Hi, Linda
Great thread! I'm sure you'll get some good input. Here's mine:
1) How do you feel about the concept of MLM/Network Marketing? Love it? Hate it? Why?
I have a love/hate relationship with MLM. I love it for the same reasons Bob does. I hate it because I don't like to do some of the things that are required for success (e.g., work consistently--I'd rather play). I also love it for that reason because I am determined to make a success of it and therefore I'm growing. My favorite motivational author/speaker, Jim Rohn, says to become a millionaire for what it will make of you to become one. Whether or not I become one, the concept of MLM is making me the best me I can be because it is the line of least resistance into business ownership.
2) Why does it have such a "bad" name?
Two reasons:
1) There are some very badly designed programs out there, and many compensation plans that are designed to benefit the few and the company rather than the many. Add to that the fact that most are "sold" on the dream of riches, even instant riches, and you have nothing more than a scam. If people would analyze what it takes to succeed, then compare that to their own willingness to work, those companies would die a well-deserved death. That said, a few do make money and lots of it, so the next reason also comes into play.
2) People are still gullible enough to believe the "we'll build it for you" myth. If the company were willing to actually do that, why do they need distributors? So the people join, do nothing, sometimes spend a lot of money staying qualified, get discouraged and then angry. Then they blame it on the whole business model rather than on their own laziness or lack of foresight, or downright greed.
Bottom line, it has a bad name because of the people who make bad choices and then blame the industry.
3) What is the difference between an MLM/Network Marketing Business and a Ponzi/Pyramid scheme?
Network marketing is any marketing that relies on word-of-mouth and relationships to sell a product. MLM is network marketing with a compensation plan that rewards recruiters as well as sellers. A Ponzi/pyramid scheme as I understand it is an illegal scheme that has no real product. Money is generated from new people coming into the group rather than from the sale of a product or service. People often confuse MLM with pyramid because of the pyramid-shaped organizational structure used to portray the pay plan. If you were to look at a traditional corporation, you'd see the same pyramid shape. MLM is a business model, nothing more, nothing less.
4) What is the "secret" to succeeding in MLM/Network Marketing - in your opinion?
That should be pretty clear by now. First, understand the pay plan and analyze what you will have to do to make the money you want to make. Then analyze your own discipline to determine whether you will do it. If you think you won't and still want to do it, change your attitude, get motivational training, do whatever it takes to make yourself work. Otherwise, don't bother.
5) Have you ever really made any money with MLM? If so, which one?
Not yet. However, I have revolutionized my financial situation with the one I promote, Ascend Technologies International (ATI). It's the only one I'm aware of that will help a customer achieve the financial goal, without selling the product, which is a web-delivered bundle of personal financial management services.
Before I joined, we were spending about two hundred dollars a month more than our income. We had about $13,000 in credit card debt that we couldn't seem to make a dent in. My husband had just taken a 15% pay cut along with everyone else in the company he works for so that the company could survive without layoffs.
18 months later, with no appreciable change in our income level (my fault, see below), we have paid off 2/3 of the credit card debt and have not made one credit card expenditure that we didn't pay in full with the next statement. We took the nicest vacation of our lives, in Mexico. We have a small emergency fund building, Christmas paid for and sufficient funds in the bank to run both of my businesses for the next year even if neither are profitable. There's also enough food in the house to feed us for at least a month even if we bought no more groceries.
Every penny I've spent to subscribe to the ATI service is worth two, in my opinion. Even if I never make more in it than I'm making now, I'll never turn it off.
I might actually get busy and recruit some more people one of these days. That I haven't is my fault, not ATI's. Other people are doing just fine--I have to fight my tendency to stay in the house and play on the internet instead of talking to people. However, the pay plan is very fair, so I do get paid for everyone in my downline without any nonsense like balancing, breakaways, flushing etc., so I make a little bit. In other words, I know what to do...I just don't do it.
Well, Linda, you asked, lol. Hope this wasn't TMI. :-}
Cheri
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