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7 Things To Know Before Joining An MLM Company
In today's economy the wages are down, unemployment rates are high and the job market is tight. You may decide to examine opportunities to work from home to supplement your income. Perhaps you've been approached by friends, family or business associates about opportunities. In many cases these opportunities are with Multi-Level Marketing (MLM) companies. If so there are things you need to know before deciding whether or not to get involved.
1. It's an MLM company. Before you learn anything else about the company give some thought to whether you want to be involved with an MLM. These companies have a known social stigma to them. People tell jokes about them and have a lot of preconceptions about what an MLM is, how it operates, and what kinds of people join them. If are unsure you would be comfortable be tarred with that particular brush then MLM companies are probably not for you. 2. It's sales work. Regardless of what name the process is given, offering a product or service in exchange for money involves sales. If the MLM company tells you it is sharing ideas it is still sales. If you are not comfortable selling products and services then MLM companies may not be for you. 3. You'll be expected to try to sell to everyone you know. Sales organizations call this "selling to your warm market." The idea is that the relationships you have with friends, family and colleagues will be warmer than the relationships you have with strangers. The MLM company will recommend approaching people you already know because you will be comfortable speaking with them. This is a double edged sword, however. You may be comfortable opening a conversation with your best friend by saying, "May I share with you something I've been working on?" It is often more comfortable to do so than to approach random strangers. The downside is that people generally don't like being sold to. They also don't like feeling you're taking advantage of your relationship to sell them something. Selling to unwilling friends, family or co-workers can poison your relationships with them. 4. You will need to recruit. Legal MLM companies must have a product or service to offer. They are legally obligated to so do and to make the sale of this product or service their primary goal. As a practical matter, however, this is rarely profitable for the individual MLM participant. If you want to make any significant money in an MLM you will need to recruit people under you in the organization. The people beneath you are called your downline. You will typically receive compensation when people join your downline (often in the form of a bonus paid to you for training them, rather than as a signing bonus). You will probably also receive compensation any time a member of your downline sells the company product or service. That means the most profitable way for an MLM participant to earn money recruiting a huge downline of people who also actively sell and recruit. The author is unaware of any MLM company where the top earners reached that status without recruiting a huge downline. Again, it is not a requirement that you recruit. It is simply a practical necessity if you want to earn larger sums of money. 5. Most people who join an MLM lose money. Before joining any MLM company ask to see its Income Disclosure Statement. It is required by law to be available to you. This document details how much money is being made by participants. Read it thoroughly. Less ethical MLMs may word them in such a way that true income amounts are hidden. For example, it may show the income only for "active participants." That means any figures will only include results for people who made money, leaving out all those who made nothing, or lost money. By Andrew Riggio - Andrew is a New Hampshire resident who lives with his wife. He was raised in New Jersey. He finds the New Hampshire life more relaxing and the New Jersey life to be more "round the clock."|
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2 Dec 2008 at 10:33pm
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