Building your MLM business online or otherwise is not an easy undertaking. However, it’s one of the most rewarding lifestyle businesses today. It can afford you with time, location and financial freedom if you stick with it long enough to learn the skill sets to win. To build your MLM business successfully, will take time, effort and a commitment on your part. If you think about it, all successful businesses take time, effort and commitment. The difference is that network marketing gives you an opportunity to start a business with little start up costs, complete location freedom and a supportive community of other like minded entrepreneurs who are going for their dreams. Also, unlike many other business models, if you build it right, network marketing gives you an opportunity to leverage the efforts of others when you build a solid team.
The mistake that many would be network marketing rock stars make is to underestimate the time and effort that it may actually take to reach their goals. I’m here to tell you that you can do this and you can be wonderfully successful. I’m going to share a few strategies that might “buy” you some time and help you stay in the game long enough to win.
The Importance of Multiple Streams of Income and your MLM business
Multiple streams of income is a term that is being thrown around alot these days. According to an article written by eHow, it simply means that you have income from several different sources. If one source stops or is eliminated you can rely on another source. Having additional streams of income is important because it decreases the overwhelming stress and pressure you can encounter when initially building your MLM business. It can take the strain off of the household budget and can contribute towards some of your MLM business expenses.
I know that people in this industry talk endlessly about how being pressured financially caused them to take “massive action” in their business. But the truth is that only works for a certain type of person. The majority of people will fold under the pressure of foreclosure, car repossessions, bankruptcy or missing a car payment for that matter. The pressure alone would kill their creativity and cause them to quit before the have a chance to win. Unfortunately, we magnify the success stories of others (who are hard wired completely differently) and these stories just don’t apply to the average person who could otherwise find success in this industry. Building your MLM business is not a one size fits all model. If we are creative, we can find a way for more people to win. Exposure to multiple strategies is important when building your MLM business. This way you can find out what works for you and run with it. Creating income streams from other online sources is one of those strategies. The good news is, you can create these streams of income right from home on your computer as you build your MLM business.
5 Ways to Monetize your MLM business Online
#1. Affiliate Marketing. Affiliate marketing is a marketing arrangement by which an online retailer pays a commission to an external website for traffic or sales generated from its referrals. Our industry provides a specialized affiliate marketing concept that is congruent with our targeted market’s goals and helps solve their most pressing problems. It is known more specifically as a funded proposal. A funded proposal is a powerful weapon in your MLM business because it allows you to generate highly targeted leads and earn commissions from your sales at the same time. It gives you a unique opportunity to actually earn a commission from those who say “no” to your primary business. According to Magnetic Sponsoring, “ A Funded Proposal is a marketing plan that you can use to sell an inexpensive information product to your target market. These products provide high value through information, tools or training. This is valuable information that you prospects need and want to run their own business. It’s a win win situation because your prospect gets the inexpensive training that they need and you get the commission. Also, your prospect will begin to see you as a trusted source and an authority that they might strongly consider doing business with in the near future. #Brilliant!
#2. Sell Your Own Digital Products. This is skill set takes time to learn and the best way to learn it is by first learning to leverage someone else’s products (see above). As learn more about the industry and how to create and market your own products, this can prove to a very lucrative and natural progression. You can offer an online course, workbooks, etc. to your audience. This business model is increasing in popularity and seems to be here to stay. Many top earners segway into creating their own products over time. You can too.
#3. Provide Done for you Services. If you are especially geeky, for example, you can offer “done for you” website services. There is a huge market of network marketers who are leveraging the internet daily. They may be too busy and would prefer to pay a premium price for someone who knows their business model to create or update an existing site for them. You could provide other technical services as well. Writing services are also high in demand.
#4. Become a Virtual Assistant. This is very common. If you have the skill sets to be a virtual assistant, you can create a very lucrative stream of income while building your MLM business. This is done quite frequently. You can provide everything from social media posting, scheduling, writing, email management, etc. As you can see, the list goes on. The really cool thing about being a virtual assistant, especially for a top earner, you can get a bird’s eye view of how to successfully build your MLM business. It’s a perfect match. To learn more about becoming a virtual assistant visit sites like Upwork.com and see what skillsets are involved.
#5. Provide Coaching Services. Don’t shy away from coaching just because you haven’t made your first million dollars yet. I once had a mentor (who is a multiple 6 figure internet network marketer) say she actually provided coaching services long before she hit six figures. Here is why: all kinds of people decide to build a network marketing lifestyle business for various reasons. Not everybody is interested in flashing their ring and walking across the stage. There are some stay at home moms who need help to learn how to generate $500 a month. If you can teach someone to do that, you can be a coach. You can help others as you are on your way. All the while, you are creating multiple streams of income and diversifying your skillsets. Now that’s what I call a winning combination!
To your continued success,
“Helping smart success oriented people live a big life”
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