It's a bit of a "Catch-22". Most people understand that it takes a certain amount of money to start any business, including a Network Marketing home business. But with the recent economic downturn, it's become more important than ever to spend your money wisely. Indeed, it is possible to be a highly successful Network Marketer without breaking the bank, but most people don't understand when and where to invest in their business and when to hide their wallet.
When you've made the decision to jump into Network Marketing, it pays to do your homework. Unfortunately, many end up jumping from opportunity to opportunity looking for the "next best thing" that will propel their business forward. More often than not, this pattern ends with feelings of frustration, negativity, and of course, little to no money in the bank.
Here are 5 Tips for Becoming A Successful Network Marketer Without Going Broke....
1. Do Your Research Before you spend a dime, it's important to do your homework. When you're considering a specific Network Marketing company, be sure to understand the products and the compensation plan. Find out about the leaders of the company and be sure they have a proven track record in MLM or Network Marketing. Check to ensure that there is proper training and support in place, and understand all the costs of joining before you sign on the dotted line.
2. Find the Right Sponsor For You Your sponsor or mentor will be a very important person in your business life, or at least they should be. You should look for someone who has been successful and will work with you to tailor a business and marketing plan to meet your needs. One mistake that many newcomers make is going with a sponsor based solely on how much money they've made in the business. While their success is obviously attractive, quite often the top earners in a company don't have the time or inclination to help Network Marketing newbies get started. Pick a mentor or sponsor who has at least some degree of success and who you feel comfortable working with.
3. Don't Jump at all the Extra Costs You'll likely find that, soon after you join a Network Marketing company you'll be introduced to the "extras". These usually come in the form of pamphlets, brochures, CDs, and DVDs that the company leaders will tell you are "absolutely critical" to your success. Don't buy it. Resist the urge to spend your money on these extras and instead invest in training or education that will expand your knowledge of sales and marketing. You can always pick up the brochures later if you feel that they'll help your business, but until you understand what you're doing, they're just like money poured down the drain.
4. Focus on Free or Low Cost Methods of Advertising I do 99% of my marketing on the Internet, and there are several ways to get online leads for your business for cheap. These include using social media, article marketing, blogging, and videos. Indeed, more than one very successful Network Marketer has based their business on free or low cost Internet leads. I have found that I get the most "bang" for my buck using Internet Marketing to grow my Network Marketing business, but if you decide to use more traditional methods of marketing, resist purchasing costly leads from lead generation companies until you understand how to convert these leads into sales.
5. Understand That The Timing May not Be Right For You Finally, understand that starting a home business is not right for everyone, especially if the timing is wrong and you are really struggling financially. I've turned down more than one prospect who expressed his need to make money quickly to pay his mortgage. As much as you may want to get into Network or Internet Marketing, understand that it does take some cash to get started, maintain your business, and of course, advertise. If you need money to pay the bills and you are new to the Network Marketing industry, it's probably best for you to hold off until you've gotten yourself on more solid financial footing before starting your new business.
When you've made the decision to jump into Network Marketing, it pays to do your homework. Unfortunately, many end up jumping from opportunity to opportunity looking for the "next best thing" that will propel their business forward. More often than not, this pattern ends with feelings of frustration, negativity, and of course, little to no money in the bank.
Here are 5 Tips for Becoming A Successful Network Marketer Without Going Broke....
1. Do Your Research Before you spend a dime, it's important to do your homework. When you're considering a specific Network Marketing company, be sure to understand the products and the compensation plan. Find out about the leaders of the company and be sure they have a proven track record in MLM or Network Marketing. Check to ensure that there is proper training and support in place, and understand all the costs of joining before you sign on the dotted line.
2. Find the Right Sponsor For You Your sponsor or mentor will be a very important person in your business life, or at least they should be. You should look for someone who has been successful and will work with you to tailor a business and marketing plan to meet your needs. One mistake that many newcomers make is going with a sponsor based solely on how much money they've made in the business. While their success is obviously attractive, quite often the top earners in a company don't have the time or inclination to help Network Marketing newbies get started. Pick a mentor or sponsor who has at least some degree of success and who you feel comfortable working with.
3. Don't Jump at all the Extra Costs You'll likely find that, soon after you join a Network Marketing company you'll be introduced to the "extras". These usually come in the form of pamphlets, brochures, CDs, and DVDs that the company leaders will tell you are "absolutely critical" to your success. Don't buy it. Resist the urge to spend your money on these extras and instead invest in training or education that will expand your knowledge of sales and marketing. You can always pick up the brochures later if you feel that they'll help your business, but until you understand what you're doing, they're just like money poured down the drain.
4. Focus on Free or Low Cost Methods of Advertising I do 99% of my marketing on the Internet, and there are several ways to get online leads for your business for cheap. These include using social media, article marketing, blogging, and videos. Indeed, more than one very successful Network Marketer has based their business on free or low cost Internet leads. I have found that I get the most "bang" for my buck using Internet Marketing to grow my Network Marketing business, but if you decide to use more traditional methods of marketing, resist purchasing costly leads from lead generation companies until you understand how to convert these leads into sales.
5. Understand That The Timing May not Be Right For You Finally, understand that starting a home business is not right for everyone, especially if the timing is wrong and you are really struggling financially. I've turned down more than one prospect who expressed his need to make money quickly to pay his mortgage. As much as you may want to get into Network or Internet Marketing, understand that it does take some cash to get started, maintain your business, and of course, advertise. If you need money to pay the bills and you are new to the Network Marketing industry, it's probably best for you to hold off until you've gotten yourself on more solid financial footing before starting your new business.
It's so important to do your homework before joining a Network Marketing company. Dr. Bob Clarke, online marketing and branding expert has recently completed a comprehensive MLM/Network Marketing Business Assessment Guide, including the Top 10 Questions To Ask BEFORE Joining Any Network Marketing Business. To get a FREE copy of Dr. Clarke's MLM Business Assessment Guide, go to http://MLMAssessmentGuide.com?t=ezart5 [http://MLMAssessmentGuide.com?t=ezart].
Article Source: http://EzineArticles.com/?expert=Dr._Bob_Clarke
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