How to Find the Right MLM Brand For You
MLM is an exciting and dynamic business model and now is a better time than ever to work for yourself and set your own objectives with an MLM business. There are a multitude of industries represented by MLM brands and with the right one you will find big success and enjoy building your MLM business and community. Here we explore exactly how to choose the right MLM brand for you.
In the past MLM was considered an industry that was promoted via friends and family. That works well for some people, but for serious MLM business owners, we suggest moving beyond your closest contacts and putting in some decent research into the world of options and making a well informed choice. That way you know you have signed up with a brand that you are going to truly love and flourish with. There are masses of opportunities out there so here are a few points to take into consideration. A good starting point is the industry within you would like to work. What are you all about? What products will fit right in with your lifestyle. You need to choose something you will enjoy so what is your passion? Homeware, nutrition, fitness, wellness and beauty, fashion are just a few examples of MLM brand industries.
If you have a good idea what industry will suit you down to the ground, run a cross check with a few other criteria to narrow down your selection. Firstly, if you join a brand that is well established, this is a good indicator of success and stability. A good rule of thumb is any brand which has been trading for ten years or more. Some of the longest trading brands include Amway, Avon, Mary Kay, Forever Living, Tupperware, Arbonne, Jewels by Park Lane and LegalShield. Do your research. Research online and offline to know about the complete company history. Try to get some trustworthy testimony and the counter perspective if you can. Perform a background check to see if there are any outstanding legal complaints against the MLM company. Also look into how and where others are representing your ideal brand? Look up your competitors. Get to know your industry sector. This will all help you when you write your MLM marketing plan. The amount of time an MLM brand has been trading does not mean that all the best companies should have a number of years of experience, so deeper research is recommended to make your final decision, but it is still a strong factor to consider, especially if you are starting out in MLM. Learning from the tried and tested could support you branching out in your career later.
This may not seem like a primary concern when you are setting out, but it’s actually a really good idea to give yourself scope with a brand that trades Internationally. You never know where your professional life may lead you, especially with an MLM business. The MLM business model allows you exceptional flexibility and scope. So a brand that can follow you if you travel or even move abroad permanently offers this huge potential.
Quality and Need
Your MLM brand needs to sell high quality products that are unique to your brand. Make sure the product range is exclusively available only to the brand. You want customers to exclusively shop with you as much as possible. If the products they love are only available from your brand, then they will come back to you again and again. This also gives you the opportunity to build a profile of products around your customers favourites, to recommend and put forward offers or packages with. First and foremost there needs to be a compelling reason to buy your brand’s products, which is quality and need. A good indicator of a stable and successful MLM brand is patented products. This is a great credential for a successful MLM brand. Ensure that the products or services your MLM brand offers have a high demand in the market. Try to find out how well the MLM company processes their orders for products or how well they perform their services. If it is a product based MLM company, check whether they self-manufacture the products and if it is a service based company check whether they self-perform the service. Plus points should be given for those who self-manufacture or perform the services themselves.
Make sure that the prices are right for the products. You want to compete with high street brands with the outstanding quality of your brand’s products. However be wary of products that seem overpriced – this should warn you to take caution. Also think about the cost per the value of the product. Look beyond the price tag and get to understand how much they cost per use. This is a useful skill when promoting your products, offers and packages as well. You want to build a portfolio of returning customers. You don’t want to be persuading buyers into a big purchase only for them not to return because the quality did not live up to the price tag or that the price was just too much of a stretch to invest again. Most good MLM brands offer a money back guarantee. This demonstrates confidence in the products, so check out whether your short list of MLM brands offer this.
How MLM Works for You
So why start an MLM business? A successful MLM manager has a ‘work from anywhere’ business and using social media for MLM effectively will help you build your business and engage your network. As an MLM business owner, you need to take your work seriously. To answer “how does MLM Work?” We can compare it to starting in any other career type. A new recruit to any business would be expected to train, work hard and achieve goals. You should be willing to push yourself just as hard as a freelancer, setting out in your long and successful career. You should only start up an MLM business if it is right for you. You need to believe fully in what you are doing, to motivate yourself and be your own boss takes dedication, any freelancer and attest to that. “Do it for the love of it” is one way to put it. We say “love what you do”. If you make a perfect fit, you can find big success with MLM. We know because we account for some of the most successful MLM businesses out there. It is a vibrant community of people, working hard and loving life. If it is right for you too then we are here to help.
When to be Cautious
Always make absolutely certain that nothing you learn seems too good to be true. There are scammers lurking under the term who run Ponzi schemes. The difference is that a Ponzi scheme is a form of fraud whereby victims are led to believe that profits are coming from product sales or other means, unaware that other newer investors are in fact the source of funds. Make sure that with your MLM brand’s business model, you will make an income if your network consumes products without actively recruiting new members. This is stage one for any MLM business owner and some customers will join to benefit from discounts without wanting to take it further. Ideally a successful MLM business owner will want to build a network. But the best MLM brands will be set up to benefit partners at every level. So look this up for your shortlist of MLM brands. If they focus more only on product sales then this might indicate a Ponzi scheme.
In Multi Level Marketing you will be encouraged by your mentor to actively recruit other sales representatives. These recruits are your ‘downline’. You in turn, may encourage them to recruit their own downlines, and so on and so forth. You will earn commission on your own sales, and on all of the sales your downline makes, usually at various increments depending on your position in the downline. Find out how the affiliate programme works for your focus MLM brands. Find one with which you can visualise yourself building a dynamic and active community of affiliates. Check what the benefits are for affiliates at each stage of the business. Check whether the MLM brand offers a good income to meet your requirements and goals. Analyse whether they offer a good package to start with and commission offered for any referral. The commission offered should be good enough to compensate with the initial investment for the package
It goes without saying that the brand you choose needs to be something you love for yourself. But further to this, the right MLM brand will help you build an exciting community that plugs into your lifestyle. When you have a shortlist of brands you want to choose from, research the vision of the brand. By this point you will have discounted any that are too high risk or otherwise unsuitable, so you can allow yourself to get excited about what you learn about the brands in your shortlist. Make sure that the MLM brand focuses on values and not just on making money. Choose an MLM brand that holds on to its values. Such brands will make a more sustainable income. Ensure that they care about your visions, dreams, and goals.
Find out what training is available from your focus MLM brands. This could be mentorship, seminars, webinars, learning materials, tool kits and how-to videos. Make sure you are happy with the level of support given and that you have a good range of learning resources that are suited to you. If this is going to be physical conferences, check out locations where you can easily attend. A good MLM brand will offer assistance regarding their plan, presentations or affiliate programs or websites.
Make yourself familiar with the commission structure of your target MLM brand. This should follow a sound business model and strategy. Commission plans vary from binary plan to custom plan should be easy to understand and earn good commission for your referrals. Research how well they handle the commission payout, membership package fee, product sale, etc. Check whether the payout is carried out monthly or weekly. Weekly payout is considered to be good as you get your payout consistently.
At MLM Accountants We Know How to Help You
At MLM Accountants we can help you understand the best solutions for the success of your business. All you need to do is get in contact with us at MLM Accountants. Call us today 0203 237 2927 for help and guidance.