When a friend or a cousin you haven’t heard from for so long suddenly calls you at the office and invites you to a “business opportunity” meeting, do you:
a) bump off your scheduled meeting in her favor?
b) think of an excuse not to go?
c) tell her to bug off?
Our personal finance feature today from MoneySense says there are around two million Filipinos currently in the network marketing business, based on figures from the Direct Selling Association of the Philippines.
There are several variants in this business – network marketing, direct selling, and multi-level marketing. Due to unscrupulous practices of many companies in this business, there is a lot of confusion on whether network marketing is a scam or not.
I have personally seen several friends and acquaintances make good, legitimate money from this kind of business. But whatever you do, when talks of checks and commissions come in, don’t be led into thinking that network marketing can make everybody rich — quickly.
The truth is that network marketing is a good model for removing the middle man and distributing what he earns among consumers. But it is NOT for everybody. And the sad truth is that if you are not careful, you can fall for a lot of cons in this business. So, choose carefully.
The article gives some tips for those who are considering of getting into network marketing. Here’s an excerpt:
1. Figure out if you fit the profile
There are probably millions more who have tried their hand at the MLM business at one time or another. Not many succeed, usually dropping after a few months. It may be easy to join but it’s certainly difficult to stay for long. You need to have a certain mindset to succeed in network marketing. “2. Choose the right company
Investigate the company. It should have a long and proven track record in the industry it operates. Companies like Avon, Triumph, Tupperware, and NuSkin have been in the industry for years and have been providing people with good products as well as good income for its distributors.3. See if you like the products
The most successful network marketers are those who truly believe in the products they are selling. It certainly makes it easy to persuade other people if you love to use the products yourself.4. Make sure you earn not mainly from recruiting
One, the company should have a product. Scams like FrancSwiss offer huge interest for your investment and yet they don’t have a product. Two, the product should be unique and is exclusively made by the company. If not, then most likely, the business is being run from joining fees.
October 24th, 2008 at 3:27 am
Absolutely. There is nothing easy or quick about it. Network Marketing is just like any other business and takes work from you in order to succeed.
October 7th, 2008 at 4:35 pm
I had an interview session posted in my blog with the top networker in an MLM company. He shares his views with his success and other experiences.
September 4th, 2008 at 3:36 am
Firstly, make sure you hook up with a company that has solid track record. Secondly, make sure that the services (preferred over products) are needed not just wanted by people and their prices are cheaper than what’s out there. Finally, don’t just desire the earnings of those successful networkers but put in the same amount of work they did. Good luck!
July 10th, 2008 at 9:13 am
actually, there’s already “network marketing” course in Harvard University.. Guys, many of the top leading school in the world already have that kind of course..
People are really judgmental when it comes to network markting where in fact network marketing is a good business if you r just have a patience..
to maffrey, i just want to correct u..network marketing is for everybody…basing on ur write up u said that u should first know the company and u didn’t..right? and u also bought 3 heads because of what your friend says…and u quit because u lost a lot of money..here’s a tip..
to all, before u join the company u must:
1.) know the company.
2.) know the products. and make it sure its useful or saleable/indemand to the society..to make it sure u can survey from the consumers!
there are already a lot of network marketing arises in our country, u just choose what company u want to join..and be sure u really want to join and have patience..
July 9th, 2008 at 11:15 pm
networking using the pyramid model is just a fad. like fashion it has a life cycle. the rewards are very attractive for all if only there is an endless number of downlines. but for metro manila with only 8M people, just less than 10% who are at the top will benefit.as there are no more downlines to continue the networking, the pyramid collapses.