6 Reasons Why You Should Try a Network Marketing Business
Network marketing companies (also known as Multi-Level Marking or MLM) have been around since the 1930’s. While probably the most famous one is Amway, there are now currently hundreds of companies using this business model. A lot of people automatically assume these business opportunities are actually scams and that no one ever makes money at them, but this is not true. I personally know people who are earning a living (and I mean a good living, as in six figures) running their own home based network marketing business. These are not people I met after getting involved in one – these are people I knew “before they were famous” so to speak. I saw them struggling financially, and within a relatively short period of time they were very prosperous.
Network marketing or MLMs may not the perfect fit for everyone, but introverts and extroverts alike have been successful. Introverts and extroverts alike have attempted and failed. However, in my opinion there is rarely utter failure. Even if you launch a business and ultimately do not continue it, there are still many great connections, lessons and resources that you will take away from the experience that will contribute to your personal development. That’s why I think even just trying an MLM would be of benefit to almost anyone. Here are six great reasons you should give it a shot:
1. You can learn more about your existing hobbies. Pretty much no matter what your interest, there is a network marketing company that is selling the types of products you are already buying and recommending to friends. If people think of you as the go-to person for health issues, you might try an essential oil or vitamin supplement company. Are you the life of the party that always knows what wines to pair with dinner? There are wine network marking companies. Beauty products, jewelry, green cleaning products…you name it. As a distributor/consultant you can further your education about things you are already interested in and meet others who share similar interests.
2. You will be surrounded by positivity. If you’ve ever attended a convention for a network marketing company, you know what I mean. The waves of energy and positive vibes can be felt across the street. There’s excitement, there’s motivation and there’s encouragement. You will learn techniques to enhance every area of your life in just this part alone. Because success in any endeavor happens first in your head, your upline and team mates will share at every opportunity ways in which you can develop a mindset of prosperity and achievement.
3. You will learn exactly where your weaknesses are. If you are too pushy, not pushy enough, give up too easily, have trouble communicating or motivating others, shaky leadership or presentation skills, have poor telephone communication skills, disorganized recordkeeping, etc. a network marketing business will reveal those weaknesses to you. Only when you have identified them can you begin to improve them. The good news is you will be offered lots of free or nearly free advice on how to shore up those areas of “needs improvement.” This education will carry far beyond your business into many other areas of your life.
4. You can make life long contacts. You will meet a LOT of people. Most of them will come and go, but others will stick with you. The best part is you will always have something in common with these people, and they are most likely the kind of people you want on your side: motivated, positive, energetic, and willing to lend a hand. (As in anything, there are all types of people in MLMs, including mopey Eeyores. But you don’t need to keep the ones that drag you down!) Treat your upline with respect, and even if you do end up closing your business you will still have a good relationship with them. (If you do start and later end an MLM business, please, please, please have the courtesy to call your sponsor and tell them about your decision.) Quality contacts are worth their weight in gold.
5. You develop an eye for opportunity. Because you will always be looking for ways to promote your business, you start to see the same old situations in a new and improved light. You can also get very creative in how you promote your business by letting yourself brainstorm with others. Synergistic opportunities to work with other business owners (in the same or different industries) for mutual benefit will start to stand up and get noticed where before you may not have even entertained the idea. These opportunity eagle eyes will serve you well in your network marketing business as well as many other areas of your life, from noticing other business ideas, generating fundraising ideas for non-profits you work with and general problem resolution.
6. You can get a tax deduction. As with any business, there are expenses associated with running a network marketing operation. The good news is that you can get a tax deduction for your costs so you are getting a financial benefit for your education and experiences even if you didn’t earn a dime (although hopefully you did.) Because you’re running a business from home, there are all kinds of expenses that suddenly become deductible business expenses. Talk to your tax advisor to find out what you can and can’t deduct and make sure you save every receipt. (A word to the wise…multiple years of taking a business loss and getting the associated tax deduction can and will draw a red flag from the IRS. If you’re still not making money after a few years continuing to take a deduction may not be the best idea. Again, get a good CPA and follow their advice.)
If you’re ready to take a step in the direction of your future, consider a network marketing business. While you are researching, please make sure to consider the FTC’s advice regarding MLM companies to make sure it’s a legitimate company as there are some illegal pyramid schemes out there. That would also be an education but probably not the kind we are looking for!
Whether you end up with Do Terra, It Works, Wine Shop at Home, Youngevity, Norwex, Origami Owl or the myriad of other opportunities out there you will learn much more than how to host “parties” and take orders. You will be giving yourself an education at the fraction of the cost of starting a solo business on your own with no support and have the ability to create meaningful lifelong connections in the process!