More and more people are beginning to realize how important it is to have a residual stream of income. We can no longer rely on our hourly wages and retirement benefits to take us to the life of our dreams. The days of working to 65 and retiring to the beach are not an option. I am not sure they ever were. People living on Social Security these days can barely make ends meet. We have been taught to believe that if we go to college, get a good job and work hard we will be able to live great lives and retire with money in the bank. This cultural program is not true! I call it a cultural program because it is a program that is sold to us early and runs our life until we do something to change it.
The more lucrative option is Network Marketing, which is often misunderstood. There are home party programs, Direct Sales and Network Marketing and Multi-level marketing which can sound confusing. The first two have some benefits, such as extra money each month from sales, some tax benefits but the true builder of residual income is Network Marketing/ MLM where you are building a team and working together to sell a product or service. Network Marketing can include parties and direct selling but it also includes creating a network that pays you month after month, year after year if you build it right.
If you have heard of “Beach Money” or “MailBox Money” that is residual income. With Network Marketing you are creating a legacy that you can leave your family. Network Marketing is a legitimate business model just like a job is and just like Corporate America is only you are the one that benefits and you are building your dream not someone elses.
I think there is a Network Marketing opportunity that would work for everyone no matter what their experience is with sales. Find a product that you can be passionate about, create your testimonial by using the product and tell everyone about it. There are so many companies with great products out there all you have to do is research what you are interested in and you will find something.
Here are a few important things to remember when looking for the right company for you. First of all find a Network Marketing company, also know as Multi-level Marketing companies. Party plans can be fun and they might have great products but you will not be creating a stream of residual income that way. You make money on the difference between wholesale and retail on what you sale. If you want to create residual income you have to join an MLM or Network Marketing opportunity.
In order to create a highly successful business you want to look for a major sizzle product that has exclusivity in the market place. Something you can buy anywhere else and something that everyone will want. You want to be on the ground flow in front of momentum. This means you are coming in at the right time to make money because you are in the major growth phase of a company.
The pay plan is also very important. I strongly recommend Uni level because of how it is structured to build residual income. I believe Binary programs are more difficult to build and don’t pay out as well, depending on how they are structured. You want a pay plan that starts paying right away. A Uni level pays you on your front line and on everyone in the levels below.
Another key component is training. The success of your network marketing business depends greatly on your ability to keep your downline members active and to train them to recruit and keep their downline active as well. Duplication is the key to success with network marketing. The company should have a duplicatable system for building a strong business that is easy to teach others. The company should have great marketing tools, training, website and excellent customer support. Some opportunities even have a members only forum which is a huge plus because you can get ideas from other people in the business.
Look for a company that is debt free, because that is a company that is stable and has the money to put into product development, training and compensation. There have been many Network Marketing companies with great products that have come and gone because they were not debt free. A company that is debt free can also afford to give more money back to the field.
And finally you want to find a company that has HIGH integrity. If you are investing in yourself and your own reputation you want to know you are aligned with a company with integrity. When I joined the company I am with, I went to corporate headquarters soon after joining to see who was at the top and find out if they shared my values and vision. I didn’t want to invest time and money with a company that wasn’t and I wanted to know that what I was building would last into the future.
I am often surprised when I am in meetings or at expos and people are raving about their company and I learn that it doesn’t create residual income. At the end of the day they have to start all over again and find someone to sell their product to. We are both putting in time and effort to our business but I am getting paid residual income and they are not. Sure they have cool products but isn’t the point to build income that keeps coming in after you stop working and get off the treadmill of working all the time, and trading time for money. It is for me!
I encourage everyone who wants financial freedom and control over their own time and how the use it to educate yourself about Network Marketing and start building your own economy. Make a new Years Resolution to invest in yourself and your future and at least start exploring options. Look at companies that have products you like and check out their compensation plans for distributors. You might just stumble on something that excites you!