MLM Home Based Business: Do You Know How To Choose The Right MLM Network Marketing Company? – 4 Critical Factors
Are you considering joining a mlm home based business? If you’re not, you should be. The past few years have been a major wake-up call for most Americans with the lesson being that your financial security is not in your job, your 401K or the government. These times have many looking to network marketing as a cure to their financial ills. Great idea!
But do you know what to look for in a mlm company? If you’re in one now, are you absolutely sure it’s the right vehicle to get you to your desired goals and dreams? I don’t want you spinning your wheels wasting precious time and money, so I’m gonna share with you 4 very critical factors to consider when choosing a mlm home based business.
But before we go into that, let me tell you what types of companies to think twice about before joining…
Be Aware Of This MLM Home Based Business: Big Boys, Techs, Party Plans, Vitamins & Potions
Big Boys – The big boys have hit their growth peak. If you look at, let’s say an Amway, the growth hasn’t changed in the last 10 years. The people who have made it big and I’m talking millionaire status did so because they got in early, very early. Can you still do it? Yes, but it’ll take you a very long time.
Technology – With technology companies, you can make good quick money, but eventually that income will take a nose dive. Why? Pricing pressure. With technology we always want better, faster and cheaper, so as technology advances and we outsource to other countries for cheaper labor, guess what? The pricing pressure pushes down and so will your income, even if it’s 5 months or five years from now. Think about some of the technology you own – your cell phone or service, computer, ipod, etc. In a few years, or less, it’ll be selling for half of what you paid for it today.
Party Plans – In this mlm home based business, you invite people to your home and have parties or showcases. You want people to buy the candles, potions tupperware or sex toys. This is good for the small right now money in your pocket, but not good for long term residual income. Why? Because true professionals will never join these types of companies. You need business builders for residual income, period. Plus, if people aren’t continuously having parties and buying these products, you’re done and most likely left with a garage full of product.
Nutrition – Consider this. This type of mlm home based business comprises about 4,800 of the total 5,000 existing mlm companies. That’s a fact. 4,800 mlms are some type of nutritional, vitamin, or juice company. Can you say saturated? Well, why do they continue to form these companies, Simple. It’s been shown to be profitable in the past. However, trust me, I know from experience, it’s difficult to create growth with these mlm companies for reasons and you’re about to find out.
So How Do You Choose The Right MLM Home Based Business?
The Founders
What kind of experience and reputation do they have? What makes them unique and different than all the rest? Do they have any special notoriety that is worth telling people about? How long have they been in business? 90% of all mlm home based business companies FAIL within their first 2 years. You don’t want to invest your precious time and resources in something that may not be in business next month because of poor leadership, do you?
Financial Backing
This is one not too many people consider. Consider these questions: What does your company look like on the balance sheet? Are they debt free? Do they have backers and investors? Do they pay on time? Look at it as if you’re choosing a joint venture partner because that’s exactly what you’re doing.
A Unique Product
Does the company have a unique product people will buy at its current price structure even if they don’t build the business? What do you mean by unique? Here’s a hint: they can’t get it or a very close version of it anywhere else. Residual income doesn’t come from distributors alone, but from customers as well. Is it a product that people will continue to order or will they eventually cancel their auto-ship because it has no unique value to them? Does it have mass appeal?
A Killer Comp Plan
Historically, every innovative mlm home based business that has changed the game has had a compensation plan that created a new way to pay people; not some me too, copycat plan. Is there a way for you to make upfront income and back-end residual income? Keyword being residual – as an after effect of activity by you or your team. The most lucrative plans that produce the largest income are binary and coded bonus plans. What would happen if you combined the two? More on that later…
But that’s not all,
There’s a special ingredient to consider when choosing a mlm home based business. It’s like having a V8 engine in your car, rather than a V6. Can you get there with a V6? Sure you can, but the V8 gives you a smoother ride with faster acceleration.
