In my article The Most Misunderstood Market, I quote Robert Kioysaki saying: “All people are looking for jobs except the richest who realise the power of a network”. Networks work and many marketing companies tap into this power as part of their business model.
Franchising is one of the modern-day versions of the power of a network. It came into existence when companies started training people to master specific skills only to find that a few years down the line, these same people were in competition with them. Franchisors realised that they could capitalise on the fact that these groups of skilled people wanted some autonomy and the rest, as they say, is history. As a business model, franchising does hold some benefits to those who want to start their own business, yet it is unaffordable to most people.
On the other hand, going it alone need not cost you as much as a franchising fee but finding a suitable product or service, drawing up a business and marketing plan and sticking to your guns until you turn a profit can be challenging to say the least.
Combine these elements – the product offering, back-up and training of an established company, the power of a network and the autonomy of owning your own business and you get, essentially (even though this is a very simplified version), what network marketing has to offer.
By building a network, you leverage other people’s skills and efforts in a symbiotic manner. John D Rockefeller hit the nail on its head when he said: “I would rather earn 1% off a 100 people’s efforts than 100% of my own efforts.” Network marketing companies have a formalised system in place, tried and tested for you to tap into and to unleash your inner entrepreneur!
Till next time