In the network marketing business world, most of the people involved here work from their homes. It is a viable alternative when you can’t commit to full-time jobs in a company away from home or abroad. Network marketing business involves selling a company product then recruits other sellers and other distributors. The seller earns through commissions and sales profits.
You cannot go to a battle without your gears and weapons. You must have a computer or a laptop, a price list, catalogs, sales letters, commission-payment software, an instruction manual, boxes for shipping, shipping envelopes, and brochures in the network marketing business.
Choosing Your Niche
When choosing a niche, find a product line you are well acquainted with, currently famous in the market, and passionate about. It is not a bad idea to sell something that you are not familiar with, especially if it is on-trend today. But when you are just starting on this business, it is okay to be careful and know what you know and what you are good at. When you get all the experience you need, you can now experiment, learn new ideas, and apply them.
The next step is to find suppliers for your products. You must search for a wholesale supplier through the National Association of Wholesale-Distributors. Join meetings and seminars about wholesales because this is where you will be introduced to many potential wholesaler companies and businesses. Plus, you can get connections from here. When you get to know them all, choose the supplier that will offer you the lowest cost per product.
Set Price Structure
Follow your supplier’s price recommendation. Never overprice your retail to gain more. Then set commissions for the first level of your distributors at 10 percent, then 5 percent for level two and three.
Install Software For Organizing And Managing
There is software that you need to install to organize your work. The network marketing commission-payment software is a must for start-up networkers. This will make the calculation of your commissions accurate and fast. Then you must also create a manual for all your distributors, including an instruction manual, catalog, price list, and order forms.
Market Your Business
The easiest way to market your business that won’t cost you a lot is to make your website. Then include your website in your classified advertisements. To make it more effective, create self-replicating sites for your distributors. Another way is by advertising your business in a magazine, specifically those magazines with features like “Business opportunities,” Home Business,” and “Small Business.” This will help your business to be acknowledged in the business world. Plus, you can find more opportunities here in expanding your network of clients. To start in this business, you must be ready to fail and get up until you succeed. Not all who tried this venture became successful in the first year. Nevertheless, many have tried their luck to continue the venture, and fortunately, many have achieved their financial goal.