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3 Key Ingredients of a Successful MLM Company
Are you about to start a career in MLM?
With the numerous companies out there how are you going to decide which one is the best to join? Donít rely in somebody telling you how great his or her company is. Learn the facts for yourself and avoid a lot of heartache, letdown, and stress by joining the right company for the start.
Did you know that 90% of all start-ups fail within their first year in business? That is not just true of MLM companies, but all companies in all industries. Why does this happen? The answer is simple. They lack capital. Their management doesnít have the necessary expertise. Their idea and/or products arenít proprietary. Here are the keys to success that a company absolutely must have before you even think about joining.
Key to Success # 1: Financial Backing
Most companies are going to operate in the red for the first year or so. This means that the company must be able to continue operating despite having slow quarters or even a slow first year. This is only possible if they have strong financial support from investors that believe in the company and its products. This is the main cause for start-up companies falling apart. They get so excited about launching a new idea that they donít get the appropriate capital that is required to operate for that first year or so.
Key to Success # 2: Expertise / Management
A company is only as successful as its management. You want the leaders of your company to have experience in the category that your products fall into as well as MLM. If you have a team of experts from the health industry, for example, that have never worked in a Multi-level Marketing business before, then they are jumping feet first into something they know nothing about and that puts you at serious risk. Donít join a company if the leaders and management donít have expertise in each area of business that they will be operating in.
Key to Success # 3: Proprietary
If you want to be number one in any marketplace and stay there, you have to be one of three things. You have to be first, best, or different. To be first, you have to be the first to market a new product or market a new delivery system of an existing product. A new product is self-explanatory, but let me explain what I mean by a new delivery system. A few years ago, a company introduced these little strips that you place on your tongue and they act the same as if you were to use mouthwash that you keep at your home. This was a new delivery system for mouthwash. It was more convenient, portable, and it created a market for itself. This is the type of thing you need your company to have if you want it to be number one in the long run. To be best isnít completely under you or your companyís control. That is because being ďthe bestĒ is very subjective. People hardly ever agree that one company, in any marketplace, is the best. One way to help become the best is by being first to market or to market a very unique product that nobody else will market. This is what I mean by being different. If you can find a niche that can be your very own, then you will dominate that market by being different. Obviously, companies will try and copy you if you are being successful, but that is ok. In the Network Marketing industry, there has never been a copy company that has surpassed the original in annual sales.
Now that you are aware of these three simple aspects of successful businesses, you want to start looking for a company that has all three. Obviously, there have been companies that have been successful and sustained constant growth for some period of time that didnít have all three aspects. But they all fail in the long run. You should be looking for the start-up companies that have a very good chance at becoming one of the old, big companies. They say that those that get involved within the first 2-3 years of a company make the largest sums of money in MLM. This is why we are always looking for the next up and coming giant. Start by addressing these three keys to success and go from there. Good luck with your search!
MLM is an emerging industry and will continue to grow in the years to come. Unfortunately, there are misconceptions about the industry. Learn more about this emerging giant, as well as how to be successful for any MLM company at http://www.MasterMLMNow.com
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