Is MLM for you?
This month, I’d like to talk about MLM.
Many people have various thoughts about multilevel marketing or networking.
Some think it’s a wonderful gift from God.
Others think it’s a curse of the devil, invented in the pits of hell.
Frankly, like anything else in the world, MLM is what you make out of it. It can be a gift. It can be curse. It’s all up to you.
MLM has taken a nasty reputation these days. Some people are shouting, “It’s nothing else but a pyramiding scheme! It’s a scam!”
It’s true, a lot of people have suffered because of it. Sometimes because of the deception of others. Other times, because of their own self-deception.
But I won’t generalize and say it’s all bad.
It’s just like capitalism.
It can be a blessing, it can be curse.
According to Fortune magazine, Warren Buffet, the richest man in the world, the “Oracle of Omaha” known for being very conservative and careful in his investments, bought into a direct-selling company. If it’s a scam, the guy won’t touch it with a ten-foot pole. But he didn’t just touch it. He bought it.
And we’re not talking of a fly-by-night industry. Worldwide, some 47 million people are involved in direct selling and have generated revenues of $88 billion.
Before I tell you how to discern a good MLM
opportunity from a bad one, let me explain first what it is—so all of us will be in the same page.
MLM is the sale of a consumer product or
service, person to person, away from a retail store. The person who sells earns a commission for every product she sells. Aside from selling products, she also recruits others to sell. If her “downlines” sell, she
earns a commission from their sales too.
That, in gist, is what MLM is.
Now here’s the question people ask me often
about MLM: “Bo, my sister (uncle, cousin, officemate, prayer group leader, teacher, boss…) got into MLM and is asking me to join her. Should I?”
My answer is simple—“It depends.”
It depends on the company you’re joining.
It depends on the business system they have.
It depends on the product they’re offering you.
It depends on the leaders in that company.
It depends on your expectations.
It depends on what you’re willing to give into
this business.
In my next WealthStrategies Letter, I’ll tell you why. (To be continued…)
May your dreams come true,
Join MLM if You’re Heart is in it
I've learned that success is all about the heart.
Passion.
Love for the business.
I made a mistake by just getting into business
for the sake of earning.
Years ago, whenever I liked an MLM product,
I would get into the business. The logic was, “If I’m a consumer, I might as well sell it to others…” So I sold a special motor oil that extended the life of a car’s engine. Even if I had no love affair with cars or their engines. I even sold memorial plans. (I can assure you I had no love affair with that product.) But all of them
bombed. I never earned a thing. Because my heart wasn’t into it. If you don’t have passion for the product or business, you won’t persevere during hard times.
Today, I’m still a consumer of many great MLM
products. (Last count: I buy from 7 companies!) I think some of these products are of excellent quality. But I no longer dare to get into the business side of things if I know my heart is not there.
Today, I’ve limited myself to be active in only
one or two MLM businesses.
Because they’re my passion.
One is an MLM company that gives financial
education to everyone—whether they buy their
financial products or not. I don’t earn barrels of
money from it. If you want to know, I earn an average of P30,000 a month. My other income streams are much more exciting, so why do I spend time doing this?
As I said, because its my passion. I just love
educating people in their financial life, hopefully
rescuing them from financial misery. So through this MLM, I can sell insurance products as well mutual funds around the world.
Remember that 90% of people who join MLM
eventually drop out.
One reason is deception. They hear the speaker in front of the room say, “In a few months, you’ll be earning P100,000. All you have to do is invite five people into the business. And then wait for your fat checks. It’s that simple.”
That’s a lie. If you hear a speaker say that, walk
out of the room.
To be successful in the MLM business requires
a lot of hard work.
I wish the speaker in front of the room would
say the truth. Something like,
“If you’re willing to work until two in the morning everyday, join us. If you’re willing to travel for miles only to be rejected
by a friend, join us. If you’re willing to make ten
phone calls a day, only to be ridiculed by nine of them,
join us. If you’re willing to work very hard—harder
than you ever worked before—join us… And then, you’ll start earning P100,000 a month.”
Some of my friends in the MLM business are
ultra-successful.
But man, do they work hard. And the reason they work hard is because they love what they do. So at the end of the day, it’s all about heart.
May your dreams come true,
Originally Posted by ncmknight
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