Make Money Online – Take Charge of Your Economic Future Part 2
A few days ago I shared some interesting facts about making money in these troubling economic times. I talked about the fact that you must begin to take control of your financial house. Together we looked at how to do that – by going into business for yourself. We explored one method for generating income and that was Affiliate Marketing. During the next several articles I want to explore other methods for generating income that you can absolutely be successful with IF you understand what is needed.
Today I am going to look at Network Marketing as one method of producing revenue as an independent business owner. This is truly the largest industry on the face of the earth for long-term residual income. That is, if the skills necessary to grow and maintain a successful business are acquired.
I want to focus on both the advantages and disadvantages of owning a network marketing business. And make no mistake about it, when you join a network marketing company you are going into business for yourself. It is imperative that you view yourself as a business owner and not as an employee of the organization. This means that you should have a business plan, a budget for your business growth, and goals – both long-term and short-term if you plan to be successful. Remember that you have complete control over what takes place in your business and what you do will determine whether you succeed or fail.
Generally, with a network marketing business the start-up difficulty is perceived as low, the start-up cost is low, and the profit potential is low to high.
When most people are approached about joining a network marketing or multi-level marketing company, they are told that they really do not have to do anything except make a list of friends and family, call them and share the "opportunity" with them, and then just sit back and watch the money roll in. The flaw in this is that the entire thought process is based on greed. Sure, some people can make a lot of money with network marketing doing exactly that. But it is a very, very small percentage. Here's the truth – the average network marketer in this country enrolls 3.6 people into their business before they either drop out of networking or move on to the next "latest and greatest" deal.
A much better way to grow a network marketing business is to really learn the art and science of marketing, and position yourself – not your upline – as a leader and expert so that you have people reaching out to you looking for what you have rather than your having to convince them that you are involved in the "best deal going on the planet". If this is done correctly, then you will build your business with integrity and you will be able to teach this same technique to anyone you bring into the business. The real advantage to growing your business in this manner is that you are not spending your hard earned dollars buying expensive promotional materials from the company. You are actually using your business budget to attract people who want or need what you have.
In any business, there is a skill set that must be learned to be successful and network marketing is no different. You will either gain that skill set through expensive trial and error or you will make it your objective to educate yourself.
It is true that, for most network marketing businesses, the start up costs are extremely low. Compared to a brick and mortar business where there are not only high start up costs, but also one must learn how to promote the business, do product fulfillment, create a website, and deal with returns and complaints. In most cases the network marketing company handles the product fulfillment, the website, the promotional materials, and all the e-commerce.
The profit potential can be low or high. You actually determine the profit potential by the amount of capital, energy, time, and consistency you are willing to devote to grow your business. Many people go into network marketing thinking that they will make a lot of money with very little or no effort. THIS IS A MYTH. This endeavor again is a business and businesses do NOT grow by themselves. You must have some capital to invest. You must be willing to devote time and energy to the business. And you must be consistent in working your business. The company and product that you choose should be something you have a passion for. You also have to really believe that what you are offering really has a value and benefit to others.
Remember that the idea is to put yourself in charge of your financial future. In coming articles I will explore other revenue generating avenues. Be sure to look for them.