Why Start an MLM Business
Multi Level Marketing (MLM) refers to the business model whereby independent Multi Level Marketing business owners sell a singular brands’ products and earn a commission on the sales. The big appeal for a lot of MLM business owners is being your own boss. You get to set your own working hours, and work towards your own success. Here we explore how you will know if running MLM is right for you and how to get started. Multi Level Marketing is popular with people looking for a part-time, flexible business option. Some of the best-known MLM brands are Avon, Ann Summers, The Body Shop, Forever Living, Juice Plus, but there are many more across a broad range of industries – homeware, nutrition, fitness, wellness and beauty are just a few.
Multi Level Marketing and How it Works
Multi Level Marketing programs involve an initial, low investment, of a few hundred pounds for the purchase of a product sample kit, which you will use to sell products directly to others. Multi Level Marketing involves using three income strategies
- building and management
- lead generation
Single-Tier Multi Level Marketing
In single-tier Multi Level Marketing, you sign up for the company’s affiliate program to sell their products or services. You do not need to recruit distributors, and your pay comes from your direct sales. The popular beauty company, Avon, uses single-tier Multi Level Marketing.
Two-Tier Multi Level Marketing
In two-tier Multi Level Marketing, the first tier of commission is the same as in a regular affiliate program. The only difference is the additional tier(s), whereby the business owner additionally earns a commission on sales generated by the other people they refer to the program. Sometimes payments differ depending on which tier the affiliates under you fall in.
Multi Level Marketing
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.
How to Get Started
- The following steps comprise your tool kit for setting up a robust MLM business.
- Know your target – Fully understand your audience’s motivation so that you can be the solution
- Choose the right MLM brand – Do your research before you opt for any company
- Make a business plan – Set a clear and achievable goal, before you start growing your business
- Train yourself – Study the product you are selling and pay attention to your competition
- Grow your business – Make it your business to mentor and support your recruits
The Perfect Approach to MLM
As an MLM business owner, you need to take your work seriously. 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. Although MLM provides the much coveted independence that so many MLM business owners were seeking, you will need to apply yourself to understanding your audience, their needs and your competition. There is a world of information out there about the latest trends among your industry peers and if you are engaged with your business, these should be genuinely your thing. Social media is a golden tool for multi level marketing. Take your time getting to know your way around the various platforms. Start simple and use whatever platform you are already most comfortable with. Separate your business from your personal life, always! For example, make a Facebook business page and keep your professional and personal posts separate. Follow others in your industry to grasp what they are doing. But find your own angle and don’t copy. You need to believe in yourself and your path and be ready to take the rough with the smooth. Not everyone will want your products. Not everyone will embrace your MLM business and that’s just fine. Have you noticed that when someone is utterly passionate about their cause, you simply cannot put them down for it. They will never take your negative perspective over the thing that they love. Be that someone with your MLM business. Be consistent. Your audience rely on their tried and tested brands for their consistency. You need to rival that with your personal consistency.
Demonstrate the Value of Your Products to You
Show your audience what your products can do. Anything too generic will just push them towards buying their goods off a supermarket shelf because it’s more convenient. Tell us why should we try yours instead? If I don’t know anything about it, I don’t know the benefits of it. I don’t know how it can help me. What value will it bring me? How can I actually use it? Build up a portfolio of available product knowledge before you offer any discounts or affiliate programme benefits. Learn how to automate social media. There are a lot of platforms and apps to assist you with this. But remember to monitor activity and respond to real time developments as well. Be genuine. Your audience needs to be able to identify with you. You, the new MLM business is still us. You are us. So start by telling us how you got here. Why are you doing this? And be gentle. Ambition is great, but it’s hard to share in a dream that isn’t grounded in what we already know. So what was the switch? What made you believe in this brand? Maybe it was one product. Maybe it was one turn around moment. Take us on your journey. And keep it real. Use your judgment and just don’t blindly follow what your Multi Level Marketing class taught you. Tweak what you have learned in your favor. Your friends could turn out to be valuable customers but that will take time. Nothing will annoy them more than you constantly pestering them about your business, so be discerning, which really comes back to knowing your audience.
Love Your MLM Business
The biggest advantage of running a successful Multi Level Marketing business, is the aspect of community building. If you are a natural people person you will have a great time developing and nurturing your professional relationships and building and leading your MLM community. MLM is dynamic and it pays to stay on your toes, so enjoy the fresh and exciting developments in your product range. Live and breathe the evolution of your industry. Keeping up with your network makes your MLM business very sociable. MLM is the perfect business for anyone even a tiny bit interested in marketing. You can exercise and develop techniques that suit you and suit your lifestyle and with new products ranges consistently under development, you will always have new content to share.
The Perfect Fit
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.
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.