Posted by Drew Melendy on Oct 8, 2018 10:02:24 AM
How to Break Free From MLMs and Break Ground on Your New Business
If you've decided to leave your Multi-Level Marketing company to start your own business venture, you may be wondering where to begin. For many, this is a difficult and intimidating situation. Be that as it may, we think we can lessen the hesitation by providing you with a list of considerations that help guide you through this decision. Let's take it from the top.
Form an exit plan
Review your contract and find the best way to sever it. Do your best to get rid of your leftover inventory. You will probably have to eat some if not all of the cost it took to obtain it. That’s a tough pill to swallow, but it is very common. You are not alone in this. Eliminating leftover inventory will help you to start over fresh.
Consider the necessary resources
After you’ve made an exit strategy, you can move to the next step. Ask yourself how much time and money you have to invest in starting your new business venture. You will need these resources to get started. Self-evaluate to see if you have the resources to make this into a business and not just a hobby.
If your answer is business, be certain you have money to invest in a business license, office essentials, regular inventory, and inventory management and invoicing software.
Once you know that you have the resources to get your new business off the ground, you can start establishing your brand’s look and feel. Usually, consultants already have a brand they’ve built under their parent company. You can personalize it further and carry it over to your new business. Or you can start from the ground up. You’ll have to choose a business name, logo, and website.
Train Your Audience
You're probably already used to leveraging social media for your marketing efforts. If you want your audience to engage more, you need to let them know when you’ll be interacting with them. Consistency is crucial. Pick a time for your live sales and continuously remind your audience when that will be. Make sure you market this to all channels- Post it to your page, your group, your Instagram, or your Facebook story. Some Facebook groups even change their names to reflect the time of their lives.
If you’re already been doing consistent lives at scheduled times, continue with that plan. Use static posts with products, engagement posts, and pre-recorded video to regularly drum up interaction with your following. You want to keep the engagement you’ve already been cultivating. Continue that momentum.
Choose Quality & Unique Items
Your customers come to you for a curated shopping experience. Pick items that reflect your personality and brand. Make sure your products are uniquely you! You will need to be different so you can outshine the competition. Don’t sell the same items as everyone else or you’ll be contributing to market saturation. If you’re selling the same things as everyone else, your business will not continue to be sustainable because there will not be enough demand for a product that can easily be found in other boutiques.
It’s also important to note that your products should be quality. It can be tempting to save a little extra with less than quality products. However, your customers will notice how much care you put into picking something that will last. That will make your customers appreciate you all the more.
Choosing high-quality products will be easy when forming relationships with trusted vendors. When you build relationships with trusted vendors, they will take care of you. You can depend on these vendors to supply quality product and provide satisfactory service.
Understand your Ordering Options
Few wholesalers offer open stock options where you can select any quantity of sizes you want or need. Typically wholesalers sell in “set packs.” Packs are cut with sets of different sizes. Usually, the packs are cut 2:2:2. This means there are two small, two medium, and two large.
If you have enough buying power and can meet minimums, you can order packs that are cut differently. Ordering 1:2:3 packs, one small, two medium, two large, will give you the same amount of product, but in different sizes. Usually larger sizes have higher demand. Selling with 1:2:3 packs is an excellent way to eliminate the chance of having a surplus of smalls that don’t sell.
Multi-Level Marketing companies are not for everyone. Starting your own business provides you the freedom that you simply cannot get with MLMs. Taking these steps, even considering them, will help you get a better picture of what it takes to liberate yourself from these companies and begin on your journey as a business owner.
Topics: Business Strategy