Top 5 MLM Catagories you should be in right Now! PT 2
As I mentioned in part 1 of this article you are the primary reason someone will join a network marketing company. For the most part, products do not get people in the business nor does the company leadership …..your leadership does. People want to follow someone who knows the way, goes the way and shows the way as John Maxwell would say. Products are secondary. That being said, products are vehicles to get you and your team where you want to go. SO I did some research on the vast MLM industry and took a look at specific categories to see which ones present the best opportunities to creates a massive residual income.
The are a handful of categories to choose from but not all categories are created equal. Although you could build a huge team and income in any industry some categories are more profitable than others. Factors may include need, timing, industry size, product or service and a few intangibles.
Here are the top 5 categories you should get into now.
From 5th to the number one category;
Category 5- Travel. Travel is by far the largest category in terms of money spent annually around the world. People love to travel. People want to travel for many reasons, from fun and adventure to relaxation, romance and rejuvenation. Travel is a very appealing industry.
The drawback – Travel isn’t a daily, weekly or monthly product or commodity. It’s one of those things people do “when they get a chance.” So most travel mlm are set up as memberships which people sour on if they do not get to use as they had hoped.
Category 4 – Financial Services. Despite the massive hit financial services took in the market the average investor still needs guidance and a plan. Although more people are paying attention to their finances and being a bit more “hands on” (and they should), they will still need someone to facilitate the transaction. Forms still need to be filled out for annuities, insurance, long term care, and mortgages as well as other financial instruments.
The drawback – So many people have lost their trust in financial services, the market in particular, due to the fact that retirement funds dwindled as the economy took a nose dive. With large financial institutions going under or taking bailouts this sector has an uphill battle in winning back public trust.
Category 3 – Health/Wellness/Cosmetics – There are over 5 thousand network marketing companies and 48 hundred of them are in this category. This shouldn’t be that surprising with baby boomers wanting to look and feel younger. This makes the market huge for those who are in the health and wellness industry.
The drawback - As I mentioned before there are over 4,800 health and wellness mlm companies out there which makes for a tremendous amount of competition. They all (or most) have clinical trials, testimonies, case studies and endorsements. Its enough to leave you scratching your head as to which one is really the best.
Category 2 – Necessities - When I say necessities I mean things we use everyday. Things like the cell phones we use, electricity and the like. I do not, however, recommend technology because it has a tendency of getting cheaper a soon as someone makes a “better mouse trap”. When that happens where does that leave your residuals? Nor do I recommend toiletries such as Amway simply because of market saturation.
Electricity on the other hand is great because you never pay that stuff off! As long as your customers pay their bills you keep getting paid.
The drawback - Actually getting customers to make the switch can be tricky. Most people are on contracts and would have to pay a penalty for breaking an agreement. So follow up is critical in timing the expiration of your prospects contracts with their current electricity provider. Most sales will not be instant.
Category 5 – Collectibles Assets. I am a big comic book fan and for a period of time I owned more than 10 thousand comic books personally (I also owned a comic book store). Some of which were worth hundreds of dollars. While I’m not talking about comic books, I am talking about other assets that has intrinsic value. Gold and silver collectibles are the perfect product in this category. There is a media buzz about gold and silver these days due to its rise in value in a turbulent economy. Precious metals are the currencies of kings.
When you take an asset such as gold and silver collectibles and place it into a powerful vehicle like network marketing you’ll have a phenomena. Not to mention this category is new and has just started in the market (relatively speaking). So the timing couldn’t be better.
The drawback – I has been said that a new idea is first rejected then ridiculed then it becomes self evident. So I would expect some resistance at this stage. Once the idea of collecting gold and silver coins to protect and preserve wealth the person in position will stand to make a fortune.
Fighting the evil forces of personal poverty both yours and mine.
Robert E. Reed