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RESIDUAL INCOME: What network marketing offers is a way to create residual income, while working part-time. Network marketing is not a "get rich quick" scheme. Those who succeed work hard, but they are creating something magical: residual income.
You go to work, and you get paid. If you donít go to work, you donít get paid. This is linear income. Residual income doesnít depend on you working. Think of an author, who writes a book and gets a royalty check year after year. Residual income, like royalty checks, keeps coming and allows people to retire, have freedom to travel, and do other wildly pleasant things.
MY 12 SUGGESTIONS FOR NEOPHYTES FROM ANOTHER NEOPHYTE:
1. Donít rush into network marketing. Look around and find a good company that suits you and your needs. Donít get pressured into anything. Ask lots of questions of network marketer you are talking to. Avoid high pressure people.
2. As soon as you finish reading this, run out and buy Wave 4: Network Marketing in 21st Century by Richard Poe. I donít know Richard Poe, but I do know that this book explains everything.
3. Find a company and product that you are EXCITED about. Itís hard to sell something you donít believe in. Ideally, you want a product that people buy over and over again, month after month, year after year, and a company with values that are congruent with your values.
4. Look for a company that has been around and proven itself. Someone who has been in network marketing and has experience might take a chance on a new company, but a novice should be more careful.
5. Iíd suggested publicly traded companies. Their financial statements are public, and you can request their financial portfolio. Go to www.morningstar.com, or www.nasdaq.com, or www.valueline.com, or your favorite place and do some research. You just need companyís ticket number, and youíre off and running. If you donít feel confident doing this yourself, find a friend who knows something about stocks and financial statements, and ask her for help.
6. Check out compensation plan. Is commission fair? How often do it pay? Does excess sales money roll over? Does your team have to meet a quota? This could be a big drawback. If there are hefty quotas, you might find yourself buying products you donít want. Poeís book is priceless here; he explains different commission plans.
7. Do you have to buy, store, deliver products? Most network marketing companies donít do this any more. Most companies provide online or phone ordering, and company distributes its products. You place an order, and they do work.
8. Training is very important. What kind of training program do they have? In network marketing, team members help each other build their businesses. In network marketing, if people on your team are successful, you are successful.
9. How do you work your business? Face to face with people you meet? On internet? Or a little of both? This is important. Are there hidden costs in marketing? Ask for details.
10. See if you can find any dirt on company. Check with Better Business Bureau. Are there complaints against company? What kind of complaints? You can do this online. Know what you are getting into.
11. IMPORTANT: Make sure that you are willing to commit time and energy to building your business, 10 to 20 hours per week. If you have a family, make sure they are cool with this.
12. Donít quit your day job! At least not until you are making more money in network marketing than you are in your nine to five.
Cora L. Foerstner teaches English and composition at California State Polytechnic University, Pomona. She is also a Master Practitioner of Neuo-Linguistic Programing (NLP), Master Results Coach, and most recently, a fledgling network marketer. You may contact her at mailto:email@example.com or visit her web sites at http://www.unitoday.net/cora and http://www.whyresidualincome.com/cora.