Why Many “SUPPLEMENTAL INCOME” Ideas Aren’t Worth Your Time – And What You Might Do With It Instead.
Quite often, I’ll get excited requests from people who have stumbled upon some great idea for an alternative / supplemental income and want me to join them in making the scheme work.
Here are a few of the suggestions of alternative supplemental income I’ve heard:
- + Sell items online. Assuming you know what items will sell everytime and you don’t end up with a lot of dead stocks+ Write a Blog and Make Money selling advertising. Assuming you know how to write good in-demand articles that can get Click-through advertising everyday.
- + Buy in Bulk and sell individual items/paks by front-load buying schemes. Assuming you don’t eventually end up with a houseful of unwanted stocks whIch will wipe your all your profits sooner and later.
- + Do “Riskless, Product-less” “investment money games” and other online marketing scams. Assuming there are enough suckers to make you rich long term and you don’t hurt your reputation in the process. Cheating is bad karma and people you’ve cheated may put a curse on you and your future generations even if God doesn’t. There are a lot of unverified claims from these people about how much they earn but they are usually not in the top 100 MLM Earners for more than one year and there are no new success stories every year that can be independently certified / verified. Some of these involve black hat SEO (dirty tricks) techniques which Google and other search engines algorithms will detect and blacklist (take offline) your website in next to no time.
- + Sell your time and talents online. Assuming you can get enough regular income to pay for your grocery bills. If you can, good for you. Very few can produce a regular income in the long run. So you’ll have to keep building and reinventing every year or so.In a nutshell,
I view all of these ideas as a waste of time, and here’s why.
First, the pay for the time invested is very low. The best you can hope for with these sites is something approaching minimum wage – and that’s only on rare occasions when high-paying options come through. Mostly, you’re just loitering for a dollar or two an hour.
Second, you’re not building anything. The first problem might be tolerable if you were building something for the long term that would earn you much more per hour, but with services like these, you’re not. You get paid per piece, with that piece being strictly independent of other work. You can’t earn a raise or a higher rate of return with sustained quality work. If you’re extremely lucky, you might happen to randomly attract someone through the freelancing sites (Squidoo, AC, Elance, Guru, etc.) who’s interested in your work individually for more tasks, but the odds are very low.
I understand that many people do such things during idle times, when they are required to be in front of a computer for a period of time but don’t have any specific work requirements to be fulfilled (like a front desk receptionist, for instance).
I also know that many people do activities like this in the evening in the family room while the television is on as something to do to “earn a few bucks” while watching television.In either case, why not invest that time doing something that produces more value – or at least has the potential to produce more value?
Here are the Criteria for Selecting the Right Network Marketing / MLM Company.
1. GET A BUSINESS THAT IS BUILT TO LAST. The last thing you want to do is to put time, money, effort, resources and your credibility on the line for a business that is failing or slowing down.
2. JOIN A MLM COMPANY WHICH IS AT LEAST 1O YEARS OLD and WHICH IS STILL GROWING IN NORTH AMERICA. If the company is not growing in North America, it means that growth is not sustainable in the long term.
3. JOIN A REPUTABLE, FINANCIALLY STABLE USA COMPANY. You don’t want to waste your time on a company that can close down anytime.
4. LOW MONTHLY MAINTENANCE. You should just buy products for your own use which should not cost more than US$180+ [S$220] per month. You teach others to do the same. If it is a front-loading scheme, it is no better than direct sales. You might as well be a insurance or property agent where the returns are better.
5. JOIN A COMPANY WHICH CREATES ITS OWN PRODUCTS IN-HOUSE AND PROVIDE QUALITY ASSURANCE and MONEY BACK EVERYTIME. If you don’t have unique, world class products that people want, how can you generate repeat monthly sales?. Are the products Halal certified and does the halal certification logo printed on the internal packaging of the products? Are the products free from soy, GMOs, artificial preservatives, sweeteners, flavors or coloring? If you don’t have this how are you going to survive in such a business?
6. HAVE A NEW GENERATION COMPENSATION PLAN WHERE YOU NEED TO BUILD ONLY TWO LEGS AND WHICH
- – pays UNLIMITED DEPTH on both your 2 Legs / Teams so you will be earning on your whole team volume. It should pay on one strong leg and one weak leg as it is difficult to build & balance two equally strong legs.
- – have NO BREAKAWAYS ie no matter how high a rank your enrollled associate attains, they will still remain in your organisation and you will continue to earn from their team volume
- – NO CUT OFFS, NO BLOCKING. As there are no fixed levels / generations you can override, your income is limitless. You won’t have to worry about associates with small volume blocking your access to earning income from big producers deep down in your organisation.
- – 10% MATCHING BONUS. Earn at least 10% of what your personally enrolled associates earn as part of your team building efforts.
- – NO FLUSH OFF Whatever volume you and your team generate can be carried over to next week/month. Your efforts are not wasted and you don’t have to restart your volume from zero.
- – PAYS ON RE-ORDERS, Generates residual income everytime your success line continues to use the products
- – ALLOWS FOR RE-ENTRIES when you have maximised your current two legs. Such re-entries usually pays more (% wise) than the original two legs,
- – PAYS WEEKLY, ETC.
Some comp plans pay better in the beginning but cannot be sustained over the long term without affecting the survivalibility of the company in the long run.
7. THE COMPANY IS NOT OVERLY EXPANDED GLOBALLY There is still a lot of room for the company to grow,
8. IT IS A LEGACY COMPANY The owners do not intend to sell the company or to get it publicily listed in the stock exchange thereby protecting the interests of its Associates.
9. A TRULY WAVE 4 ONLINE INTERNET ENABLED COMPANY You can do most of your mlm biz activities online –
- – buying products and shipping to your doorstep
- – learning about the company, products, doing the biz
- – keeping track of your business and signing up people online
- – your own free company website.
If you company have these, then you’ll have more time on important activity like prospecting, presenting and follow up.
10. ONLINE LEARNING & DIRECT ACCESS TO COMPANY MARKETING TOOLS THAT ARE REASONABLY PRICED. As you can learn the biz and buy company marketing tools online direct, You are not at the mercy of incompetent and predatory leaders / uplines / support lines. Should be available on Facebook, YouTube and company websites.
11. IT DOES NOT COST YOU A FORTUNE TO ATTEND COMPANY EVENTS. The high cost of attending regular events will eat into your long term profits. Your objective is to earn big money as quickly as possible ie 1-3 years. My objective has always been to make it big within the first year otherwise you’ll easily be discouraged and slow down and this in turn will discourage your associates as well.
12. DOES THE COMPANY HAVE A STRONG MANAGEMENT in corporate governance, distributor compliance & training and and product development? Has the ownership of the company changed hands in the past 10 years?
13. DOES THE COMPANY HAVE A GOOD CUSTOMER CARE CULTURE?
For over a decade I’ve shared these with my prospects and team. That is why Network Marketing / MLM is my choice career. Because I understood the magic of the Power of Two’s results on expotential growth and compounding interest.
“If you understood residual income, you’d walk through a brick wall to get it!”
Here is an illustration on compounding interest: If the number of water lilies doubles every day in a pond starting with one water lily…. how full will the pond be on the 29th (second last) day of the experiment? The is answer is 50% full. On the 30th day, the pond will be 100% full of water lilies. That is how powerful the power of two is,
Do the work right ONE time and get paid OVER and OVER and OVER again for a long time. What’s not to like?!
A network marketing business is a great way to create a ‘residual income’ that gives you more time. More time to spend with your children, go on vacations, help others… more time to do the things you want to do, when you want to do them.
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teamrich.wordpress.com – supplemental income