Today thousands of companies are launching around the globe but one true fact is that only one by fourth of the companies are succeeding. Many of them starting based on the previous working experience of some MLM Company. Before starting the company you should have an idea about how to promote your business, how to give the support to the distributors etc. Some of the points are given below.
1) Legal Formalities for starting a MLM Company.
In the present scenario it would be prudent to be a part of successful network company instead of starting something your own. You need to be ethical,honest and willing to face certain building up challenges when you take it to people. Almost 80% of network distribution companies started before 5 to 10 years, they are either nonexistent or not making big progress now. That is why i suggested you to be a part of already successful network distribution system, instead of starting one on your own. In India RBI flashes red signal at MLM companies, so the Company have to spend huge amounts for registering as MLM Company.
2) Learn the basic plans of MLM.
Before designing your business plan you should have the knowledge about the basic compensation plan. Each plan has its own advantages and disadvantages. I have mentioned some plans below.
Matrix Plan : One of the famous and trendy MLM Plan,which is also called as forced matrix plan. The “width x Depth” is known to be the basic formula of this plan.
Binary Compensation Plan : This MLM Compensation Plan is also known as (2 x n) Matrix Plan, where the ‘n’ represents infinity. The major distributors in this plan are also known as Business Centers.
Board Plan : Mostly known as the Revolving Matrix Plan, consisting of the following concepts; Single Board, Multi Board, Shuffling Board, Auto Filling Board and Manual Filling Board.
Uni-Level Plan : This plan allows the user to introduce one (uni) line of distributors without any limitation. Without a limitation, this plan can be chained very long allowing each member to add as many downline.
Party Plan : It is the way of promoting the Multi-level marketing business by conducting a party. A product is introduced to the people during the event; considered as one of the latest MLM strategy.
Hybrid Plan : Each and every member can be called as a distributor in this plan. Here the time span a member being within the company can help them to earn more profit.
Australian Binary Plan: Its not an extensively used MLM Plan, even though it is easy to understand and implement. This plan is the extension of American Binary Business Plan.
Generation MLM Plan : Generation Plan is considered to be the powerful MLM Plan which can be paid many levels deep.
Stairstep Breakaway Plan : For a certain period of time, only one step (or) stage can be focused in this plan. Also according to this plan, affiliate will get more income.
Monoline MLM Plan : This MLM plan is a considered to be new trend in Philippines. Every members in this plan comes in a same line without particular number of slots.
Spill Over Binary Plan : This plan is followed as an act of flowing over or spilling over.
3) Consult your business plan
Have any confusion in your business plan? have any other problems?? Lots of mlm companies are falling because of the mistakes in the plans, lack of knowledge and lack of experience in the field. These are the very important factors in every business but you can’t find it in some books or institutions. These very important factors are forged in the furnace of experience These are practical rules that arise from years of practical hands on involvement so to avoid the problems you should consult the best MLM consultant the one who have lots of years experience in the field.
4) Choose the right MLM software
MLM software is another important fact in MLM business.If you search internet you will get thousands of mlm company website .Choosing a suitable mlm software is complex process. Before going to purchase a MLM software you have to check which software will match with our business plans and whether the software is reliable or not.
5) Selecting the latest technologies
Today everyone is looking for the latest technologies everywhere. More people are becoming tech savvy’s so in order to attract those customers and to improve your product quality selecting new technologies in the market will help you in huge.
6) Find the target market
You should find out the target market before going to launch your product. The element of marketing mix variables product, place, promotion will determine the success of a product in the marketplace.
7) Build a good team
Building a good team is the single most important thing to achieve a successful project. With the right attitude, a team will overcome almost any difficulty to succeed in its goals. In most projects there will be times when only the determination of the team can overcome the difficulties and carry the initiative through to success. Even when there is no pressure, the team’s spirit and enthusiasm will be reflected in the quality of the solution and the extent to which other people buy-into it.
8) Promote your business
Without promoting the business we can’t reach the target. Find out best techniques to promote your mlm business .you can promote using social media likes TV advertising, Bulk SMS Solution, E-Mail Marketing. Another best way is that Internet Marketing like SEO. Today lot of MLM software have a facility to promote mlm business it is called as Affiliated marketing. If you develop the application by using website replication like www.twitter.com/infinitemlm or id4u. in so that any distributors can promote the business very easily by sending their affiliated URL.Also each users have their own personalized website