Leveraging Influencer Partnerships in Social Media Marketing
Love them or hate them, there’s no denying the impact that influencers have on consumers purchasing decisions. Heard about influencer partnerships but not sure where to get started or if it’s the right marketing strategy for your business? You’re in the right place. In this article, we cover everything you need to know about influencer […]
The Ethics of Surge Pricing and other Profit Driven Business Strategies by Aggregators
Most of us who live in urban areas and have used the app-based ride-hailing cabs such as Ola and Uber would have come across the term Surge Pricing wherein the riders are asked to shell out more money and pay more for the rides during heavy rains, floods, terror strikes, and other emergencies. The reasoning […]
Marketing Model based on Customer Value Creation through Market Sensing and Learning
Introduction We are living in revolutionary times where the outdated and outmoded thinking about economics, business and virtually every sphere of life is being challenged by newer ways of thought. Gone are the days when businesses and marketers had certainties about the marketplace and customer preferences and tastes. Instead, what we have now is a […]
Strategies for Longer Term Transformation of Print Media and Short Term Viability
Why the Future of Print Media is good There are many experts who have been claiming that the age of newspapers is over and hence, the future of media is digital. However, if statistics are anything to go by, print media are still relevant and their bottom lines are healthy in Asian countries. However, the […]
Porters Five Forces Analysis of Samsung
Introduction Porter’s Five Forces methodology is used in this article to analyze the business strategies of white goods makers like Samsung. This tool is a handy method to assess how each of the market drivers impact the companies like Samsung and then based on the analysis, suitable business strategies can be devised. Further, companies like […]
Being young and with a growing family means having a ‘Wish List’ that is quite long. You have your dreams and the other’s in the family have theirs too. So when an opportunity to earn extra money besides your current income through your profession is certainly going look like a God sent opportunity. If you have gone through the MLM proposal that has been presented to you and examined the concept thoroughly, spoken to friends and family and taken a decision to go ahead and take it up, it helps to prepare yourself and approach the business in a professional manner so that you are able to make a success out of your new venture.
Once you have understood the concept, what is expected out of you and are comfortable that you can start your business venture give sometime for your decision to sink in. Take some time to think for yourself or ask yourself as to how you will define your success in the new venture. Your success definition depends upon what you want to get out of this activity and how this venture will make you happy.
For some people making a million bucks through the business might be the goal while others might just be happy with a few thousand dollars to help them with their short term goals. Besides financial income expectations, you will need to also look at the other outcome or effects of the business and add them to your list of success too.
Multi Level Marketing (MLM) business is all about meeting new people, building relationships and working together. In the course of your business you will get to meet a lot of people who will remain friends with you and thus your social circle will get expanded too.
You will also find yourself honing your skills and becoming a better communicator and a professional too. Therefore it helps to identify your goals and aims and define the level of success that you wish to aim for and achieve through MLM business.
It is true that MLM business venture does not require any capital investment and in most cases you will need to buy just the starter kit costing less than a hundred dollars. But then you will be required to invest your time and effort consistently to build your business. This means that you will first need to look at your professional and personal priorities and work out to see how much time you will be able to take out during the evenings and during weekends to devote to MLM business. This can mean cutting down on TV and non essentials and making adjustments with your family too.
Besides making time, you will need to be able to travel and meet people at different places. Therefore you will need to be mentally prepared and have the right means to be able to travel.
Before you get started with the MLM business, it is better to identify and get ready with a small office at your home. Working in a dedicated office environment helps you get more focused and work efficiently too. Besides you will need the space to be able to meet a group of people, to discuss and make presentations to them too. You will need basic communication and office infrastructure to be in place of course.
In the course of having to meet people across the town and distant places or visit offices, you will need to travel. Therefore until such time that you start earning income from your business transactions, you will need to keep some cash for expenses that you are likely to incur on travelling etc.
One other important discipline that you will need to inculcate right before you get started with actual business is to start with financial budgeting, book keeping and account keeping. It is best to have budgets for different heads of expenses worked out in advance. Once you start incurring expenditure, make sure that you collect all of the bills and invoices and account for them too. You will need to maintain all records and books of accounts for your tax returns. It is also advisable that you open a separate bank account for the purpose of your MLM business and do not combine it with your personal account.
With detailed planning and preparation, you will find it smoother to get started with your MLM business and work efficiently and professionally. With all things in place, you will have more time, energy and attention to devote to building your business.
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Finding and Keeping Customers in Multi Level Marketing (MLM)
February 12, 2025
