Hi, Glenn Burks here. I have often been asked the question, what should I look for in a network marketing company. I am going to give you 6 items here that should help answer that question for you, or at least put you on the right path.
Hopefully you have already read on my website or watched the video on How does network marketing work. If not I highly recommend you watch the video or read the web page first.
That way you’ll have a better understanding of just how my mind works. It will also help give you the prerequisites you’ll need to understand just how to evaluate for yourself any network marketing company?
When you’re serious about wanting to start something, even a network marketing business. It seems the more you look, the more research you do, the more confusing it becomes.
With so many network marketing companies out there to choose from, you kind of have this fear not knowing, if you are going to choose the right one! Unfortunately, there is no simple answer, it’s just not as simple as it seems or its made out to be.
But, the choice you need to make has to be the right one for you! You will be investing a large amount of time, effort, and money if you want to become successful! So you definitely want to get it right, and you can, by approaching it with knowledge, and a little bit of soul searching.
Here is a summation of what I covered in a previous network marketing video.
With so many products and services out there today, coming from all the various network marketing companies how do you really know which one to pick?
Some of you may remember the movie with Jack Palance and Billy Crystal, it was called “City Slickers” A very funny comedy.
In the movie there is a part where Curly says to Mitch “Do you know what the secret of life is? Mitch who was played by Billy Crystal was looking up at Curly. Curly held up one finger and said “This!” To which Mitch replies “your finger?” Curly replied “One thing, Just one Thing. You stick to that and the rest don’t mean shit!” Mitch replied, But what is that “one thing?” Curly just smiled and said “That’s what you have to find out!”
As I said before that is probably one of the most thought provoking statements that I have carried into my life today and you should as well! “That’s what you have to find out!” What lesson can we really take from that?
Do What you Love and It Will Never Seem Like Work!
We have all heard the saying, “do what you love and it will never seem like work!” Starting and running a network marketing business I’m sad to inform you is work! So wouldn’t it make sense to find something that you are passionate about? Something you really like, maybe something you care about?
Once you have figured out what that is, then you can look for that network marketing company that provides that? That’s what I’ve done. Yet, without knowing what we are passionate about, makes really it tough for us to discover what we need to look for in a network marketing company.
Today we can choose from so many different products or services it becomes quite confusing the more we look. Thus if we take the time to find out that “One Thing” with out getting distracted by how much we can make, based on some companies compensation plan.
We should be able to improve our odds of finding that perfect network marketing company. Today there are so many choices you are bound to find that one thing your passionate about. For example you could be looking at companies that provide,
- Communication Services
- Internet Access
- Nutritional Products
- Hearing Conservation Products
- Weight Loss Programs
- Water Filtration Systems
- Financial Programs
- Electrical Power
- Solar Power
- Website Hosting
- Home Safety Products
- Travel programs
- Health Care Savings Programs
- Legal Services
- Gourmet Coffee
- Network Marketing Training
- Pet Care Products
And Many Others. The list is large and makes it tougher to answer the question of what to look for in a network marketing company. Here is a list of 6 items that I personally look at in companies today. And, It doesn’t matter if I’m joining them or investing in them, my criteria for evaluating them is the same.
- Are they Distributor-Driven
- Do they Have Products & Services people want.
- A Duplicatable Business Plan
- A Great Management Team
- A Simple Compensation Plan.
The first and most important to me and maybe you as well is Integrity!
Does the management team have it? Do they stand behind their products, their services, their distributors? Do they make outrageous claims or any exaggerations that might make you uncomfortable or put you in a legal bind.
Do the company leaders keep their political opinions to themselves, its becoming a real business killer today? These are just a few of the items you will have to research and discover.
Fortunately today it’s really easy, social media and the internet have lay everything out there in the open. When it comes to integrity anyone involved in the company or with the company can destroy it.
And once a company or individuals associated with that company destroy that integrity, it generally does not last very long!
The second on the list Are they Distributor-Driven
Does the management of the company base most of its decisions with the representatives and company in mind? Sometimes you will find the directors of the company are distributors as well.
Whether that is a benefit or not remains to be seen. Sometimes, companies have to make decisions that are not popular, this happens in everyday life as well, and is necessary in order for a company to survive.
Do they provide the necessary tools and materials, product samples etc to help you promote and grow your business? Don’t be alarmed if you have to purchase these product samples or marketing materials, it is a part of doing business.
If you, check with your taxman, you’ll probably find most of this is a deductible business expense.
Third Good Products and Services!
Most people in network marketing love their companies products and services, at least we should. Think back to Curly “That One Thing!” It is so much easier to promote a product or service that you actually use, need and enjoy, your passion just comes across naturally!
When looking at a company with products or services do they have a great return policy, it might mean that their product are pretty good and they have had very few returns.
Fourth A Duplicatable Business System?
This was something that was mentioned often at the beginning of my network marketing career “it has a duplicative business system!” A duplicatable business system is something you often find with franchises!
They have a proven cookie cutter approach to setting up a brick and mortar business. While most network marketing companies do suggest some form of a duplicatable system. One they always suggest is creating a list of your warm market.
If you know how to prospect you can work that warm market I have suggested before, but not until you know how. In fact you probably did that today or within the past week recommended something to someone and didn’t even realize it!
When you learn to instinctively recognize those opportunities with you warm market and can teach that to your downline how to do this, that is duplication!
The fifth item is “Management!”
Good management in any company is a must, next to shipping and receiving they are the backbone of any company. So you need to know what is their experience level? With today’s plethora of online videos and the ease of putting them out there, the management of any network marketing company should be easily found.
Take the time to watch them, no matter how boring you think it is! Do you feel comfortable with them at the helm of the company that you want to partner with? I used to really believe, that you should avoid any and all startup companies.
I was involved in a few that tanked, great ideas, but poor execution. If the company has a great product, or a service, there might be a chance that it will succeed. Yet, be warned these companies do contribute to the high failure rate in network marketing.
The Sixth item is The Compensation Plan.
Looking at the various compensation plans from network marketing companies is one of the most confusing things you can do. I’ve always liked the old adage of KISS, the “keep it stupidly simple!”
When you look at some of these pay plans you need to be an engineer or a doctor with a PhD to decipher them. Fortunately for us most are some form of binary pay plan with a catchy name.
Your prospective sponsor should be able to go over the compensation plan and explain it to you or get someone that can. As I stated earlier if you focus on looking for customers and business partners that want and need the product or service you company provides you will do well in network marketing.
That’s why I believe if you only learn one thing, that is how to properly identify your target market, the pay plan will sort itself out. I will be going over in detail in future videos more about compensation plans.
We’ve gone over and covered briefly 6 items. While in itself it is not a complete list, you should now have a few more things in your personal tool bag to help you in your search. Hopefully now you have a little better idea of what to look for in a network marketing company. Have a great day!