Will You Make the Most Money With a New MLM Opportunity?
When it comes to starting an MLM business, some say avoid older companies that are past the “momentum stage” and go with a newer company in “pre-launch”.
Certain topics seem to encourage a lot of discussion and debate. This is one of them.
Here are two related viewpoints. What do you think?
This is the first view I’ll address – let’s call it:
MLM Failure Rate and Industry Reputation
“This is the truth – MLM companies start up and go out of business every month. This is one reason why this industry has such a bad reputation. This could also be a reason why it is hard to attract new people to such business opportunities. It’s challenging enough achieving success in MLM type businesses without wondering whether they’ll still be going in a year.”
This is my take on it…
I agree with this. Our industry does have a poor reputation in this area, because of the “start-fail” cycle repeating so often. Some good companies start out with strong credentials, but are unable to make the cut and fold within a year or two. This can happen for many reasons.
Believe it or not, some MLM start up companies fail because they grow too fast and can’t cope with the demand for their products or services. Others fail due to poor management decisions and lack of leadership from the top.
That said, it’s important to note that many MLM companies that come and go quickly are not true, legitimate opportunities to begin with. Some are illegal pyramid schemes passed off as legitimate MLM or network marketing opportunities to make them seem “okay”. Unfortunately, this casts a poor light on the genuine opportunities.
That said, we also know that legitimate MLM start ups have gone belly up. Folks with dreams and good intentions have been burned. Keeping this in mind, let’s examine another popular view that we see discussed a lot.
Let’s call this one:
Best Chance to Make Money in MLM
“If your goal is to earn a large income then joining a network marketing company which has been around for ten, fifteen, or more years may not be a good option. Although these are good and stable companies, they are mature and have already underwent their biggest growth boom. It would be hard to earn a large income with such a company.”
Here’s what I think…
There are two sides to this. Many home business builders seeking to make big money like the thrill of getting in on the “ground floor” of a hot new opportunity. The thrill is somewhat like the rush of taking $500.00 to a casino with the hope of leaving with $10,000 for a night of gambling. There is always a strong draw toward the excitement and sense of anticipation that surrounds a hot new opportunity.
Now consider the boring old MLM company that has been around for years. It’s still a good opportunity, with people signing up daily and going on to make good money. Demonstrating a pattern of success and viability, but without all the glamor. So what’s the deal?
The difference is in the risk.
Assume you want to make $20,000 with your business this year. You have a choice – you can go with Hot New MLM Opportunity A, or Boring Old MLM Company B. If you get out and hustle, you can earn that money with either one.
Let’s say you earned that money in Hot New MLM Opportunity A in six months. You’re on the road to wealth. A year up the road, the company (being new and relatively untested) begins to experience some unforeseen issues. Checks are going out late. The future starts to look uncertain.
In Boring Old MLM Company B, you get out and work hard to earn that $20,000, but it takes a year instead of six months! One year up the road, the company is entering its twelfth year. The company has been tested by time and passed. Your earnings continue to increase and your business grows. Your income may not grow as fast or as big as it could the first year with Hot New MLM Opportunity A. It will, however, continue to grow and produce a nice steady residual income for years.
Going down one path, you are taking significant risk and hoping for a bigger payout. You’re also expecting to make significantly more money over the long haul because you “got in early”.
Take another path, and your income may build more slowly. You may not make as much money as quickly going this route, but you have a proven and dependable opportunity. You can feel reasonably assured that what you do make won’t suddenly go away one day.
Which is your choice?
Eldon Beard
How Can I Make Enough Money Freelancing To Afford to Quit My Salaried Job?I graduated Summa *** Laude with a BA in print journalism and I have a small portfolio of writing and design clips that I've accumulated over the last 10 years. Right now I'm employed full-time at a job that pays very well, but that I hate. It isn't vaguely related to what I want to do–write for a living and be able to stay home to raise my child(ren). I am currently doing part-time freelance marketing and design work and some writing, but only 1 gig out of 3 is paid–and it doesn't pay that well. In addition to this, I also work full-time and part-time and have a husband, house and active toddler I am devoted to. I need to make the most out of any endeavor I undertake. I know I have the skills necessary to make a living by writing or doing graphic design and marketing at the very least. I just need the opportunity to make it happen. How can I obtain better-paying freelance gigs that will eventually allow me to replace my 9-5 salaried job with more fulfilling and flexible work?
Contact your local newspapers to see if they need help in that area.
Also, I highly recommend purchasing the 2007 Writer's Market book. It has MANY opportunities to write articles, snippets, and so on. You may make $50 on one thing and several hundred or more on another. It has many well-known magazines and publishers listed with the requirements on contacting them, how much they pay (usually), etc.
Good luck.
References :
Unless your husband can carry the financial load, I would keep my job and wait to see what happens. As the saying goes………."the starving writer"……….so even though your job is probably miserable, life could be even more miserable without a paycheck. I hope something works out for you, but now that you have a child to think about, don't trade his future dreams for yours. I wish you the best.References :
You've taken the first step, which is to figure out what you want to do! It's absolutely possible to replace your full-time salary with freelancer income. But it's important to do it wisely – and gradually. If you jump too quickly, you'll have that crazed "I need work" look, which won't help at all.
I'm going to send you to a site that lists a bunch of excellent books you should read as you move forward. There are some good freelance sites (especially Guru.com) where you can start bidding on projects. I recommend the lowest PAID level membership – if you go with the free membership, you won't be able to bid on as many projects. Set a goal of bidding on about five projects a day, and you'll start getting work.
Good luck!References : http://www.workingwriterhappywriter.com