What are the things you must think about when starting your own MLM company? What are some of the common pitfalls and how do you avoid them? There is no one better to ask these questions than Mike Sheffield, a renowned MLM consultant and owner of The Sheffield Group.
In this episode, Networking Star host Jeff Boyle discusses these topics with Mr. Sheffield.
Mr. Sheffield said that there are typically two types of people that look to create an MLM and both have unique challenges. The first are experienced distributors that think they can do it better than the companies they’ve been involved with. Their challenge is to learn how to manage and run a traditional business in addition to recruit. The second category are good business leaders that think MLM would be a good distribution method for their products or services. The traditional business leader faces the challenge of learning the nuisances of MLM and knowing how to recruit others.
He added that those coming from the traditional business world tend to have a more difficult time starting an MLM company than those that come from the MLM world.
He said that regardless of the background, most start-up MLM companies expand to spend all of the investment capital that is available. So it’s imperative to focus on what is truly needed, and not necessarily what is wanted. Mr. Sheffield listed in the category of genuine needs a good management team, good sales tools, compensation plan, a customer service and distributor relations team, a software company, legal advice and a social media presence. And then he emphasized that communication is king and queen in this industry, which is why social media is a must.
But then he cautioned, you don’t have to have the best, in everything. You have to be good enough. The combination of all of them will build a world-class company.
Mr. Sheffield co-hosts a MLM Start-up Conference every three months. The next conference is October 22-23, 2015. More information can be found here – http://www.sheffieldnet.com/startup-conference/
Watch the blogcast for more insights.