in speaking with especially if you really want the load-down on MLM at least from the perspective of someone who has made it 5 times with 5 different companies with over 29yrs experience. He will not attempt to recruit nor will I.
Myself, I am new to the industry. My background is not MLM. The people that make money in MLM are those willing to be "coachable" and willing to do what it takes in any business to be successful. $1000 in MLM is $1000 in a brick-n-motar business. They both require effort. The $1000 from MLM business may be more fun, because you choose it for the passion/product etc. Unfortunately, there are too too many ads that say retire rich in 60 days or 2 years and so on, plus no selling, no recruiting, just speak to your family and friends, or just send me their names and I will do it all for you.
Rich, the statistic of who makes money (successful) in MLM I don`t believe is any worse than the number of small businesses (brick and mortar) that close daily. But with MLM, if you have been sucked in by the hype (your fault if you are and did not checked it properly), you are doubly disappointed when you don`t make any money and you have lost money too.
I will echo some of the replies above, you need to be coachable, find a good support system in the company you choose. The latter MUST have good leadership and good products that offer a genuine advantage/service to the clients that purchase the product.
Finally, and this is MLM talk, don`t quit (unless you chose the wrong company) and give it a good 2-3 year to build your team. As with any business there will be many many rejections and low periods.........its all a part and parcel of who makes money in MLM.
Hope this help........if you still want to interview Rich for the benefit of StartUpNation Community, let me know.
Hello Rich. I`ve been in my MLM business now for a year and a half. Yes I`m making money, but not enough at this time to leave my present job. From what i can tell there are some factors that need to be in place to make money in any MLM.
first you need to be passionate about the business your doing, and be your first and main customer, because what would you look like trying to sell someone a product or service you don`t use. second you need to be coachable and willing to do what it takes to succeed. Third the product or service MUST fill a NEED or WANT for your area in which you choose t do business. fourth, you need to one of the first persons to bring this business or service to your area. and lastly be willing to show others how you became successful as well, be the mentor or coach to others.
You also need to be consistant to succeed. Most folks think they can join a company for little to no cost, sit back and make money. NO WAY! I don`t care what MLM you`re associated with. ONE NEEDS TO WORK! Be Consistant! Put out Ads (after all, if you owned a shoe store but did not have a sign out or a way to notifiy people of your business will people come to your store? I don`t think so!). Advertise, be consistant and don`t give up!
Well, I`ve been doing multilevel marketing for a short period of time. But what I do know is that it is important to get into a business that there is a demand for. I personally am working in the travel industry. The second thing is to make sure you come into a great team. My personal sponsors are great. They`ve really taken the time to walk me through and so I feel very confident that my success will at the least equal theirs which would certainly be great for me. And lastly, whatever you do in life, you must know how to market yourself and or your product. There`s no way to get around it. And you have to be willing to invest time and effort. If you are willing to do that you will win. If your ever interested in hearing from me personally check out my site at www.moretime4me.com
I just have to jump in on this one!
I have been preparing tax returns for many years now, and I would say that at one time or another, almost all of my clients have tried at least one Network Marketing Company. Of those, I have about 25 that pursue their company aggressively, seriously working to get new clients and sell product.
When you do someone’s tax return you get the real numbers. No hype, no potential. Just the reality. How much money came in, how much went out.
I have had one (1) client that made a profit with MLM or Network Marketing. Granted she has made a profit every year, and it is even a decent amount. She was one of the first to get into a new opportunity that became very popular. She sells none of the product herself, and makes all her money from her down line. As the product is no longer popular her income is going down dramatically.
Every other client of mine has lost money with MLM and Network Marketing. Some of them have lost a
My advice is to treat a Network Marketing opportunity like any other business. Don’t just listen to the hype. Check out the market and the competition yourself. Ask yourself, why would someone buy this product from you, when they can get something similar and cheaper at the local store? And if it isn’t possible to make a profit just by selling the product (meaning you need to recruit others to sell underneath you )….walk away.
Just my experience.
I have a friend who built a 4000+ square foot home on a gorgeous pond in an exclusive subdivision paid for from her NM business. She has been with the same company for 26 years and has won the cars, trips, and other awards-- every year.
But like Kathleen said, you need to treat the business like a business. Following the rah rah hype of most companies is ok, if you always remember you`re in business for yourself.
No product sells itself. If it did, the company wouldn`t pay the kinds of commisions and give away the expensive trips and gifts-- they`d put the product on a website and be done with it. So every "opportunity" has to come with work.
Earlier this summer my friend asked me to create a training program for her down line. It went so well, I modified it to fit any MLM/NM or direct sales entrepreneur. It`s finally finished and it features real life start up business training that most of the MLMs don`t provide.
I know we`re re-opening this topic after 8 months, but hope this helps!
PS-- If you`re interested here`s the link to my product: http://www.jumpstartyournetworkmarketingbiz.com.
The MLM industry always seems to have a "friend" or an "acquaintance" that has made a ton of money doing the MLM. Same deal with my friend, he was doing one, cannot even remember the name, but going to seminars and such all of the time, traveling, etc. There was a video of this guy driving "his" lamborgini and happened to show it while he was trying to convince the crowd to buy "tapes and videos" teaching how to sell the product. Well we did our research on him and he lived in a $120,000 house(lower middle class here) in an okay area of town. I doubt he had a lamborgini.
It just seems like much of the industry is pure deception to get people involved.