People often ask why we are so enthusiastic about network marketing. When it comes to network marketing, there are some big benefits, especially in terms of the flexibility it gives you, and the potential for earning big if you really go after it.
One significant upside with network marketing as a source of residual income is the low barrier to entry. For well under $1,000 you can get a “starter kit” of products from the company – whether that’s cleaning products from a stalwart like Amway, or essential oils and related products from a relative newcomer like Young Living.
With that small investment, you are well on your way. Does it take work and dedication to make money in network marketing? Absolutely. Building multiple streams of income, with network marketing as one of those streams, does not mean you are sitting around doing nothing. You are connecting with people who might have an interest in the product or service you are promoting and recruiting new people into your network of sales reps.
For such a low barrier to entry, there is incredible earning potential. Network marketing has created more millionaires than any other industry. True fact.
Another benefit to consider – since the company provides a lot of the backend support in terms of order fulfillment and those sorts of logistics, network marketing is among the simplest business models. But make no mistake, network marketing is no easy path to riches. There’s no such thing.
Network marketing is a difficult and emotional business. You can’t just pester your family and friends, or those relationships will strain quickly. You’ve got to have the emotional intelligence and sensitivity to connect with the people who are open to working with you. For those who are young and hungry, network marketing can provide opportunities that don’t require a lot of cash on hand for start-up costs. With some tenacity, you can build a solid business for yourself out of sweat equity.
You can decide how much time you want to devote to network marketing. With the right mindset and work ethic, it can provide income that outpaces full-time work in other fields. It is a great way to get your feet wet in business without the risking the time, pressure and capital of starting your own venture from scratch.
Even if your needs and expectations don’t point to making millions in network marketing, you can still earn some good side income. Most Americans would be ecstatic with an extra $500 a month.
One aspect of the business that does not get talked about much is the camaraderie you can develop with others in your company or other network marketers outside of your company. You get to work with like-minded people who are passionate about the product and have similar interests. When you are moving with people who are moving in the same direction, that creates a lot of positive energy. You stay motivated.
In this business, you will have someone who recruited you. That person and the people above them are your “upline” using the lingo of network marketing. These people can be a tremendous resource for mentorship. And as you move further along in the business, you can become a mentor to your “downline,” the people you recruit.
A Note of Caution: Manage Your Reputation
While we are big proponents of this source of income, there are some challenges we are well aware of, and you should be too.
While the cost of entry for network marketing is low, the reputation cost can be high. You have probably met this person – the one who steers every conversation toward their product line. Or have you been invited out for coffee “just to catch up” only to be pitched on a network marketing platform? It’s not a fun situation to be in.
Your personal network can be a great source of connections for your business but always put the relationship first. Two rules to live by in this or any other business:
- Be present with people
Understanding some of the challenges with this stream of residual income will get you off on the right foot.
We’re passionate about network marketing because when entered into with the right mindset, it can be a catalyst to growing your Uncommon Life!