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Despite what its name suggests network marketing is not a marketing strategy which businesses can employ to promote their brand. In fact network marketing or multi level marketing is a concept and a model which businesses can use to grow their brand and sell more units. There are many companies out there such as Lyconet who are doing a roaring trade with this model and if you are a budding entrepreneur, it makes sense to give this a go before you launch any business idea which you may have. Let’s take a look at what network marketing is and why you should start here.
In A Nutshell
Network marketing is a sales model which has incentives for their agents who are able to build teams of sales people. The best way to describe this is with an example. Let’s assume that you begin working for a company which sells supplements, you will begin by doing phone calls, door to door sales and events such as parties where you can showcase the products. You will order from a catalogue based on what people want, and then you will deliver their product to them. This is the first level of multilevel marketing.
Once you have created a solid income from this it is time to move up to the next stage which is managing a group of sellers, something which is actively encouraged by the company who you are working for. Now let’s assume that for every sales person you get, you will receive 10% of their takings in commission, you can now make a living from sales and from your team. Work hard with your team, train them well and encourage them to build a team of their own. You will still earn that 10% commission on their earnings, only now that will be 10% of what the team make, and not the individual. This is what it means to have multi level marketing and if you do it well and build multiple teams, you can make a very good living.
Why Entrepreneurs Should Use It
The reason why independent entrepreneurs should look seriously at network marketing is because it gives them a chance to run their own business and learn how to do it, without actually owning their own business. Another great benefit of multilevel marketing is that you can do this as a side hustle, meaning you can still do your day job and increase your earnings with this extra stream of income. If you can reach the point where you no longer need to sell, you will only be required occasionally by your team to deal with any issues, and you will still be making money. Entrepreneurs can save money quicker and launch a business of their own without foregoing their salary as a result of giving up their day job. You can rely on passive income as you build your own company, which you will be better at owing to the experience which you have had in network marketing.
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