Network Marketing, popularly known as Referral Marketing or Multilevel Marketing (MLM) or Direct Selling, has been in focus recently when it provided livelihoods to millions who lost their jobs due to the pandemic-induced economic recession. Network Marketing allows you to work part-time by keeping your current job. It can be your full-time career option too. Once you decide to plunge into Network Marketing, you need to choose the appropriate company to reap the benefits and become a successful Network Marketer.
The Best Time to Enter a Network Marketing Company is Now!
Network Marketing is a business that incorporates the MLM business model. Network marketing is a business where you invest little money and maximum time. The Network marketing Industry has created many millionaires worldwide and shown the path to becoming financially independent. Unlike most careers, the Network Marketing business does not require any formal education. There are no criteria for joining a Network Marketing company, and the industry does not discriminate against any one – gender, race, religion, age, or handicap does not matter.
The recent downfall in the economy has attracted many to opt-in for the Multilevel Marketing business. Many people are showing interest and want to be a part of the Network Marketing world in their quest to attain financial freedom and become future entrepreneurs. However, it would help if you made an informed decision before partnering with a Direct Selling company. The following section helps you to choose the right Network marketing company.
Parameters to Choose the Right Network Marketing Company
Network Marketing is in its golden phase, and this could be your best time to jump into it. The Indian Government has boosted the industry with initiatives like Vocal for Local, Women Empowerment, and Skill India. Further, the Government has also drafted regulations to safeguard the interests of the consumers and sales representatives associated with Direct Selling companies. Even the Indian Direct Selling Association (IDSA) has initiated a move to include Direct Selling in academics with Shoolin University. Now that you know how the Network Marketing business is a key factor for a digital India and are excited about joining the industry, the following points can help you choose the right MLM company.
Do Not Get Tempted by Hype
Many companies spring up to cash in on the boom and disappear in no time. Such companies have duped many investors in the past, disguising MLM companies and incorporating the illegal Pyramid scheme. Beware of such companies. Then there are those Network Marketing companies who lure investors via excellent video presentations – online or DVD, and create a lot of excitement and ask you to join immediately. Do not get the hype to tempt you into joining. Make a thorough verification after all; whether you join now or later will not make a difference!
Verify the Existence and Background of the Company
It is always advisable for you to know how long the company has been existing and whether its investors are paid as per the agreement. You must ensure that the company has been in existence for at least five years. Know about its management and find out whether it is financially sound to sustain its operations in the future.
Ensure if Company is Registered with the Government and Member of a Business Organization
The Indian Government has recently drafted regulations that make it mandatory for all Direct Selling companies to register with a government body and have a permanent office address in India. Also, the Government has rendered those companies that implement the Pyramid scheme illegal. So, with the Government backing and regulating the industry for the betterment, you should ensure that the company you choose to partner with is registered with the Government. Also, Network Marketing is governed by an organization called the Direct Selling Association (DSA) that incorporates a high level of strict business ethics in the industry. Ensure that the company you choose is a member of this organization.
Analyze the Products and Services of the Company
You need to know what products or services the company sells as you will be selling them in future. You should be comfortable and believe in your product. If you are not, then you will never see success. It would help if you spent some time evaluating the product because it is the most important aspect of your overall assessment of the company.
Know the Compensation Plan of the Network Marketing Company
Most Direct Selling companies incorporate the MLM business model as part of their business marketing strategy. And the MLM business models are of three types: Single-Tier MLM, Two-Tier MLM, and Multilevel-Tier MLM. The Multilevel-Tier is the best and most popular plan that enables you to earn residual income. It is always better to know the compensation plan of the company before you join them.
Network Marketing – The Future of Business
Network Marketing has been around in India for more than two decades and has evolved. Taking up Network Marketing as a part-time business can show you a proper path in career-building opportunities. Over the last few years, it has become a viable source of income for many and has spiked up drastically in recent times. Certainly, Networking Marketing is the future of business in India in the 21st century. Step in confidently and be the future entrepreneur you desire. All the best.
