MLM Business Plan: 5 Essential Features
Like with any conventional business, it is essential that you write out a clearly outlined business plan when you start off with an MLM or network marketing business. If you are not working according to a structured plan, your MLM business will contribute to the 97% failure rate in this industry. Here are some key factors to consider when writing your MLM business plan:
1. A way of reaching thousands of prospects.
The most successful way of reaching thousands of people with your business is to use the power of the internet. Therefore, it is essential that you choose an MLM company that allows you to do this. Many companies are still using outdated methods like approaching your friends and family with your business. Most companies also have very strict rules and regulations when it comes to promoting your business online. You need a company that gives you a website to promote your opportunity with and that that designed to incorporate the power of the internet.
2. Effective Advertising.
Telling your friends and family about your business and hoping they will build a massive business for you should simply not be part of your MLM business plan. The Internet provides many effective ways of placing your opportunity in front of the eyes of millions of people who are actually interested in what you have to offer. Someone just needs to show you how to do this, and once you have done it, your advertising pretty much runs on autopilot. The era of word of mouth is pretty much dead in the MLM industry. Does your company train you to do this?
3. The right training material.
When using the internet to promote your business, there is some simple training that you will have to go through (unless you are already skilled in this area). Again, choosing a company that provides free training is essential. Training and motivational material should really be free if your company wants you to succeed. With the power of the internet, it has become unnecessary for endless meetings and seminars.
4. What type of product are you promoting?
A strategy to consistently move product through your downline is essential, and still remains the major headache of most MLM distributers. Finding ways to get your customers to buy product themselves and also sell to their downlines, is the lifeblood of any MLM business. Many forward-thinking companies have now opted for a subscription based system. This is as close as you are going to get to any guaranteed money in MLM. Seriously consider teaming up with a company that work on a subscription basis. This will simplify your MLM business plan immensely!
5. Choosing the right vehicle (company)
Some companies simply do not allow you to focus your effort on the above four business avenues. They basically set you up to fail before you even start. So, part of your MLM business is to use a vehicle that allows you to channel your time and effort into something that is going to give you results. If you are working with a company that allows you to put your effort into these four areas, you are on the right track.
If you are with a company that still wants you to make cold calls, bug your friends and family, attend endless meetings, do follow-ups, sell products and keep your downline motivated, it is probably a wise business decision to opt for a company That allows you to tailor your MLM business around internet based strategies.