Most people join the network marketing industry without any knowledge of what to look for in a company. I was one of those people when I started five years ago. I trusted my friend and loved the idea of making money that would keep showing up after the work was done. It wasn’t until I met a Professional Network Marketer that I learned what to watch for. He taught me the five key things to notice when joining a company.
- The Company: You are looking for who is running the company, the corporate staff and their experience, how long the company has been in business, what their track record is, how much sales are they doing, and financially how are they doing, are they profitable or are they in.
- The Product/Service: Is the product or service legitimate? Is it something you or others would use or consume? The best products are things you can be passionate about. Is the product reasonably priced and does it have value? There are many high end products in network marketing so don’t be afraid of a high price if they are of high quality. Another thing to look out for is, is this something you can get for free or very cheap and are they charging a high cost for it?
- Compensation Plan: There are many different ways to get paid in this industry. There are Binary compensation plans, Unilevel’s, Stair-step Breakaway’s, Matrix’ and other new ones started all the time. Each one pays differently and it is best to understand what you might be looking for. Understand where the money is paid out through retail sales, team building, and bonuses. I like to know where the residual income is because that is why I do this industry; I eventually want to have a lasting residual income.
- Leadership: I believe this is a very important aspect when joining a new company. It has to do with who you are aligning yourself with for success. I am not saying that a brand new person isn’t someone to join with, however, the question to ask is: who are they working with, what is their experience and what are their goals? I am looking to align myself with serious people not someone “giving it a try”. The key is to make sure they are looking to build something long term and are willing to help me achieve my goals and dreams along the way.
- Timing: Timing is a debated subject when picking a company. If joining an older company they talk about how they are tried and true, and not going anywhere. The problem with that is the opportunity is smaller for a brand new person in an older company. The reason for this is that the big momentum has already happened. New companies, on the other hand, can be attractive because you can be one of the first people in and sharing it. The issue with that is that most new companies go out of business within the first five years. The other thing you need to be careful of is, just because you are first in the company does not mean you will make the most money. You will have to do the work too. When I am looking for timing I am looking for a company that is new enough that it hasn’t yet hit their massive momentum phase, but established enough that the tools and back office are working, they are paying on time, and the products are working.
Ultimately when choosing a company it is what are you looking for in your life. The culture of the company can have a lot to do with your success. Go to a few meetings, do your research, and meet the other team members. When searching a company online it is easy for dumb people to post “SCAM” sites and videos. Don’t always believe what you read on the internet. Make sure you learn it first hand and do legitimate research yourself.
When you find the right company don’t hesitate any longer. Get in, get product, and get to work.