Today, more than ever, people are worried about their future and what it holds in-store for them. The economy, unemployment, fears of inflation, the housing industry, the stock market, and more all seem to have no positive outlook for the future. Each day the news stations across every media channel report about doom and gloom in every corner of our world, with one exception – “Network Marketing”.
Recently, Network Marketing has been getting a lot of good press and rightly so. Network Marketing is the one sector of the economy that seems to be growing by leaps and bounds and appears to have no limitations in its future growth. No wonder more and more people are turning to Network Marketing as a source of a second income for themselves and their families.
Now may be the time for you to also begin thinking about finding a good network marketing company and launching a business of your own. Whether you are looking to augment your current income with a part-time business or you’re ready to dive head first into network marketing full time, now is the best time ever to get started. However, before you do I would like to share with you what I consider to be the one most important decision you need to make in considering what Network Marketing company you decide to promote.
There are many different Network Marketing companies that are all ready and willing to have you come on-board as their next “Independent Marketing Representative”. But, before you jump in and signup with a MLM company consider their industry. That’s right, I want you to consider what industry they represent because this will have a dramatic impact on how successful you can become with your new business venture.
Industry Selection – A 6 Step Strategy
Network Marketing spans the gamut of industries from health & beauty, to diet & weight loss, to gold bullion and gold coins, to financial planning and debt management, the list of industries goes on and on… You think of an industry, and chances are there is a Network Marketing company that represents it.
So how do you select the right industry for your Network Marketing Endeavor? Let me share my 6 Step Strategy for selecting the right Network Marketing Company;
1. Assess your strengths and weaknesses from an unbiased perspective.
Be honest with yourself and don’t let any emotions play into your self-assessment. Remember you want to understand as much about yourself as possible so you can choose an industry that is complimented by your knowledge, training, experience and background. Also consider your mental capabilities and physical characteristics during this step. Determine your comfort zone in such areas as public speaking, one to one conversations, cold calling, and leadership skills. Create a check list of each area that you assess yourself in and create a rating system to rate your skill and comfort level. In my opinion, this is the most important step. You must be honest with yourself and in your assessment of yourself; otherwise, the choices you make in the next 4 Steps will be incorrect and will just set you up for failure.
2. What industries match your personality, skills, and traits?
Come up with 3 – 5 industries that are your best match. You want to evaluate your skill set and match it to the industry that allows you to leverage the knowledge that you have already acquired. Taking this matching approach will reduce the learning curve and also provide you with the confidence you need to discuss your business and what it represents. Remember your physical and mental characteristics too. Obviously, if you are not the model of physical health then trying to promote health and fitness products would not be recommended, so you could rule out the Health & Fitness Industry from your list.
3. What are the industry growth prospects are over the next 3 – 5 years.
Pick up a newspaper, read the headlines and get up to speed on the economy and the world around you. Now is the time to dig deep into the industries you have chosen to focus your attention on. Which industry has the greatest potential for growth and thus would be the easiest and wisest industry to promote should shake out of this step. This step may take you the longest and require the most research, listen to what the world and financial analysts have to say also look and the industry and how it is doing now. For example, the Health, Fitness and Beauty industry is a $27 Billion dollar industry and with concerns of an obesity epidemic across the U.S., this industry is poised for huge future growth. Before completing this step you should know which industry you are going to focus the remaining steps of your research and exploration on.
4. Short list of the Network Marketing companies that are within your chosen industry.
Create a short list of companies that represent products and/or services from your chosen industry. The purpose of this step is to perform a high level review of what companies are available in the industries that you have chosen. You can find information about available Network Marketing companies by researching over the internet. Also, a few sites we have found helpful are MLMRankings.com and TheNetworkMarketingInsider.com which can provide you with enough information to start your research. Remember to narrow your research down to only those Network Marketing companies that serve your chosen industry.
5. Research the Best Company for You!
Use your short list of Network Marketing companies from Step #4 – research and dig deeper into what each company offers. Visit each company’s website and research their products, services, training, and tools. Research the company leaders and their backgrounds and what qualifications and experience they have for running an MLM company. Research the compensation plan and how you will make money with the company. Research the people that are part of this company. Reach out to several of their representative (these are people that have already enrolled in the company’s business opportunity) and ask them to share with you why you should join their company. This is also a great time to introduce yourself to those people that will eventually become your upline.
6. Select your company.
Now, it’s time to choose your company. The moment of truth is at hand, if you have done all of your due diligence then this step should be the easiest, as by now, you should be feeling pretty strongly towards one company, their products/services, and your future upline family.
It’s not easy starting a new business and just because you have decided to go into Network marketing does not mean that it makes it any easier. Look at the statistics, nearly 97% of the individuals that start out in Network Marketing will fail. However, if you follow the steps outlined here, do your due diligence in the beginning and approach Network Marketing just like you would approach any other business endeavor your chances of success will significantly increase.