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Anyone have any experience starting an MLM?

Discussion in 'General Entrepreneur Discussion' started by yveskleinsky, Dec 6, 2007.

  1. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Anyone ever started an MLM before?

    Anyone joined an MLM and was successful? -If so, what did you do that made you so?

    Any ideas on how to go about forming an MLM?
     
    hawaiiloans likes this.
  2. Sid23
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    Sid23 Bronze Contributor

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    focus focus focus (and this has nothing to do with MLM)...

    you know what I'm saying.
     
  3. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    lol! Believe it or not, this idea actually connects with what we are already doing.
     
  4. Sid23
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    Sid23 Bronze Contributor

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    GREAT!

    I wasn't trying to be a pain...
     
  5. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Totally appreciate anyone who has my best interest in mind! :)
     
  6. Jonleehacker
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    Jonleehacker Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I have to declare my bias against MLM off the start, but that said I do have a couple friends who have done well in them.

    My observation is that the people who do well are the ones who emphasis and sell the products as the primary focus. The ones who get into it for the money making potential (and aren't really interested in the products) always fail and annoy the hell out of all their friends.

    The one I tried actually trained us to subtly blackmail people in our lives. For example I was supposed to tell my barber:

    "I've been coming here for 3 years, and if you'd like me to keep coming here, you'll sign up for my..."

    These don't work, for me at least, I don't want to live like that - I actually like my barber ;)

    If the product can't make it on it's own, then I wouldn't think too much of the whole opportunity.

    Sorry for the mini-rant...what type of thing are you into? You're the cabin person right? How do you MLM cabins?
     
  7. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    WildAmbitions and I came up with a great idea last night about how to connect cabins to MLM. I am still chewing on it, but think along the lines of timeshares. I will let you guys know if the idea comes to fruition. ...I have no experience with MLM, and I don't like them either, but I like the concept- and the concept is something that I think is worth exploring. Any thoughts or ideas on how to implement an MLM system?
     
  8. Jonleehacker
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    Jonleehacker Gold Contributor Read Millionaire Fastlane Speedway Pass

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    If you mean technically, I'm not sure. It can't be that different from a multi tier affiliate program and I know there is software for that. If you are ready for that, maybe PM me and I'll dig up a link.

    On the marketing end it is also similar to affiliate style marketing. For example today in my business I was involved in the launch of a new type of Internet advertising (audio ads). I took an MLM approach to the marketing. Rather than being going door to door,or approaching one visitor at a time with the "pitch" I identified who were the people with the most influence in the market and approached them.

    If you want to build a downline, the ideal is the have the biggest possible players at the top. One signup from a top level person who influences and can sell to many people that they already have a relationship with, and you're all set. No more work needed. In the past I have used this technique to make good recurring passive income on a regular basis just by sending out one email (of course I established a relationship with the influential person beforehand).

    Hope this helps,

    Jon
     
  9. thecoach
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    thecoach Contributor

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    I've never done anything with an MLM company, but it sounds like my business (insurance and investments) is kind of following the route. I try to find Centers of Influence and they talk to their friends about it. Find someone that is well connected and knows a lot of people that might be in the market for what I do (IE: for me, I have a mortgage broker, lawyer, real estate agent to name a few) and make him an advocate for what you are doing. In my business I almost never prospect for clients, I prospect for advocates. A client will buy something from our, an advocate will convince 10 of his friends to buy something from you. Get 5 or 6 C.O.I.'s/advocates and you will have people coming to you all the time. Kind of the same idea Jon was saying...you have the relationship with the COI, you contact them...the COI has a relationship with someone else and bridges the gap between you and the people they know.

    Once I start getting a ton of people coming to me all the time, I'm going to hire an associate advisor...this person may be one of my C.O.I.'s ("You know Bob, you're sending me a lot of business, why don't you get into our industry, I think you'd make some good money doing it"). They will do the selling, the paycheque comes though me, I pay them from that (maybe I skim off 10% to cover my admin, etc)...the downline concept by the sounds of it. Once they get rocking, hire another associate advisor. Keep higher associate advisors, until I don't need to sell anymore...
     
