Today, I want to share what I consider to be the good things about network marketing. In fact, these are the things I really love about the industry.
I know our industry isn’t perfect (no business is), and I realize that we have lots of critics, but I have to tell you that our industry has many good things to offer, if you are open minded, and are looking for a better way.
Listed below are the good things about network marketing, as I see it.
# 1 Low Start Up Costs – Some people will tell you that getting involved in MLM is expensive. They argue that the $100 to $1000 start up costs is a lot of money. I have to laugh when I hear this. For anyone who has ever actually started a traditional business of their own before, they realize this is a really low investment to start your own business. Most traditional businesses can cost a MINIMUM of $10k to get started, and others can cost upwards of a million dollars or more. This keeps many folks from ever starting their own business. What’s great about MLM is that it gives everyone a chance to become a business owner.
# 2 Free Training – One of my favorite things about MLM is the business training. I can assure you that what you learn in MLM will be 100X better than getting a MBA or graduate degree. MLM is the best business school out there. You will learn as you go and if you are truly serious about your business, you will learn a lot about human relations, selling, marketing, advertising, communicating, leadership, business finances and more. You can then take these skills and keep using them in MLM or switch to the traditional business world.
# 3 No Employees – To me, employees are nothing more than a nightmare. If you are an employee, I’m not knocking you. At one time I was an employee, too. I’m just saying that when you become the business owner, you really don’t want to have to deal with employees. They are expensive, often unreliable, and in many cases are more of a liability than an asset.
# 4 Work from Home – When you get involved in MLM, you get to work from home. To me, that is a dream come true. I like the idea that I don’t have to lease or purchase a building to run my business. This saves me money and allows me to avoid a commute AND work in my pajamas. I also get to spend extra time with my family.
# 5 Low Monthly Overhead – Even if you are “all in” with your MLM Business, your monthly overhead costs will be very low. My monthly overhead is less than a few hundred dollars per month, and that includes advertising (which is optional). In fact, my only real overhead is my product order (about $100 per month). To some folks, a few hundred dollars per month is a lot, but I have to tell you that compared to ANY other kind of business, this is dirt cheap. Most regular businesses have a monthly overhead (rent, payroll, utilities, inventory, insurance, etc.) of at least $5k to $10k per month.
# 6 Residual Income – Most businesses do not offer residual income. Most business owners are a slave to their business and do nothing but trade hours for dollars. If they stop working they are screwed. The only businesses I can think of that offer residual income are author and singer royalties, licensing, and network marketing. What’s great about residual income is that the money keeps coming in month after month. Do you still have to do some work? Of course. You can’t totally neglect your business, but you can streamline how you work and how much you work your business.
# 7 Leverage – Leverage is powerful. The only real way to leverage yourself, that I know of, is through other people and money. With network marketing, you can build a large sales force of reps and customers and earn a small portion off each one of their efforts. This is a really good deal as I see it. As J. Paul Getty says “I’d rather have 1% of 100 people’s efforts than 100% of my own efforts.”
# 8 Tax Incentives – The tax incentives of owning a business are really awesome. When you become a network marketing distributor, you get the same tax incentives as the traditional business owner. This can save you thousands a year in taxes. Of course, you need to treat your business like a real business, in order to qualify for these tax incentives. It would also be in your best interest to speak with a CPA.
# 9 Sense of Community – I’ve found that everyone likes to belong to something bigger than themselves. We all want to be part of a winning team. What’s great about network marketing is the friends that you will meet. You will be part of someone else’s team and you will have your own team. You will feel a sense of belonging. I personally love this and know you will too.
# 10 Time Freedom – MLM is one of only a few businesses that you can work from anywhere in the world. You can build a team in different countries. You can run your business from the beach or at home. You can work the hours that you enjoy. You can take a day off in the middle of the week without having to ask for permission. In the beginning you will have to work really hard, but as you achieve success, you can tone back your efforts a bit. I really love the time freedom aspect of the network marketing industry.
In summary, these are the 10 good things about network marketing as I see it. Once again, our industry is not perfect, but I think it’s pretty darn good. What are your thoughts? Please leave a comment below to tell us what you like about MLM. I look forward to hearing from you.