Multi-Level Marketing (MLM) is one of the best and most lucrative vehicles available to people interested in exploring the world of entrepreneurship.
Most MLM programs have a low-start up cost in comparison to a traditional business.
This low-start up cost is an advantage for anyone starting out in the world of entrepreneurship.
Another advantage is the MLM business model provides individuals the opportunity to have more financial control of their earning potential.
Other advantages are that MLM businesses are typically home based and worked part-time.
These advantages might come as a surprise but serve as a benefit for newcomers starting their own business because it allows individuals to develop and master the fundamental business skills necessary to excel in the world of entrepreneurship.
Three(3) of the most fundamental real world business skills individuals must develop are the following: 1.
) Leadership Skills-You will have to develop and master the skill sets for inspiring, motivating, and influencing others to work together at their will to reach a common goal.
2.
) Sales Skills-You will have to develop and be proficient in creating and conveying value to your prospects.
3.
) Marketing Skills-You will have to develop and be efficient at implementing systems that will allow you to connect effectively with your targeted market (potential customers and partners) to move your product and services.
The ability to develop and master these three(3) fundamental skills is crucial to being successful in any business model on the face of the planet.
Fortunately, the Multi Level Marketing (MLM) business model provides a real world training platform for individuals to develop these necessary skills without the burden of a huge investment at risk unlike traditional business models which require huge capital investments anywhere between 25K and upwards.
Considering the fact that 85% of business fail within their first five years, a Multi Level Marketing (MLM) business allows individuals to learn the fundamental business skills necessary to succeed without the pressure of losing a huge investment.
I like to think of it as "Failing Responsibly"...
When considering a Multi Level Marketing (MLM) business, make sure to evaluate and consider the training and systems in place(i.
e.
marketing, sales, leadership) that MLM program has to offer and do not base your decision solely on who has the best compensation plan.
Many newcomers start an MLM business based solely on the compensation plan and this is a huge mistake.
Knowledge is power so make your decision based on the training and systems available rather than the compensation plan.
Take the time to learn and master the three(3) fundamental business skills of leadership, sales, and marketing in order to grow and be successful in the world of entrepreneurship.
The real value is in the education or "know how" and the byproduct is the money.
One of the defining skills for your success will be the mastery of marketing both online and offline.
Make sure your MLM of choice has a good marketing and training system available for you to learn and promote your business and products.
This is crucial to understand because the marketing system will drive your business.
Lead generation will be the lifeblood of your business.
Make sure that the marketing system utilizes and implements technologies such as the internet and auto-responders at a minimum.
Remember with the right training and systems in place, a Multi Level Marketing (MLM) business can be rewarding both personally and financially.