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Let’s admit it. Selling is scary. Not only do you have to present yourself to a bunch of people who have completely no clue who you are, but also convince them to part with their money for what you’re offering. Perhaps this is why many of us are reluctant to sales positions. However, a side hustle in sales can turn out to be very lucrative option. Especially in the form of network marketing, commonly known as multi-level marketing (MLM).
Why do we hate Multi-Level Marketing so much?
The question then arises that if they are so good then why do Multi-Level Marketing companies leave such a bad taste in our mouths? I guess it’s because many of us associate them with that overzealous family member. You know? The one that’s constantly trying to recruit us into their team. Additionally we’ve caught onto the cloud of critics who characterize them as pyramid schemes. Many still see them as being “too good to be true”. However a close look into their business models and you’ll find that they could actually be a legitimate means of increasing your income.
This is how they actually work…
According to MoneyMoneyUnder30, this is how they work: “Every time one of their salespeople sells a product, he/she gets a commission. Most also encourage their sales staff to recruit other salespeople. And then when one of these new salespeople sells a product, the seller who recruited them gets a cut too.” That makes the success of these based on not just selling, but recruiting others to sell under your team so you can get a cut of their sales too. That explains that overzealous family member’s behavior now doesn’t it?
Millennials like to work with purpose…
Many of us millennial like doing work that has a purpose. This could make selling under MLMs very challenging. It’s highly unlikely that anyone selling under an MLM can tell you how their products are revolutionary. Or how they are most likely to “change the world”. However, besides the great sums of money you can eventually make, taking up an MLM as a side hustle as a millennial can come with numerous benefits if you focus on learning and developing your skills rather than earning.
3 ways a MLM side-hustle could be your best option
1. Teaches you how to sell
A survey released by Bentley University outlines how we as millennials recognize that career success will require us to be more agile, independent and entrepreneurial than past generations. One of the crucial skills aligned with this is the ability to sell yourself and your ideas to outsiders. The great thing about our generation however is that the use of technology has allowed this process to be less intimidating than it used to be. Robin Rogers, an Independent Consultant for Arbonne a renown MLM company in the US, says one of the millennials in her team uses Instagram to promote her business and generate sales. Which has worked out very well for her as a side hustle. Many Instagram celebrities are also Independent Consultants for MLMs such as Herbalife and use their social media influence as a way to recruit members into their teams and generate sales.
2. Helps you gain leadership skills
According to Robin, the success of your business as a MLM consultant is not only your ability to be coach-able but also to coach and lead others. In her experience the most successful people in this type of business are those who can inspire action from their teams through being great leaders. And there are no statistics that go against how leadership skills are beneficial for anyone’s success. Either for your career or for your journey as an entrepreneur.
3. Develops your money management skills
Having MLMs as a side hustle is essentially similar to running a business on the side. In order to grow your income there are some expenses that you’ll probably have to incur. These may include buying the merchandise, meeting potential recruits, and other marketing related expenses. This obviously requires the ability to manage your finances effectively to ensure your side-hustle business runs at a profit rather than a loss. Additionally the extra income from your side hustle would work best if stashed in some neat investment account. This can encourage you to learn more about various investment options to ensure a stable financial future for yourself.