HOW TO START AN MLM BUSINESS
Multi-level Marketing/ Network Marketing has come to stay with us in this generation, and is gradually taking over the business platform of marketing. Perhaps it will soon become the business of the future. Thus, everyone seeking to secure a better means for financial freedom should consider looking into MLMs to bring that dream to a reality.
Before partnering there are certain factors to consider, which were discussed in the previous episode. After looking into these factors, you need to take the bold decision- to join. So how do you start an MLM?
- Select an Entry Level Package
Every MLM company has some standard packages required to be purchased at the initial stage of joining. Each package usually comes with what is called product/point value (PV). These are points attached to every product package and these PVs get you started in the business and as well adds up to help you qualify for incentives awarded as you grow within the business. As per the company arrangements, the higher the package, the higher the PVs attached- therefore if you prefer to grow higher, faster in the business, it is best to start up with a higher package and build on from there. Below is an example of the entry packages for Longrich, a highly renowned MLM Company and the best in the industry:
|Estimated Entry Package Cost||Entry Level Position||Weekly Performance Bonus %||Estimated Performance Bonus in GHS within 12 Months|
|250ghs to 700ghs (minimum/student packages)||Q-Silver (10pvs to 60pvs)||8%||30,000ghs to 44,000ghs|
|1,100ghs to 1,500ghs||Silver (120pvs minimum)||8%||88,000ghs +|
|2,000ghs to 2,500ghs||Gold (240pvs minimum)||10%||200,000ghs +|
|7,200ghs to 8,000ghs||Platinum (720pvs minimum)||12%||400,000ghs +|
|13,000ghs to 15,000ghs||VIP (1,680pvs minimum)||12% + 1%||800,000ghs+|
|Kindly note that the above earnings are based the performance of your organizational team.|
|In Longrich for example, there are also investment franchise opportunities as follows:|
|Franchise/Investment Packages||Entry Level Title||Monthly Rate of Return|
|Regional Franchise/Stockist (25 VIP)||55,000USD-60,000USD||8%|
|Country/Super Franchise Stockist (50 VIP+)||125,000USD-300,000USD||10%|
- Select and order for products of your choice
After selecting your preferred entry level package, you go ahead to select products of your choice that is worth the capital invested. If you join as a business partner, you should select products you are capable of marketing but don’t forget to at least sample all products of the company and give them a try yourself. Similarly, when you join as a consumer, you should select products you prefer to consume. This will raise your interest in the products you have and increases your ability to share your testimonies after joining. Most importantly, ensure that the point value (PVs) for the selected products (including any combo packages) total the minimum PVs required for your preferred entry position.
- Ensure registration is created and make payments
After selecting your products, you find a reliable sales point (Stockist) to assist you with the registration process or you can visit the company’s website (mylongrichbusiness.com). Once this is done, you make payments into the company account (don’t make payment into distributors personal bank account) and ensure your registration code is generated for you. This code is a code that verifies you as an official partner with the company and hence enables you to get any of the products from any reference point- a Stockist shop at the company’s wholesale price.
- Get your products
After this procedure is completed, which usually takes maximum 24hours, the next and last step with the registration is to receive your products. Usually, the Stockist has the products available at the reference point to issue to you immediately after the registration process is complete, however if this doesn’t happen for you, depending on the reference point you partner from, the products will be ordered from the Company’s main branch office, which usually takes maximum 1 week to receive your products.
- Begin the journey
After this is done and products are received, your MLM journey with the company has officially begun. This is where you begin to use the products, share with friends, family and or potential future partners for them to also consume the products. If you joined with the business motive, then this is where you as well use the products and recommend them to your potential customers/business partners to bring them on board (recruit). You repeat the same procedure when you recruit more business minded prospects/partners or even consumers, when they are also positive to come on board. It is recommended that at least you get a minimum of three active partners to join your team of business partners or consumers. Then the networking journey and wealth creation begins.
In conclusion, although these processes may seem undecided it must be noted that you must do a thorough research personally to ensure that you have identified the right MLM, the right team, and the Right leadership to guide you step by step until you find your solid grounds in the business. This will make your journey smoother and relaxing, as well as highly rewarding. I am personally a beneficiary from partnering with the right company, the right leadership and the right team, and I have not had any regrets whatsoever. I look forward to receiving and guiding you all my extinguished readers to come on board and let’s win together- for network marketing is the way forward for this generation and the generation of the future to come. Always speak to an independent consultant before of the industry before making huge investment into an MLM business.
(Chartered Accountant & Longrich Multiple Regional Franchisee)