MLM: Is It Right For You?

Having a Multi-Level Marketing business helps people to branch out – from taking advantage of social media to expanding their network of social contacts – being involved in this strategy has numerous benefits for those who are diligent enough. MLM businesses are nothing new. Plenty of MLM companies have been around for decades (some even more) and have stable foundations based on their integrity and honest reputation. It’s definitely an interesting choice for people seeking financial freedom, or simply a way to make more money. Not everyone is built for the MLM world though; it’s a tough industry which requires tons of hard work and great vision.

Why Go for MLM?

Different people have different reasons for choosing to go into an MLM-type of business. The two most common reasons being:

• a need for extra income and,
• having a strong entrepreneurial mindset from the beginning.

Although most folks make it look easy, without the proper outlook and dedication, it can be very disappointing and frustrating in the end.

MLM – a Right Fit?

Before jumping into anything, think on the type of personality you have and set clear expectations for yourself regarding this new endeavor. Some points to consider would be:

• Are you introverted or extroverted? MLM businesses require a good (if not large) social network so talking to lots of people is a necessity. Working from home might also not be an option since enlarging your network, at some point, would need some form of traveling. Be brutally honest and imagine yourself making a personal sale – will you be confident enough to handle it?

• How do you handle failures? It’s not all the time that products will sell so easily. Especially now in a time of global economic crisis, people will prefer some products over others. That’s why it’s crucial to pick a company who sells a product that almost everyone wants – that should at least eliminate a few bumps on the road. Still, it’s good to anticipate days of hard sales, or even no sales. It’s normal and will only challenge your marketing skills.

• How well do you work with others? While most employment companies ask this during interviews to gauge a person’s ability to work with a team, this is an essential question in the MLM industry because generally, it will involve a lot of people. From the uplines (term used for veterans in the industry who are above you) to your own personal network, it’s impossible not to meet someone totally different, or deal with difficult situations at times.

• Can you be a good coach? Part of succeeding in this business is letting others succeed with you. That’s why it’s important to always stay in touch with contacts, particularly those whom you’ve hired. It takes a great deal of patience and management since you’ll be juggling plenty of things at once. Be realistic when it comes to this aspect. Will you be ready for it?

MLM businesses are actually quite lucrative and many people have become highly successful sellers, mentors, or company owners thanks to this strategy. Final word: don’t be afraid to try something new!