A Key Ingredient To You Making $$ Qucikly In A MLM Home Based Business…
Timing
How often it has been said that timing is everything. Have you ever thought to yourself, why couldn’t I have had stock in Microsoft or Apple in their ground stages? We all have thought that about a great opportunity we missed out on. Why? Because, innately, we all know the importance of being in the right place at the right time. Being in the right place at the right time with the right mlm company trumps thousands of hours of research, study and marketing with the wrong mlm company. You can’t get filthy rich in an industry whose time has passed.
Bottom Line Is This
I wish I had an article like this a year ago. It would’ve saved me a lot of time and money, but when you know better, you do better and it doesn’t matter how you start, what matters is how you finish.
I recently found the mlm home based business that meets and exceeds all these criteria, WITH the key ingredient. If you want to know more about it and possibly have the opportunity to work with me directly, then click the link below.
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Hi Fontella,
for true residual income it is highly important to read carefully und understand thoroughly the legal stuff, i.e. policies and procedures. I personally would stay away from a company that has an annual renewal or that has the right to terminate distributors at their sole discretion, to only name a few of these lethal clauses.
Apart from that, I agree with your ideas, especially with what you’re saying about the “big boys”, “technology” and “party plans”. If nutritional products are value priced, there’s no issue to market them. In most cases, they are heavily overpriced, often great, but over-priced.
Thanks for sharing.
Take care
Oliver
Great post Fontella…really good post.
Hi Fontella,
The points you present are on the money. Network marketers need to conduct strict due diligence to answer each question. As you note a unique product is a must and if it’s special enough can separate an MLM company from the herd.
Thanks for sharing your insight.
Ryan
you are so right in this post Ms.Williams, I had to tweet it and share it on facebook sister. Keep it coming
Well, I agree with some you say but not with all and what’s more some really critical points are missing.
Timing is ok so is checking out the founders – you will be suprised when you really dig how many “founders” have things to hide in their past.
Compensation plan is improtant but not if it is “killer” as you say – it is very critical that a compensation plan also pays part time people fairly as they will always be the major part of your team – if they don’t “see” money they will leave.
A point which is really critical, however, is the policies and prodecudures – that is oyur contract with the company and if it contains any crappy clauses you’d better run! the sad story about it is, that most people are not really able to digest legal text and therefore the bad things remain unrecognised.
I can only recommend: get educated! You’d be surprised at the result!
Frieke Karlovits
Another great post Fontella! All good points. Everyone needs to do their homework!
Always evaluate an MLM company using the 5P’s:
1.People – Who’s running the show? Their track-record?
2.Products – Are they unique and does everybody need it?
3.Plan – How good is the compensation, ceiling?
4.Price – Is it worth its price?
5.Positioning – Are the products/services ahead of trends?
When you ask these 5 questions, you will very clearly know the RIGHT
companies from the WRONG ones.
Cheers
Sidz (MLMsureshot.com)
Fontella Williams Reply:
February 9th, 2011 at 5:14 pm
Great points. Thanks Sidz
has anyone heard of Vi-Tel Wireless? I have seen lots of recent information about this company?
Thanks Fontella for the nice post!
For those who don’t know yet where or to whom to find the right MLM network marketing company, the factor s that who have stressed in this post really helps. Same as through with several businesses that are arising these days and are available on the internet. Choosing the best and reliable one done with thorough investigation will lead you to the right path.
“Thanks Fontella for the nice post!
For those who don’t know yet where or to whom to find the right MLM network marketing company, the factor s that who have stressed in this post really helps. Same as through with several businesses that are arising these days and are available on the internet. Choosing the best and reliable one done with thorough investigation will lead you to the right path. “
Fontella Williams Reply:
October 31st, 2011 at 9:51 pm
@Julie Dawn Harris, So true Julie. Thanks for the comment. That’s the key: DO your homework.
This is a good article. Thanks. I recently wrote a book on this too. Let me know if you want to review it. Best wishes!