The idea of entrepreneurial ventures is a popular one, more so in the current times when we see different companies, brands and business ideas making their emergence on the bosom of global commerce. An entrepreneur is a person who has initiated a brand new business framework and is beginning from scratch. Many of these startups make it really big, whereas most of them get doomed over the first few initial years.
Now coming to the concept of ‘network marketing’ – this is a concept of business that has been in vogue for quite some time now. Network marketing is also referred to as pyramid business, referral marketing and multi-level marketing (MLM). In this type of marketing, the independent agents are responsible for selling the products and the services of the company. They act as the distributors of the company who not just sells the company products to the end users or the retail customers but they also introduce other agents to the system and recruit them under their own guidance. Their income is based on a per sales commission basis, where they receive a commission on the sales that they directly make and they also receive a commission on the sales that are made by the agents who have been recruited by them.
Experts are of the opinion that for any entrepreneur the process of network marketing is one of the best ways through which they can establish their business and help it remain big.
Why Should You Adopt Network Marketing?
Here are some valid reasons that make network marketing more relevant to your business:
- Cost Effective – The idea of network marketing is clearly a framework that requires very little capital incentive and investment. For any entrepreneur, money is a crucial aspect as they have limited means that they can invest in the business. This is why this marketing idea proves to be the most befitting structure for their business.
- No Employees To Manage – Through a web of network marketing you have thousands of people working for you, but none of them are your employees. There is no extra hassle of recruiting manpower (as it is being done free of cost by the existing agents), or training them (as even that is being taken care of by the existing agents) or even managing their payrolls and other features like taxation etc.
- Flexibility – Network marketing is a pattern of working which allows an entrepreneur all the flexibility that will be required by him or her. He or she can work at flexible hours and can keep their business portable. This fluidity can prove significantly effective for a startup taking baby steps towards making it big.
- Becomes A Well Known Brand – Network marketing is a form of branding where word of mouth plays a very significant role. This is how people get to know about the brand and a gradual trust is build for the brand. This helps the brand to gain popularity over time.
- Helps You Grow And Remain Dynamic – This is a business a format that will help the entrepreneur to cross their roads with a lot of people, each of whom can have a really important role to play in the course of business and also the personal life of the entrepreneur.
Network marketing is a format of promotion blended with sales that is quite informal in its structure. However with hard work, dedication and focus this can be a highly profitable business chain, which will not only benefit the entrepreneur but also thousands of common people acting as agents. This is a business format that requires time and patience to flourish. Once it has taken shape it will only reap the benefit for one and all.
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