Let’s try to list all of the essential resources you need to start your own company. You need capital, an office, equipment, qualified employees, a bulletproof plan, management, marketing, sales, and revenue streams to ensure the cash keeps flowing. Traditionally, you can’t s start a business if you’re lacking any of these resources.
In 2019, however, the face of businesses has greatly changed. There are online platforms where you don’t need any office, or you can adopt a Multi-Level Marketing business model and you won’t even need to hire any employees. But how does that work?
What is Network Marketing?
Network Marketing is a business model that depends mainly of creating a network of distributors to sell your product. It’s also called Multi-Level Marketing, because usually it depends on multiple tiers in its hierarchical structure. To get into business, you get “recruited” in exchange for an initial upfront investment. You then become a representative of the company, where you sell their products to more people. The higher your sales, the higher your percentage of the commission. You can even recruit new individuals to work for you, and you get a percentage of every deal they make. It’s like you have your own company, growing inside another bigger company.
10 Ways Network Marketing Can Benefit Your Business
On your journey to rock your network marketing career, you’ll find others who’ve walked this path before you and wanted to share their own stories of how they made it. In this blog post, https://www.bradkrussell.com.au/network-marketing-books-for-entrepreneurs/, Brad Russell compiled a list of all the books that inspired him on his journey to becoming Australia’s number 1 enroller in network marketing. Now Brad is telling his own story, and you can too one day!
Network marketing is one of the more flexible styles of work that not only gives you total freedom in time, but also benefits your business in many ways. Some of these benefits are:
1- Obviously, Build and Expand Your Network
Online marketing and branding is great, but there’s nothing that can expand your brand authentically like having eyes, ears, and hands finding their way into the grooves and caves of the market. Through the group of recruits you have, you can make sure to exponentially expand your network in multiple channels. The more people hear about your brand on ground, the bigger the community that supports you, and the greater your impact. This expanding network even goes beyond individuals interested in your product to potential partners in different sectors and industries willing to exchange benefits with you.
2- Get a Full and Realistic Understanding of the Market
When you have eyes, ears, and hands on-ground, you’re able to get more solid data about the market. You build a better understanding of your customers’ needs, the market trends, the users’ feedback, and you’re able to directly pinpoint the areas you need to improve and develop. You also find out for a fact your strong points and the impressions your customers have about your brand. This human-to-human contact overpasses the barriers created by the automated processes and online communication, which leaves your customers more open to embrace your products and give you honest feedback.
3- You Don’t Need to Hire Anyone
Remember all of the human resources you’d need to start a company? One of the best things about network marketing is that you don’t actually need to hire any employees. This model works around the idea that every person earns as good as their performance. We’re talking around 70% cut in your fixed costs, which would’ve otherwise gone into employment salaries!
4- You Get To Choose Who You Work With
A lot of surveys has shown how one of the top reasons employers leave their jobs is their unsuitable work environment. In this scenario, you don’t have to worry about working for a manager who hates you, getting stuck with team-members who can’t do their jobs, or working with teammates who don’t get you. There are so many businesses developing that adopt this business model, in every field of work imaginable. You get to choose who you work for and who works for you.
5- You Can Be Your Own Boss
With all of the flexibility that this kind of work offers, you’re in complete control of your own time. If you’re a night owl who’s been complaining about how you’re just not a morning person, you can pick the time you want to work, your off time, and even the place you want to work. No more 9-5 working hours, you’re your own boss here.
6- You Grow as a Team
As this model depends on your ability to reach the highest sales you can, and the same goes for your employees, it’s in everyone’s best interest to keep getting better. Your recruits will have no doubt that you’ll do everything you can to help them succeed. This instills a sense of trust and loyalty, and makes everyone strive to do better.
7- Personal Skills Are In To Stay
This might all sound great and all, but it’s not an easy job. Which is the best part of the job, because in order for you to succeed, you need to be really good. And all of these personal and professional skills you gain are in to stay for the long while.
8- Huge Income Potential
With the right skill set, how much you can make has no cap in network marketing business models. You’re not tied with a market standard for your position at corporates, neither are you bound to the years of experience you’ve had. What makes it or breaks it is your own skill set, your dedication, hard work, and willingness to go out and beyond to achieve your targets and break them.
9- Good Residual Income
They way this business model operates gives you the luxury of making money every time any of your recruits makes a deal, even if you’re in the comfort of your home or enjoying your days on the beach! This residual income can compile passively with a drop of sweat from you. You can use it to pay off debts, to reinvest in your business, or even for your own personal entertainment.
10- Tax Perks
No more paying your taxes as soon as you get your salary and only then counting the remaining cash and wondering if it’ll last you the month. Another one of the biggest benefits of network marketing is the great tax perks it gives you, as opposed to the traditional employment life. As you’ll be starting your own business, you’ll be able to spend first and then pay your taxes later.
Taking Your Business to the Next Level
Starting your own business and maintaining its success is no easy job, but it needs a smart mind to make the best out of the available resources. One of the most promising business models is the Network Marketing which offers you, your recruits, and your business overall, a huge income potential. Network marketing also comes with many other benefits to your business, while making sure your brand expands as much as your recruits enthusiasm can take them.
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April 30th, 2019 by financetwitter
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Comments
This is a pyramid scheme. This is not new at all but has been around since the 60s. It is a very toxic “business tactic” if you can call it that.
You need a smart mind indeed, however, the small business is, if you know the market of your product then you’ll definitely succeed. Network marketing works for me so far so I think I’m in the right track.
This is a very well researched article on network marketing, a business model that most people don’t understand. Many will link this business model to a pyramid scheme. Little do they realize that this is the business of the 21st century as explained in the famous book by Robert kiyosaki. Kudos to the writer for a job well done. May we all realize that it’s a changing world. We no longer have job security. Unemployment will continue to be a big headache to all states across the world due to high population on this planet. Network market offers a better way. It’s not a get rich scheme as most people think. It’s the only way to make it in this era that the late Peter Drucker refered to as the era of the 3 C’s..accelerating CHANGE, Tremendous COMPETITION, and overwhelming COMPLEXITIES.