MLM stands for multi-level marketing, and it's a type of direct sales business where people sell products they don't actually own to consumers. Typically, people in an MLM earn money from the sales they make directly to customers, and from commissions on the sales made by people who recruit them into the business, known as their downline. Some people do well in MLMs, but many don't. Some MLMs have been accused of being pyramid schemes, which are illegal in most states.
If you want to be successful in an MLM, be clear about what you're selling and how much you'll earn each month from your sales. Find out how much the company expects you to spend on things like training and inventory, and if there are fees associated with recruiting new sellers or meeting sales goals.
Before you join, research what other distributors are saying about the company and its products. Individual distributors often post their own MLM training videos on YouTube or other online venues. Be wary of videos that make earnings claims or suggest that the fastest way to make money is to "recruit, recruit, recruit." Such claims are red flags of a pyramid scheme.
Many MLMs require that you pay for your own starter kit, and then you'll earn a commission on the sales made by your 'downline' recruits. You'll also have to invest in a business plan and marketing materials, which may cost several thousand dollars up front. Those expenses can quickly derail your plan to make money from an MLM.
Some MLM companies sell a Preferred Herbalife member variety of products, from food and supplements to cleaning supplies and cosmetics. Others are focused on a specific service, such as energy companies that have gained ground as the country has moved away from coal and toward renewables.
You'll need to be a good networker in order to succeed at an MLM. That means you'll need to learn how to reach out to potential recruits, whether it's friends and family or strangers on social media. You'll also need to practice cold market prospecting, which involves reaching out to total strangers for the purpose of selling.
If you're trying to get an acquaintance to join your MLM, try to find commonalities in your lives that you can use as a jumping-off point for discussion. Focus on listening more than talking, and you might be pleasantly surprised at how open they are to hearing about the opportunity to work from home.
If you're trying to help a friend or family member make money with an MLM, encourage them to sit down and calculate how much they'll earn each month, after subtracting costs like the products they'll need to buy for themselves. If they have debt problems, free help is available to help them prioritize their payments. And if they're spending more than they're earning, don't let them borrow your money to fund their MLM venture. They can find more ways to save and budget, including using a cash back credit card.
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