What motivates you? If you are reading this article that means you did a search on something to do with business or network marketing. You could invest your free time in a hobby or volunteering, but you want to make extra money. Maybe you want to use that extra money to pay off debts or buy something for yourself or a loved one. Those are motivating reasons, but if you get excited about developing strategies, creating wealth, and building something significant, you probably hate your job.
Some are free enough to “jump naked” into a business venture and pound it out day in and day out for five years building a successful enterprise. Chances are you have responsibilities that prevent you from taking that level of risk, yet you long to work for yourself. Is there a strategy for you?
Network marketing provides the least risk, best potential for building a successful distribution business. So how do you pick the right opportunity? There are several considerations depending on everything from your personality to your passion. Here are some you may recognize.
1. Company. It is difficult to know how many companies get most of their income from network, or multi-level marketing. Many come and go every day. Because many come and go you must decide if you want to take the risk of getting in on the ground floor of something that may be big, or market products and services for an established company. An established company will not likely go out of business, but you will miss the magical critical mass tipping point. Do the same kind of research you might do if buying stock in a company.
2. Leadership. A friend or family member may introduce you to the latest network marketing company that will make you all rich. In that case you have to make a decision on relationship first and leadership second. However, because of technology, you may be drawn to the advertisements of successful network marketers. You want to interview and research these leaders like you would any potential business partner. It is not so important how much money they are making. More important is do they have systems of support in place to help you succeed as a part time business builder. What does their day and week look like? Did they start part time? What do they suggest you do in the first week, the first month and the first year? Listen carefully and do not ignore red flags.
3. Compensation Plan. When you are satisfied with the network marketing company and find the right leader, you want to fully understand the compensation plan. Your sponsor will not want to overwhelm you with the details, so get a copy and study it carefully. Listen in on several business presentation conference calls. You want a compensation plan that pays out generous up front bonus money for gathering customers and representatives. The significant money comes in multi-level compensation plans, but few will invest five years building a business part time without some money coming in to cover expenses.
4. Promotion. Some plans make it difficult to gain promotions and you may lose your position if your business drops off. On the other hand, if promotions are reasonably easy to attain and retain, you are in a better position to earn bonus money as you build your business. This is particularly important when you start out part time.
5. Product or service. Which do you want to sell? Oh, and yes, I did say sell. You are in the direct selling business not the direct sharing business if you are in network marketing. You cannot sell a product or service you do not believe in and are passionate about. It may be the hottest new product or service and half the population will line up to buy it, but if you aren’t excited about everything listed above, you will not succeed.
You will not likely be able to start a traditional business or franchise part time. However, with a little attention to detail and a clearly defined plan of action, network marketing can provide you with a study supplemental income while building a business that will pay you residual income into retirement. So do your due diligence up front. With the right company, leadership, compensation plan and product, you will need only to invest energy and persistence to succeed. Get a checklist from someone with experience and go exploring.