September 25, 2008 | Debbi A. Ballard | Comments 0
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How Your MLM Business Can Survive the Economic Crisis

by Debbi A. Ballard, MLM Consultant and Expert Witness

Your MLM business is obviously impacted by the present economic crisis . How can you survive this trying time and continue to grow and prosper? This mlm blog post addresses that question.

Doom and gloom pervades the media. Everyone is searching for an answer. But it’s difficult for the economists themselves to sort through this mess, much less the average person.

When you dig a bit deeper into the causes of this economic crisis , you find that far too many government officials only cared about their political aspirations rather than doing what was right to protect the country. In 2005, when Republicans controlling the Senate Banking Committee all backed a strong reform bill to avoid this impending crisis, all of the Democrats on the Committee voted against it. Too many politicians wanted Fannie Mae to keep making these ridiculous, dangerous loans available so they could “buy votes” in their districts. Yes, people in both parties made mistakes but most of the mainstream media is failing to properly report about the missed opportunity that occurred in 2005.

Far too many corporate heads were irresponsible just wanting to cash in on the desire by so many people for low-interest loans on high priced homes they could not afford. Some in the latter group, of course, also share the blame for rushing into these loans without doing their due diligence.

Here are a few tips to help your MLM business survive during this economic crisis

1) Look at your products or services. Do some market research online to see how they fare in a bad economy. Do they do even better or does the market demand fall?

2) Look at the pricing on those products/services. Does the pricing facilitate retailing or is that and even the wholesale or preferred customer pricing not competitive when people are cutting back their discretionary spending?

3) Does your MLM compensation plan allow people to earn enough monies in the early stages of the plan to keep them interested and involved? People needing money now to help pay their bills are not going to work hard and wait for six months to a year to see if the opportunity is profitable. They are not looking to get rich right away but at least want to receive enough to help with some bills.

4) Don’t jump into an MLM business too quickly. You want to select the right MLM opportunity. The wrong one will just set you back, causing you to waste time, effort and monies. Working the wrong MLM business will not pay your bills. Working a strong MLM business, however, can do just that and much more.

5) When selecting an MLM home-based business, be particularly careful that the opportunity is operating within MLM legal compliance . In an economic crisis, the scammers come out of the woodwork hoping to lure opportunity seekers looking for additional income. We’re seeing this already and I expect, unfortunately, to see a lot more of it.

6) As you build your MLM business, concentrate on building strong loyal ties with your downline. Years ago, people never spoke about other opportunities to their downline warning them that they could be tempted to jump ship. However, today, it’s better to confront that issue head-on with people you’ve brought into the business. Let them know that you are aware of the fact that they could get approached offline and online about many other opportunities. Get a commitment from them from the beginning concerning what they are willing to do working with you to achieve their initial goals and how, specifically, you are willing to help them do that. Do not just rely on emails to assist them. Personal visits or phone calls must be a part of your MLM loyalty marketing program.

When you let people know up front what you expect from the relationship, you are far more likely to get the loyalty you’re seeking .

The constant jumping around from opportunity to opportunity is destroying MLM companies and destroying the downlines of many networkers. During an economic crisis , this will get even worse if companies and their networkers don’t concentrate on building loyalty.

7) Watch your money. Now is not the time to be overspending and letting others lure you into buying too much inventory. Nor is it the time to be buying thousands of dollars each month in a multitude of worthless ebooks, coaching programs, software, etc. telling you that if you do, you’ll easily succeed in your MLM business. I am a huge advocate of truly beneficial business support products and services but have never recommended excessive spending with little to no ROI (return on investment), particularly on some of the questionable products and services promoted online. The affiliate marketing world is especially vulnerable to this as the pitches come out daily for the “must have” support items you need to build your business. However, spending wisely on the right support products and services that move your business forward always makes sense.

8) Speaking of “money,” go and check right now to make sure that wherever you have your money, those funds are FDIC insured up to $100,000.00. Take financial precautions to protect you and your loved ones. I’m an optimist and I believe in our country’s ability to survive a crisis. However, I am also a pragmatist and know that no one has a crystal ball as to how viable the government’s solutions will be.

9) Yes, keep abreast of the news but do not let the doom and gloom broadcasts get you to concentrate on the negative, or worse, throw you into a depression. When people feel overwhelmed, it is far more difficult for them to move their businesses forward. Millions of people are back watching sporting events along with “Dancing with the Stars.” Diversions like this keep them from brooding about their challenges and put them in a positive frame of mind, even if only for a brief amount of time.

10) Get a variety of opinions about the best course of action to take regarding your investments. Few people can afford to take great risks in this time of economic uncertainty. If you have already made a sizeable amount of monies in MLM or already have a decent income being generated from it, keep a prudent balance between your available cash and investments.

Following these tips can help your MLM business survive and even prosper during this economic crisis .

copyright, 2008, Debbi A. Ballard All rights reserved. You have permission to link to this article.

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About the Author: MLM Consultant, Expert Witness, Author, Blogger, Speaker and CEO of International Network Liaison Corporation...but more importantly, wife, mother, daughter, aunt, cousin and friend.

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