It is a fact that the network marketing industry is one of the largest sectors that touch millions of lives around the world. It is also a fact that innumerable people have found their financial goals through network marketing. Sadly, it is also a fact that despite being one of the biggest employment generators, network marketing is mired by many myths.
This is unfortunate because as per Statista, the volume of the direct sales market worldwide is $192.9 billion. This indicates that market size is enormous, and the industry is thriving.
Just because some people do not find success does not mean that there is something wrong with the industry itself. The root cause is that most people join a network marketing company in the hope of quick money. Whereas, just like any other business, it requires lots of business skills, patience and grind to succeed.
Here, we will try to bust the myths that surround the network marketing industry by bringing facts in front of you.
Myth 1: Network Marketing is based on illegal pyramid schemes
Fact: Whether it is a political structure or a corporate office, there will be one person at the top of the pyramid. For example, the government of a country is headed by the Prime Minister or President. Similarly, a corporation is led by a chairman or CEO. The fact is that the shape does not determine the legality of a company. The problem arises when unscrupulous companies, owned by crooks, launch companies that do not sell any product or services but make money through people adding more people in the network. Any company that is selling high-quality goods or services through direct sales or network marketing route offer employment to millions of people legally.
Myth 2: Only founders make money in network marketing
Fact: It is akin to say that only the CEO of a company makes money in a corporation. Whereas, the truth is that everyone in a corporation earns an income depending upon the skill level and experience. Similarly, in network marketing, the amount of money people make depends on the hard work and skill level. Unfortunately, most people who join a network marketing company are not good at interacting with people, either they are too shy, or they are reluctant to speak with other people. One needs to be skilful in sales as network marketing is a sales business, where you are selling a product/service.
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Myth 3: Network marketing is all about using innocent people to one’s benefit
Fact: it is the most beautiful model of business where you have people (mentors) to help you at every step. In the corporate world, people envy their colleagues. Whereas, in network marketing, one’s success depends on the success of people recruited by him/her. This ensures that people always get help from their mentors in conducting business meetings or seminars. There are countless examples of people from around the world who made it big by helping others in network marketing.
Myth 4: Eventually the program will get saturated
Fact: Amway was founded in 1959. As per Statista, Amway was the leading direct selling company in the world with global revenue of about 8.8 billion U.S. dollars in 2018. It is doing well till date all around the world because it sells quality products every household need. Same with all other top-notch direct selling companies who sell quality products like Avon, Nutrilite, Tupperware and many more. Direct selling is not any money-making program; it is a legitimate business with a different sales model.
Myth 5: Most network marketing companies fail
Fact: most studies show that 90% of start-ups fail! That means it is normal for a business to fail. Any business, if not appropriately run, is bound to fail; network marketing is no exception. Successor failure has nothing to do with the mode of a business model. Whether it is conventional or direct marketing, a business will survive and thrive if it is run with the right earnest, hard work and dedication. If a milk factory fails, will you blame the milk industry? Similarly, if HMT (manufacturer of watches) failed, will you blame the watch industry as a whole?
The network marketing industry arguably offers employment to a considerable chunk of people across the world. It has helped millions attain financial goals while working from home, being their own bosses. We have busted the prominent myths so that nothing should stop people from joining a network marketing company. If you can commit time, work hard and have necessary sales skills, you should consider joining a company that matches your preferences for the product line and commission structure.
If you are a business owner, thinking of starting your own network marketing venture, the first thing you will need is a robust network marketing software to run your business efficiently. Ventaforce is the world’s most loved network marketing solution provider that could help you get off to a flying start.
For a detailed discussion and price quote, please get in touch with us today!