MLM home based business is one of the most efficient ways to build wealth in the 21st century. However, it can also be one of the most efficient ways to crash and burn financially if certain things are not in place. In this report, I will give you a few tips to avoid the latter.
There are other opportunities to become an entrepreneur. Many of the business opportunities available for aspiring entrepreneurs are just opportunities to own a job. Many are not necessarily setup to create wealth.
With home based businesses that have an MLM compensation plan, you have the one factor that allows for one human to build wealth. Building wealth in this context can be defined as being in the top 5 – 10% net worth of the human race; financially speaking. That one factor that MLM opportunities has is called “leverage”.
MLM stands for Multi-Level Marketing. MLM is often used as a synonym with Network Marketing. In an MLM compensation plan, you are able to make money simply from building a multi-level or multi-tiered distribution channel for a product or service.
The MLM home based business idea attracts mostly people who are NOT really built to be entrepreneurs. This is unfortunate because this is exactly what causes the high 95 – 98% failure rate in the profession. The marketing message is mostly that anyone is welcomed to start a wealth building journey.
The fact that MLM home-based businesses are accessible to anyone makes is vulnerable to the high failure rate. This has nothing to do with the validity of the profession. It has everything to do with the nature of human beings and mostly amateurs that the profession attracts.
In spite of all the negatives that may come with the MLM Network Marketing profession, it remains the only accessible opportunity for anyone from any background to build wealth. I do not use “wealth” as a word lightly. I mean substantial income earnings.
Starting an MLM Home Based Business.
Traditionally, people get involved in the MLM home based business after a successful invitation. I know what you are thinking. Is there such a thing as an unsuccessful invitation? The answer is yes.
The business is traditionally built through personal relationship. In fact, most MLM companies’ motive is to leverage representatives’ personal relationships. That’s the original idea. People get the opportunity to build a distribution channel for a product through connecting their relationships and existing circle of influence.
Many MLM home based business still promote their opportunity primarily through house parties, home meetings and PBRs (private business reception). when new person starts an MLM home based business with an MLM company, the very first step they are asked to do is to make a list of 100 friends and family.
In recent times, starting an MLM home based business with home meetings has taken a serious hit due to the evolution of the internet. Many companies are still in denial. But even in more recent times, the mobile platform evolution frustrated a lot of new MLM’ers to quitting almost immediately.
Imagine having 20 friends over at your house and presenting a business opportunity with XYZ network. XYZ Network is a company I just made up for the purpose of this illustration. What happens when it is time to sign up new team members at the end of the presentation? Something interesting usually happens that’s different from if it was 1963.
After 35 minutes, all the prospects pulled out their smart phone. They search on Google for XYZ network and found a disgruntled lady in Utah calling the opportunity a scam. What do you think is going to happen to excitement that the presenter just built with at least every 19 out of 20 prospects in a home meeting? Right. They will politely excuse themselves and run far away from you.
You and I know that as long as there is a legal product being distributed, being a scam is out of question. Unfortunately, the prospects does not know this. Therefore, something had to change with the way of starting a new MLM home based business in today’s market place.
In the 21st century, it is simply better that a prospect is already hungry for a wealth building vehicle before you present to them. Most of your family and friends are simply not. In addition to that, there are real scams and CNBC does good job at publicizing that fact on the show “America Greed”. Skepticism is at an all time high but usually not with prospects that are already searching and hungry for an opportunity.
In starting an MLM home based business, it is absolutely fine to launch your new business with family and friends presentation and reception. If it was a regular brick and mortal business, you would do the same thing to launch a business. However, you should not depend on them to build the business.
There over 100,000+ people right now searching on Google every week for how to build wealth. Those are your best prospects and the traffic is unlimited. After launching your MLM home based business, do not be afraid to engage in proper marketing training.
Does it matter is you are plugged with one of the MLM home based business top performers and gainers?
I cannot sit here and tell you that the type of vehicle does not matter. That would be half truth. But your greatness and chance of success still come from the inside. The proper question would have to do with the speed to the lifestyle you desire. The vehicle has nothing to do with getting started and being resourceful.
An MLM top performing opportunity does not directly result in success. In fact, the success rate in every MLM opportunity, be it top performer or gainer is within the same average. What matters ultimately is if you are serious enough to learn some marketing, prospecting, and lead generation skills.
How do you generate leads for your MLM home-based business?
When you first start in an MLM home based business, the first thing they tell you to do is to make a list of 100 prospects from your family and friends. Well, guess what. Building a list is how you are going to excel in your business.
Generating email subscriber leads into an ever growing list is the single most effective way to describe making money in any business; especially an MLM home based business. The difference in this type and the traditional way is the fact that this list is automated and it grows beyond your existing circle of influence with marketing. This is how to play the game like a PRO.