With recent reports that one in four workers in the UK are likely to be furloughed during the Coronavirus pandemic, many people find themselves with more time on their hands this spring. Some may choose to use this time to work on their professional development, upskill or pursue new hobbies. Others see it as an opportunity to look into new ways of generating income, in addition to their day job. Then there are also those that have sadly lost their jobs as the economic crisis unfolds and who may now consider ‘non-traditional’ types of employment.
Most people “fall” into Network Marketing through friends or family who recommend a product or service to them. They use a product, like it and sign up to become a distributor because they get the products at a reduced rate and think they may be able to get some of their friends and family as customers. At this stage, the majority of people aren’t seeing this as a serious business opportunity, they just like the perks that come with it. But be it through necessity or an increased desire not to rely on traditional forms of employment, here are a few ideas on how to take your Network Marketing business to the next level.
Shift your mindset
The biggest change will need to be your mindset and the way you approach the opportunity – it is no longer a hobby, but a business to provide an income for you and your family. With that realisation come responsibilities that business owners have. Read up on what your tax and bookkeeping responsibilities are (you can find lots of information on our blogs), what business structure is most suitable for you and some basic business skills. Be under no illusion that having your own business requires a lot of hard work, resilience and dedication.
Learn the ropes
You may have never run a business before and may feel nervous about what it involves. Your first port of call should be your upline. They should be able to share their experience and best industry practice and put you in touch with others who have gone through a similar journey. Your organisation should also have resources available for you to draw on and provide ongoing support and mentoring. How does the industry work? How does my organisation’s commission structure work? What are the features and benefits of the services or products you sell?
Start marketing yourself
This is the fun bit: create a name for your business, a basic website and your social media profiles. You might want to get some business cards and/or flyers printed to give to people when you meet them. There are two ways Network Marketers make money, so you’ll need to work out a plan on how to achieve a balance of both. Where and how are you going to try and attract new customers? Once you’ve got a larger, satisfied client base, you can look at ways to recruit other distributors for your team.
Inspire yourself
Ignore the negative press about the industry and focus on those who have turned their Network Marketing venture into a successful business. Try and follow their story and learn from what has and hasn’t worked. Ask questions and always continue to learn.
Grow your downline
The bigger your team, the more money you are going to make. However, effectively managing and leading a team are skills that not everyone has and that may need to be learned and developed over time. It’s no longer just about you but with a growing team comes a shift from selling the product or service to customers, to mentoring and developing your team.
A career in Network Marketing is multi-faceted and relies on the same skills and attributes that would be needed to run a successful business in any other industry. Good luck!
PRB Accountants has shared this journey with hundreds of Network Marketers and is ideally placed to provide expert advice. Contact us today on 01444 458252 or network-marketing@prbmp.com.