In the present scenario in India, network marketing has seen a substantial growth! Today, companies like Amway, Oriflame have created a niche for themselves in the competitive market. Many want to start their own businesses, but give away the idea because of the huge investment. This void has been successfully overcome by network marketing! Network marketing has proved to be a boon for people who are embroiled in financial crisis, but yet want to start their own venture. However, a question arises, how to build up a network marketing business in India?
- Most important and prime aspect – choosing a product. Decide upon which product you want to promote and flourish your business. After all, product is equal to productivity, so choose it wisely. Apart from this, believe in your product and its credibility.
- Make the company as Pvt. Ltd because there are can be risks involved while setting up an MLM business, so it’s better to go in a legal way. This process should be followed by documentation like registration, PAN, TAN, bank account, necessary licenses, etc. Most importantly, approach a legal advisor and keep him in the loop while starting your business. Not only a legal advisor but also an accountant to manage your accounts of the company. Do not forget to ask for legal assistance while structuring the terms and conditions, termination policy, product return policy and all other policies which are necessary for an MLM business.
- Try and start your network marketing business under Indian Direct Selling Association (IDSA). Though, IDSA is a non-government body which is started by Amway India, it still manages entire hierarchy of Direct Selling Companies in India. It was started with a sole objective of stopping the illegal and wrong practices in network marketing businesses. Joining with IDSA will help you in clearing your doubts and will also answer your queries and solve obstacles.
- Start your own website and decide upon the compensation plan you want to choose. Go for a good MLM software like Ventaforce to ease the working of your business. Upload all important information on your website so that visitors get a clear picture.
- Announce offers like a pre-launch which will help in boosting your presence in the market.
Network marketing is definitely a medium to earn residual income, so definitely give a thought to start your own business with minimal investment. But before investing, do a thorough research to avoid getting embroiled in pyramid schemes!