Is network marketing for me? That’s a question a lot of people ask themselves before they join our industry, and sometimes even AFTER they get started. We are one of the most controversial, misunderstood and loved/hated industries that I know of. That being said, I love our industry and everything it stands for.
Some of the major advantages of network marketing are:
- Low start up cost
- Low monthly overhead
- Residual income
- Free training and support
- No employees needed
- Personal development
- Work from home, anywhere in the world
- No risk, keep your day job while you work your business part-time
Some of the major disadvantages of network marketing are:
- High failure/quit rate
- Misunderstood by the masses
- Controversial reputation
- Most people don’t like selling
- Only get paid for your results
- It’s simple, but it isn’t easy
I will be the first to admit that network marketing is not for everyone. Entrepreneurship is not for everyone, either. Building and running a successful business of any kind is not for the feint at heart. It takes vision, sacrifice and mental toughness.
Yes, entrepreneurship and network marketing can be very rewarding, when done right. The potential is HUGE. The risks are minimal. But building it big, and achieving lasting long-term success, will be the hardest thing you’ve ever done (yet most rewarding)! I wish people would tell their prospects that before they got them started in the business. It would definitely help reduce attrition. It would also give people realistic expectations.
Let me start by telling you that MOST people would benefit from using the products our industry offers. There are hundreds, maybe thousands of companies in our industry, many which make some amazing, high quality products. We have companies that make everything from vitamins to skin care to cosmetics to travel clubs. Most of these products and services are wonderful and provide a great value, even to customers.
Even if you have no desire in ever building a business of your own, you should at least consider becoming a happy customer. Once again, most people would benefit from using the products you can find in our industry.
Building a part-time, small network marketing business would benefit most people. Most people could benefit from an extra $200 to $500 per month, plus the tax incentives that come from owning your own home based business. I truly believe that just about anyone could build up a small retail business or team with 10-20 distributors, plus customers, and earn a nice part-time income.
This does NOT take a huge commitment to reach this level in the business. I truly believe that this is a much better alternative to having a second job. Of course, that’s just my opinion.
When it comes to building it big, and being a full-time network marketer, it’s definitely not for everyone. It takes a HUGE commitment, mental toughness and sacrifice to make it to the top. You’re going to have to invest at least 10,000 hours and in most cases it will take you five to ten years of part-time, focused effort to make this happen.
Most people do not have the mental toughness, commitment or vision to put in the work that is required and deal with the rejection that you must go through to reach the top. But for the special person willing to pay the price, I can’t think of ANY business model that has the financial rewards and lifestyle our industry offers, IF you make it to the top.
Here are some questions you should ask yourself before getting involved in network marketing:
As a Customer
- Do I like the products?
- Will the products help me solve a problem?
- Are the products reasonably priced?
- Do the products offer a good value?
- Would I buy these products even if I wasn’t doing the business?
- Am I already buying similar products?
- What type of money back guarantee do they come with?
- What type of research and patents do the products have?
- Do I like the person I will be buying the products from?
As a Part-Timer
- Can I commit 7-20 hours per week to build a business?
- Do I need some tax incentives?
- Does the products and company make sense to me?
- Is my spouse supportive and open to the idea?
- Would I enjoy doing this type of business?
As a Full-Timer
- Can I stick with something for five to ten years?
- Can I make a commitment to work my business every day, no matter what?
- Can I focus on ONE thing for five to ten years?
- Am I willing to pay the price and do whatever it takes?
- Is the company stable, reputable and positioned for long-term success?
- Could I see this as a career?
Of course, you should never go full time in network marketing until you are making at least twice your salary and you have 12 months of savings in the bank. Going full-time before that is typically the kiss of death in this business.
Deciding to get involved with network marketing is a PERSONAL DECISION. It is NOT for everyone. Like any other thing in life, you should do your due diligence and research before you get involved. Only you know what is best for you.
If you ever decide you WANT to do network marketing my best advice is to find a company with products that you love. Pick a good company that is positioned for long-term success and is reputable and established. Start out part-time, keep your day job, and build your network marketing business consistently for three to five years BEFORE you make the decision to go full-time. Even if you never decide to go full-time, network marketing can provide a great second income stream that funds your lifestyle and helps you minimize your taxes.
It’s not for everyone, but it might be a perfect fit for you. I hope you will consider everything our great industry has to offer.