Network marketing often referred to as MLM (multi level marketing) is a business model where by a company distributes its product by a sales force that is paid entirely on commissions. Distributors of the company sell products to a small customer base through word of mouth and referrals etc.
The sales rep earns money both on sales they personally generate and a smaller commission on sales from anyone that they recruit into the business. This business model has been around in one way or another since the 1600’s and has been a viable method for people to make money from home ever since. Network marketing offers the everyday person the opportunity to own their own business at a fraction of the cost that a new business built from the ground up would.
MLM is sometimes referred to as direct selling. The entire industry is regulated by the DSA and has to follow strict codes of conduct and best practices.
Things to consider before joining any Network Marketing, MLM company…
Do some research on the companies background, i.e.. How long have they been in business? What are the companies financial credentials? Is the company operating in a growing sector?
Learn about the companies products, if you have no interest in the types of product they sell you will struggle to get enthused enough to generate a substantial income.
Does the company offer products that are unique? Do they have patents in place? If not then you perhaps need to look at another company.
Talk to distributors from the same company.
Ask lots of questions!
Think whether the compensation plan the company offers fits your own requirements, ie. Start up costs and hidden fees, make sure there aren’t any surprises!
History of Network Marketing
In 1860 Henry Heinz created an organisation of 400 sales people to sell vegetable goods. You might have heard of Heinz Tomato Ketchup. Where would we be without it!
This type of business allowed normal people to own a business within a business.
1905 Alfred C Fuller started a brush company and by 1960 he had made $100 million. Alfred C Fuller was one of the only people to have a workforce paid entirely on commissions.
1931 Frank Stanley Beveridge started a company called Stanley Home Products. His dream was to allow people to start their own business with a minimal start up costs. Giving people an opportunity to earn money from home.
1945 Nutrilife recorded the first MLM compensation plan. Once a distributor had proven they could gather customers he/she was then promoted and allowed to recruit new team members. MLM as we know it was born!
Amway was created in 1949 and in 1975 was taken to court because the government thought it was operating a Pyramid Scheme. However in 1979 an Administritive Judge ruled that Amways MLM plan was in fact a legitimate business model offering people a way to make money from home as opposed to a pyramid scheme, unfortunately the myth that all MLM companies are pyramid schemes still exists!
By 2010 network marketing companies around the world had generated in excess of $125 billion.
BIG News!
Sequoia Capital have recently invested heavily in a jewellery Network Marketing company. Why the title BIG News you may ask? Well Sequoia Capital are a huge investment business that control over 14% of the NASDAQ! They only invest in sure things, their portfolio of investments also include Yahoo, Google, Apple, linked-in and YouTube.
This is huge news for MLM companies around the world because when a business as influential as Sequoia start taking this industry seriously then guess what? The rest of the world do too!
Its not just Sequoia Capital that are lending their support to the network marketing industry, look at what Donald Trump had to say on the David Letterman show. Donald was asked by David what he would do if he lost his empire? Immediately without hesitation he replied,”I would find myself a good Network Marketing company and get to work!” From the audience came some laughing and jeering, Donald replied,” Thats why folks, I’m sitting up here and you are down there”.
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