Want more cash in your business? Here’s an unexpected strategy:
Network marketing as a legitimate revenue stream for existing businesses.
My job as a business coach is to help businesses make the most amount of money in the simplest way possible. When I work with a new company, I look at the revenue streams and how to make them flow better. I also look for the money they are leaving on the proverbial table.
And you can call me crazy, but sometimes, the unused revenue stream is not an additional product or service. It’s network marketing.
I’m not suggesting network marketing is a fit for every business, but you should consider looking into it for yours. Some of the quickest, highest revenue increases happen when an existing business integrates network marketing into their business.
You may have to set aside past perceptions of network marketing. Often times the negative stigma comes because inexperienced people are doing business badly inside network marketing companies. You do not have to do it that way. You are free to build a professional network with amazing support systems.
Here’s some questions to ask yourself to determine if network marketing could generate a new revenue stream for your company.
- In your marketing efforts, do you generate leads that are unqualified for your business? I’ll give you a couple of examples. In my business, we generate a fair amount of leads of people who are interested in entrepreneurship, but they have not yet started companies, or are new in business. They are not ready for our coaching programs yet, but still want to work with us. They would be great leads for a network marketing branch. Another example, if you are a local serviced based business that uses a blog, social media, or other online marketing tools, you may generate leads outside of your local service area. Perhaps you are a dentist, chiropractor, massage therapist, or music teacher. Your clients need to be able to be in your office and you cannot work virtually. These leads would be great to channel into a network marketing branch of your company.
- Is there a network marketing product that supports your current service or product? Some of my favorite products are sold through a network marketing business model. Service based businesses have long benefited from having supplementary products to sell. By partnering with the right network marketing product, you can have a full line of products that you do not have to pay to develop, package, store or ship. In many cases, you don’t even need to stock inventory.
- Residual income is real. In my opinion, residual income is the most desirable part of the network marketing model. You introduce your product to someone today, and in 3 years if they are still using it, you are still getting paid for it. And if you are doing network marketing the right way, those residual income checks increase with time.
- Existing businesses tend to grow quickly in Network Marketing Companies. In the traditional network marketing model, an individual starts a business and then builds their team one persona at a time. When an existing business comes into the company, they bring with them a network of people who know, like and trust them. They have a built in customer base and as a result, they can shave off significant amounts of time from the standard growth trends.
It’s important to find the right network marketing company to partner with your business. Not all network marketing companies are created equal. The truth is, most go bankrupt in the first 5 years. So to chose the right company for you. Here’s what you ought to look at.
- Can you truly stand behind the product?
- Does your company have any rules in regards to marketing that would not be conducive to your business?
- Does the company have a strong compensation plan?
- How many people in the company are earning significant commissions?
- Do you have synergy with the company mission and culture?
- Is the company stable? While entering a startup network marketing company as an individual can have the greatest potential rewards, it also has the highest risk. The risk of the business going under is not one you want to take when you are partnering your business with the new company. Your reputations will be tied together for many of your customers. Find a company with an impeccable reputation, consistent growth, and strong financials. A debt ridden company is also risky.
Network marketing is not a fit for every business, but when it is a fit, it tends to be a beautiful one. Wondering if its a fit for you? Click here to schedule a consultation to review your business’ revenue streams.