Should you avoid the MLM Industry altogether? Well, most people will tell you to avoid the MLM Industry because they think it is a scam. I’ll be the first to admit that the MLM Industry is not for everyone. One of the major reasons our industry has a bad name is because we tend to attract a lot of “low quality” people who have no business being entrepreneurs in the first place.
Please know that I’m not knocking people who get involved in our industry. We also attract wealthy folks, professionals, and successful entrepreneurs. But most people who get involved are unemployed folks, low income earners, and people with no prior entrepreneurial, sales or marketing experience.
As a result, most people who get involved have the “get rich quick” mentality, or aren’t willing to actually go out and do the required work it takes to succeed in our industry. Sure, there are a few exceptions to this rule, but not many. It’s a fact that most people who join our industry will quit within 60 to 90 days. How many serious entrepreneurs would quit a business in 60 days? Chew on that for a moment.
Prior to starting your own business, you need to do your research. That means you need to determine (1) why you want to start a business, (2) how much it will cost, (3) how much work is involved, (4) what activities you must do to earn money, (5) what are the industry’s success rates, (6) what are the ongoing costs, and (7) what level of time commitment is required, etc. This applies to the MLM Industry or any other business model.
You should never start a business to solve IMMEDIATE financial shortfalls. If you are in desperate need of money, get a part-time job instead. All businesses take time and money to build. Most businesses take a couple years just to get profitable and three to five years to make a decent income.
At a bare bones minimum, you should talk with several successful people in the industry you are interested in and ask them to provide answers to the questions I mentioned earlier. On the other hand, you should talk to people who failed too, so you can get both sides of the coin. But please take your advice from the successful people, not the failures.
Once you do your research, you might discover that the network marketing industry is not for you. Or, you might feel like you finally found what you were looking for all along. But, I don’t think you should avoid ANY industry, until you do your due diligence and find out for yourself whether or not it is a good fit.
In summary, do your homework before you decide to join, or avoid the MLM Industry. Treat your decision as seriously as you would if you were investing $500k in a traditional business. Although the MLM Industry is not for everyone, I personally believe that it does present a viable business opportunity for certain individuals. Of course, there is always a chance that you could do your homework, pick a business model, and still fail. That is a chance you take when you start a business. But, you can increase your chances of success by doing your homework first.
What are your thoughts about joining or avoiding the MLM Industry? Leave a comment and let us know.