I was interviewed this week for a radio show on BlogTalk Radio with Tia Goodwin about launching a network marketing business while working and thought it would be a good subject for a blog. Here is the link to the Interview.
Most people join network marketing while they have a job because they need to keep money coming in while they build their business. Most of those same people quit because of what it takes to juggle a job and a home based business. In reality it is imperative to learn how to juggle both if you are ever going to get to the place where you can quit your job and have financial freedom.
I am not going to tell you it is easy, but I am going to tell you it is possible with commitment, dedication, time management and balance. I know this because I did it.
The first question to ask yourself is how badly do you want to get of the gerbil wheel?
Personally, I wanted off! I didn’t want to work for the rest of my life, which is what would have happened to me if I would have stayed in the work force. I was a single parent for many years and all of our money went to support us. There wasn’t anything left for retirement in savings, investments or a 401k. Those were luxuries that I couldn’t afford. So 7 years ago I started considering ways to create residual income.
The most important thing when deciding to start a new business is to do your due diligence. Find a company with products you can be passionate about, that will be around years to come so that your hard work and effort continues to support you way into the future. You don’t want to work on building a business that will disappear.
Here are the things I considered and encourage others to consider when looking for a home based business in network marketing:
- I wanted a company with an exclusive product. One that had no competition in the market place. I found that with It Works Global and our Ultimate Body Applicator. A company with no competition is easier to build because people can compare your product to another product, such as a juice or vitamin.
- You want consumable products that people want. Of of the products from It Works are consumable. This means that people will continue to purchase month after month.
- I wanted a company that was more than 5 years old with a solid foundation. It works is 10 years old. Many network marketing companies come and go with in the first few years. Find one that is stable.
- I wanted a company that was debt free. It Works went debt free in 2007. With a debt free company more money goes to the distributors and the company is less likely to fail.
- I wanted a company that was in alignment with what I believe. It Works has integrity, vision, a culture of support and a sense of community that starts at the top. I need this because I don’t want to put effort into a company that is not.
- I wanted the owners of the company to have experience in the field so they understand the needs of the distributors. Both of the owners were successful in network marketing in the past.
- You want to find a company that has a compensation plan with a good residual income payout. I prefer uni-level over a binary plan. The compensation plan It Works has created is a hybrid which is a combination of uni-level and binary which means more money can be made.
- You want a system for building a business that is easy to duplicate. If you have a system that is easy to duplicate it is easy to teach your new distributors, easy for them to do, and easy for them to pass on. We have a simple Steps to Success plan to build our business’ with.
Once you find a company and product that you want to represent decide how much time you want to work the business each week and stick to that. As your business grows you will find that you are putting in more time. I encourage you to plan a day where you do things just for you and/or your family so that you can have a sense of balance.
If you listen to the interview on the link above you can hear more about how I built my business while working.