6 Factors of a time tested business model
The reality of living in an era of immensely diverse business opportunities on one hand provides a great plethora of choices to suit any would be entrepreneur. However, on the other hand, the shear array of venture opportunities could be daunting to many. The franchise models offer a true and tried system of successful ownership but let’s face it, the initial investment is rather steep for the average business newcomer.
For the entrepreneurs with a deep coffers of venture capital and the discipline to follow a methodical system, then owning a franchise makes sense. For those entrepreneurs who revel in the sheer joy of creating brand new venture and are comfortable with the risk of uncertainty, I thank you for opening new business opportunity doors for others and gifting societies with unique products and services.
A business model that has actually existed for decades is the Multi Level Marketing, commonly referred to as Network Marketing.
A very misunderstood and misrepresented and frankly unsung hero of business ownership choices. As a member of this later club, I may seem biased, understandable given that I am fervent promoter and an unapologetic proud Home-Based business owner.
The initial investment fees vary widely but generally speaking most are very affordable and that one time investment has the potential to create earnings that have made millionaires out of everyday individuals, most without any ounce of prior business ownership experience.
There are many factors that make an MLM successful even though a huge percentage of Network Marketers quit for a variety of reasons. A few but not necessarily the only factors to check off prior to selecting one to join:
The Reputation
Although this industry as a whole continues to be burdened by bad press, fair or not that is a reality to contend with and is usually jarring and unsettling to unsuspecting newcomers.
The Culture
Not just the comradery but the access to seasoned mentors and the top earners is very pivotal to a new recruit’s success. A professional team of well trained and supportive corporate staff, and it goes without saying, a rock solid visionary and mission driven approachable team of owners/CEOs who value a genuine relationship committed to every individuals financial success and personal growth as a business partner.
A Compensation Plan
that rewards both hard and steady efforts, has no blockers, no punitive practices and honours rank advancements without restrictions.
A Culture of Providing Quality and Frequent Opportunities
for the independent business owners to professionally commune with one another and introduce the opportunity to others.
My favourite and a unique feature of the MLM industry mindset, is an accessible, preferably free,
Comprehensive Training Program
that not only launches each new recruit promptly and properly (ok that is very vague and subjective), has a continuum of current and traditional learning materials for every level of the business or rank, not to mention useful, timely, applicable and worth every ounce in concrete personal development and business knowledge that any individual can use no matter the level of prior academics.
Of course a great training program does not reflect or imply MLM success simply because MLM entrepreneurs are individuals with free will as to how they engage and invest in their own success, unlike a Franchise where the Franchisee is expected to follow the franchise model or find another venture.
These are just a few of the items I chose to highlight but certainly a thorough research is recommended but usually not done as many sign up on a whim as I did, or with an eagerness to change an unpleasant current financial or lifestyle reality.
I recommend a moratorium until you do research;
ask plenty of questions ( which most prudent Network Marketers are eager to address as we have a vested interest in welcoming an eager, ready and committed business partner),
but most importantly ensure that not only are you the right fit for entrepreneurship but also you have a vision of the lifestyle you desire and how the necessarily time investment will impact not just your family life but current job as most Network Marketers, believe it or not, manage their businesses part-time with usually full time jobs.
With all that said, I believe what convictions one has for what is the most absolutely crucial non negotiable item of importance, is of course without a doubt,
Product and or Services of the MLM, the reason for the existence of the business.
Products and services that are unique, timeless and infinitely valuable to the consumer are generally the reason why many individuals are attracted to the business in the first place, usually as a direct introduction by an MLM business owner or via word of mouth from a satisfied customer. Which ever way one comes to use or promote an MLM’s product or service is the real essence of the word of mouth referrals underpinnings pivotal to the promotion of an MLM’s success.