  10. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    I have clients who have made an absolute fortune (we're talking over a million dollars per year) with MLM. It starts slow, typically, and you'll put in a number of years with little reward...and then it just takes off.

    One of the smartest ways I've seen it done is with the Internet. Check out
    http://www.streetsmartwealth.com/ - It is an MLM, but it's not mine, so I'm not trying to pump it. I think it's just very very smart.
     
  11. hawaiiloans
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    hawaiiloans Contributor Read Millionaire Fastlane

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    I'm currently involved in an affiliate marketing type of business. Depending on what type of company you join, there are very awesome business and personal training material (books, cds, etc) that can help you become a better business owner.

    Like with any business keep at it, and never stop cultivating it, and you'll be very successful. It's a great way to supplement your income, or to replace it in the future. I'm working on replacing my regular incomes as soon as I can. Our origination has so much great people you can learn from in terms of business, and just becoming a great salesperson.

    I thought you couldn't discuss MLM's on here but since I saw this thread I decided to get in here.

    One more thing, the most important thing in a MLM/affiliate marketing business is to make sure your upline is there to support you. I'm very thankful to have somebody I know very well as my upline who I can trust and work with.
     
  12. camski
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    camski Contributor

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    I tried a couple of MLM's when I was younger and failed miserably at it. Contrary to what R.K. says I dont believe that they give good training on how to sell. Now that I am in sales and train other people to sell, I look back and see most MLM for what it is. MLM in my experience is recruiting rather than selling.
    Now having said that I do believe that the people who start an MLM can convey that into massive wealth. I think MLM is great for the people at the top but not so great for those who are recruited based on the dream of making easy money. MLM is just like any other business, it is a grind.
     
  13. WheelsRCool
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    With regards to building an MLM, maybe this could help? [ame="http://www.amazon.com/MLM-Magic-Ordinary-Extraordinary-Business/dp/0941903079/ref=cm_lmf_tit_18"]Amazon.com: MLM Magic : How an Ordinary Person Can Build an Extraordinary Network ing Business from Scratch: Books: Venus C. Andrecht[/ame] - be sure to scroll to the bottom and check the lists of books on MLM and Network marketing.

    Being myself very interested in franchising, there are many books on being a successful franchisee, but also some apparently very good ones on becoming a franchisor.

    I'd imagine MLM is the same, many books on how to be a successful MLM salesperson, but also some gems on how to actually build a decent MLM from scratch.

    I have no idea if the link I provided is for actually building an MLM, but it appears so, so good-luck!
     
  14. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Thank you everyone for all the great input! For a while I was caught up in the thought that my idea of vacation rentals is slow lane- and while it definetely has the potential to stay slow, I am learning that fastlane-ness of it all depends on the driver.
     
  15. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    It seems to me that just about any product or service can be fast lane or slow lane. Like you said, it all depends on the driver.

    :iagree:
     
  16. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    I love it! Have you read the Tipping Point? I have been focused on finding the "connectors" and working them. It seems that the idea of reaching the maximum number of the right people who will then in turn tell the right people (viral transmission) is the way to go to make any idea fastlane, v. reaching the maximum number of people (regular advertising).

    I'll check out those books and that link Diane. Thanks again everyone!
     
  17. thecoach
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    thecoach Contributor

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    I haven't heard of tipping point...I'll have to check it out...
     
  18. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Quick update for those who might consider forming an MLM:

    Just spoke to Jackie, (client Diane recommended) and she is wonderful. I ordered her e book, and she also passed along a great site: www.MLMlegal.com and a book: MLM for Dummies by Zig Ziegler.

    I have contacted/ordered all of the above- I'll keep you guys posted! :fastlane:
     

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