A networking business is also known as a multi-level marketing business.
Basically, it involves you recruiting other business-minded people into your organization. The new recruits will then purchase products from the networking company and start building their own downlines, or networks.
You could earn monthly commissions from people who are in your downline when they start buying products from you. This is a legitimate business opportunity, and companies can legally sell legitimate products through network marketing.
Apart from having solid business networking skills, below are the steps you can take to start your own networking business.
Choose Products to Sell
The very first step is to make a decision about the products you would like to sell as a network marketer. There are plenty of options here. You could choose home cleaning supplies, cell phones, health supplements, and so on. Remember to choose a product line that you are familiar with and that you will enjoy working with others to market this product line.
Gather Networking Tips
The next step is to look for opportunities. You can find opportunities in home business magazines such as the Small Business Opportunities section of Entrepreneur. You will find network marketing companies you can contact. You can call some of the listed distributors, as they are people who were once newbies, just like you. You should ask to speak to their up line sponsors, who have more experience and knowledge about the company. Ask them to elaborate on the business model and the payment plan to you. They can even give you networking tips in the process. You can get a few company officers in on this via a conference call.
“You could earn monthly commissions from people who are in your downline when they start buying products from you. This is a legitimate business opportunity, and companies can legally sell legitimate products through network marketing”
Choose Your Network Marketing Opportunity
You can now choose the network marketing opportunity that appeals to you the most. Join a company that offers you good commissions and deals in the products you are interested in selling. Go for commissions in the 20 to 30 percent level, so that you’ll see profits faster. Your products should automatically be shipped to you every month.
Set Up a Business Phone
Have a separate business phone line for your business. You can even record a warm greeting that asks people to leave their name and contact details when they can’t get you on the phone.
Start a Website
Start a website for your network marketing business. You can do this through your network marketing company. Most of them will give you a good website that is similar to the main company website.
Create Postcards
Create your own postcards or order them from your network marketing company. The company should include your website on the postcard.
Prepare a Mailing List
You should now prepare a mailing list. To do that, you will need to search for a mailing list supplier online. Choose one that sells the names and addresses of Business Opportunity Buyers or MLM enthusiasts. These are people who would like to start a home business, and are open about trying an MLM opportunity. It will definitely improve your conversion rates. For an initial test mail, order between 500 and 1000 mailing list names.
Mail Postcards
Put the mailing labels on your postcards and mail them to people on your list. When people respond to your card, call them back. You can even include your sponsor in a conference call to help you recruit people into the business. You should send the mail out every week, to step up the number of mails you send, as your profits increase.
Green Business
Meanwhile, learn everything you can about networking. Read networking books, and attend networking events to improve your knowledge. Remember, never stop learning
Tip
You can also send out email blasts to email lists in much the same way as you do with mailing lists. In fact, emails are inexpensive and might give you better results.
Warning
Participating in an MLM can be profitable if members have a lot of people in their network, and if they’re willing to put in a lot of effort over time. However, nothing is guaranteed.
Source: smallbusiness.chron.com
