Aug 6 2010

I Wanna Be a Billionaire So Freakin’ Baaaad

For the last 3 months I have been delving into the world of network marketing.

Ok, stop right there! Some of you read that and thought “Yikes Jac, are you mad? Everyone knows that network marketing is a scam! I thought you were more clever than that.”

First of all, shut the hell up!

Second of all, just kidding about the first one.

When I started checking this out I thought that there must be some sort of scammy aspect to it too. Don’t get me wrong, there are a million people on the internet just waiting to take your cash and run for the hills. The good news is that there are almost as many legit opportunities as there are scammers.

However, I have always felt that there must be a way to make a legitimate living from network marketing. After all, if there wasn’t how could so many people make the claim that they do??

In my heart I am a researcher. I love to learn new stuff, figure out stuff that no one else can figure out, find the answers, teach those answers to others. I’ve even made a descent living at taking complex, technical concepts and turning them into something even an 8 year old can understand (and believe me, I have the perfect test subject for that :)

So when it came to making money on the net I figured I’d just research the crap out of it and see what happens.

Here’s what I found out.

97% of people who start out in network marketing fail. Yikes! (I’ll tell you why later)

There are 3 main ways to make cash on the net; MLM, a top tier opportunity (meaning you sell a high end product like an online course or service) and affiliate marketing.

If you don’t treat network marketing like a proper business, you’ll fail.

If you get into it hoping to make lots of money very quickly, you’ll fail.

If you think you can rake into millions in a year by working part time, you’ll fail. (there may be a time when you can work your business part time but not in the beginning)

If you don’t, very quickly, learn that learning and training is the key to success, you guessed it,  you’ll fail.

There are a handful of industry leaders who are the mac-daddy’s of network marketing (and 300x more people who are not but claim to be)

The product you sell matters less than learning how to sell it. (this is true for just about any sales business) Think of it this way, you have the very best product ever. You have it sitting in your living room. There has never been a better product. However, if you don’t market it properly no one will know anything about it. Marketing is everything! (well, almost everything)

Legitimate companies have an actual, physical, proven product. Scams do not. (more on this later too)

You will not be successful unless your mentor is successful so you need to chose that mentor very wisely. Do your due diligence. Find out who they are, what makes them tick and whether they are concerned with helping you or themselves. Go to their site and see if it’s professionally done. (if they are not willing to spend money on their business why should you?) Speak to them on the phone.

True network marketers are interested in the community of networking, not just selling tons of product.

Use social media (Facebook, Twitter, Youtube etc) to promote the heck out of yourself and your company.

Don’t reinvent the wheel. There is so much great information on the web on how to get started and how to run a successful company, you don’t need to figure it all out for yourself.

Do not spend a ton of money up front on anything. I will be posting a list of educational material that will explain everything you need to know about how to get started, for free. Once you have an established web presence you can start to invest in your business. (but not until you know it’s something you want to do. There’s nothing worse than throwing down $$$ only to learn “it’s not for me”.)

Over the next couple of weeks I will be posting all that I’ve learned on my other biz blog. It’s going to have pretty much everything you’ll need to know to get going and you won’t have to search high and low to find the info.

One final comment on the scammers. If the company that you are thinking of signing up for does not have a legitimate, physical product and only makes money from signing up and endless stream of people who have to spend money to stay in the game, it’s most likely a pyramid. It’s easy to find out about these. Do a google search but dig deeper than the first page. Remember that, legit or not, these people know how to write for search engines and any real reports will likely be buried deep.