“The Top 10 Questions To Ask Yourself Before Choosing Your Primary Business Opportunity”
Having looked back at all of my extensive notes from the many seminars and workshops that I have attended over the years, combined with my own personal experience, I was able to find a list of the top 10 questions that you should ask yourself before choosing your primary business opportunity. While doing my research, I ran across a site that had these questions already formatted, but needed some of my input. Therefore, according to John Venezia, contributing writer to About.com, here is a list of the top 10 questions that I would recommend that you ask yourself before joining your primary company. Although I agree with most of what he says, I have added my two cents in red.
There are a few network marketing opportunities that are just scams. There are far more that may be well-intentioned, but have a poor track record, for any number of reasons. So how do you separate the wheat from the chaff? Here are ten tips to help you pick the right network marketing opportunity for you.
1. Has the company been around for at least 5 years?
If you want the efforts you put in today to pay off for many years in the future, choose a company that has proven that it will be around for the long term. 90% of all network marketing companies FAIL within their first 2 years. You don’t want to invest your precious time and resources (not to mention your future) into something that may not be in business next month, do you? Also, the 5 year mark is usually when a company that has proven itself starts to move into the critical mass or momentum phase (this is where millionaires are created).
2. Is the company well capitalized?
In other words, does it have the cash that it will need to grow, to maintain a solid infrastructure, to attract talented management, to keep pace with technology — and, of course, to pay your commissions! (I prefer publicly traded companies because they’re required to disclose their financial condition in DETAIL every 90 days to the SEC and other governmental agencies. You may not be able to obtain this information on a private company, so you’ll be taking a risk on its financial condition.) I don’t necessarily agree with John regarding the parenthetical statement above. I have worked with both public and privately owned companies, and have had success in both. I believe that this is just another reason to make sure that they have been around for at least 5 years. As a rule, if they make it to the 5 year mark, they are USUALLY financially solid.
3. Does the company offer products or services that are unique?
That is, they’re not readily available elsewhere (especially at a discount) and they’re not just another “me too” product that has loads of competition. Nuff said.
4. Is there a genuine need for the product or service?
You’ve probably heard horror stories about people ending up with a garage full of expensive water filters or vitamins – the reason that happens is because only other distributors will purchase the product at that price! Your product or service must fill a REAL need at a fair price – and there should be a large untapped market for it. In other words, it MUST provide tremendous value, so the customer is the biggest winner. Agreed.
5. Is the product or service trendy or a fad?
You can’t build long term residual income (i.e., your retirement!) if the product or service only has short term appeal (e.g., beany babies, etc.). Think long term instead. Is the product or service something that your customers will continue to use for a long time? Rather than referencing Beany Babies, I would reference a service like “Long distance” as a good example of something that had short-term appeal. I would suggest that if you get involved with a company that offers technology products/services that you make sure they have a very long-term approach for the direction of their company. Anyone who was familiar with Excel Telecommunications knows what I am talking about.
6. Can you generate immediate income?
So that you can finance your marketing and expansion efforts from cash flow. There are many companies out there that have such small percentages on the retail sale of their service / product, that you would have to have tens of thousands of customers to be able to generate a full time income on retail sales alone. Due to that fact, and that a true mlm professional should be looking at other (non-mlm) affiliate streams of income to “Finance their marketing and expansion efforts from cash flow”, generating immediate income from their primary “Long-term” company should not be of grave concern.
7. Does the marketing system take full advantage of technology?
Not everyone is a sales type, but ANYBODY can plug into a system and tools that do the selling and sorting for you! Right on!
8. Is the person who is introducing you to the opportunity committed to YOUR success?
If they are, the company is strong, and the product or service is a winner, (and, of course, you’re willing to learn) you WILL succeed. There’s a big difference between a “sponsor” and a “recruiter.” A sponsor coaches, motivates, and trains and a recruiter just signs people up and in most cases, abandons them. I agree with this for the most part. However, if you truly understand the model of mlm, the secret is in the system. There should be a fully duplicable system that ties the new person in so that they don’t have to “Depend” on anyone else for their success.
9. Is there a way to build your business part-time without losing your full time income?
The company must have automated systems that can do the heavy lifting (i.e., selling and sorting) for you so that you can use your limited time efficiently. Not every good company will have this type of system. They will have great product/home party training, but not necessarily real world selling and sorting training available. This is why you must look outside your company sometimes to get the desired results for your business. Plug in to other mlm professionals and leaders and find out what they are doing to be successful. Who knows? You just might learn a thing or two.
10. Will you have FUN?
Although this may not be an element of your current JOB, we think it’s important! You should have a lot of fun with your business partners while you work together to build a long term business and your financial army.
So there you have it — ten criteria for selecting a superior network marketing opportunity. Of course, even with a great company, there’s no such thing as a free lunch. You WILL have to work! But, with the right opportunity (unlike your job), it won’t have to be forever! I couldn’t have said it better myself!
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