I am bombarded daily with the next ground-floor, earth shattering, “you can make so much money!” MLM business opportunity.
And if there’s one thing I’ve learned from Mark Yarnell, that is to stick with what you’re doing and stay focussed.
I wrote a post about him and how to earn $100k per month and it wasn’t by jumping from business opportunity to business opportunity at the drop of a hat. There are tried and true philosophies that go into building a 7 figure income and one of them is to stay focussed and the other one is to commit to something that is 100% aligned with your core value.
What this boils down to is this. Choose an MLM business opportunity that you can commit to seriously for the next 3-5 years and make sure it’s something that you love.
1) How old is the company?
Now, I’m not in full agreement with the general consensus on this. If you read around you’ll find a lot of people recommend joining an MLM business opportunity that is at least 5 years old.
For me, I’m going to go against the grain and tell you to check your gut instinct on this one. Instincts are sometimes the best indicator of what is going to be a good fit for you or not.
Taking it outside of the MLM industry for just a minute, when do you think it would have been a good time to invest in Apple? They started trading in 1984 at around $26. They stumbled for a few years and by 1987 they were up to $65. Today they’re trading at $426!
Now that’s an IPO I would have liked to have been involved in.
So when it comes to evaluating a potential MLM business opportunity I think there are some more important things to consider than the age of the company. Like …
2) What is the USP (Unique Selling Proposition) of the company’s product or service?
In other words, what’s unique about the product or service of the MLM business opportunity you’re evaluating?
Consider these points:
- Does the product or service stand out from the competition or is it more of the same?
- Is there a genuine NEED for the product or service?
- Can the product or service be used for a long time ie. Is it a fad product – here today, gone tomorrow?
3) Can you build your MLM business opportunity with only a few hours a week?
This is crucial. You no doubt have a steady income. You can’t give that up and just ‘hope’ that your MLM business opportunity is going to reap financial rewards immediately. That’s naive and dangerous. Go in with your eyes wide open. The reason 97% of people fail in network marketing is because they have unrealistic expectations.
Make sure this is something you can build part time. Naturally the long term goal is to ditch your day job and work from home doing something you love. But you’ve got to start somewhere.
4) How soon can you get into profit mode?
And this is the $64,000 question. How soon can you get paid?
You need to find an MLM business opportunity that’s easily duplicable. If it’s too hard to duplicate it will be too hard to recruit team members. It needs to be simple.
So you need to find out how successful your potential sponsor has been or more importantly how successful THEIR upline sponsor has been. Which leads me to one of the most important points of all to consider …
5) Does your sponsor have the skills necessary to help you succeed?
There are two ways to build an MLM business opportunity. Online and offline. Online meaning you plug in to an internet marketing strategy and offline means you build relationships within your community at home.
I can’t count how many people I know who have built an extraordinarily successful MLM business offline and have never touched the internet. I also know of many incredibly successful people who only build their MLM business online. Some even use a combination of the two.
But at the end of the day, you need to feel confident that your sponsor, or your sponsor’s sponsor has your best interests at heart and will go to the wall with you to help you build your MLM business opportunity. If you feel they won’t, run a mile in the opposite direction and find someone who will.
6) Can you LOVE what you do?
For me this is the most important facet of any due diligence. It really is.
I’ve had jobs I’ve hated that would literally make me sick to my stomach to go to.
And I’ve had jobs that had me bounding out of bed at 5:00am totally excited out of my skin.
Which ones do you think I did better at? Naturally the ones that had me brimming with enthusiasm and passion.
And that’s what YOU need to find. An MLM business opportunity that gets you so excited you can’t wait to share it with the world. And when you find that MLM business opportunity, run with it, stick with it and it will pay you royally.
I wish you all the success in the world.
P.P.S. If you enjoyed this post about “How To Choose The RIGHT Home Based Business For You” please leave me a comment below or just click “like” to spread the love.
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