Over 40 years ago when my partners and I started putting cayenne pepper into capsules, I never imagined how far this industry of sharing products person to person would come. Back then, there were only 6 companies and a handful of people who knew what network marketing (multi-level marketing or direct selling) was. Now, 20 million people engage in some form of Direct Sales generating over $36 billion in revenue, according to the Direct Selling Association (DSA) in 2015. In fact, more individuals generated more revenue in 2015 than in any previous year since the DSA has been documenting it.
Network Marketing has come a long way since those early days and I think the best is still ahead of us. By now, many people understand the benefits of getting involved in Network Marketing (low cost of entry, potential tax advantages, autonomy, personal development, etc) Here are a few additional things to consider why it may be the best way for any individual to generate an income in the future:
Trend Toward Entrepreneurship
People are rushing to create their own opportunities. With an unreliable economy, perceived lack of career prospects and diminished job security, it’s no wonder that people want to secure a reliable income for themselves that they can directly influence. Call it what you will – side hustle, freelance, solo-preneur, side-preneur, it’s undeniable that there is a trend building toward creating a new economy driven by the entrepreneurial spirit.
Last year the Global Entrepreneurship Monitor (GEM) found that 27 million, nearly 14% of working age Americans are starting or running new businesses. This is a record high for this study now in its 16th year. A growing number of people are seeing entrepreneurship as an attractive and viable career option. Network Marketing has the potential to not only equal someone’s paycheck from their job, but go beyond. In fact, there are no salary caps on what you can earn.
Multiple Streams of Income
For most of my career, I’ve created multiple sources of income, oftentimes out of necessity. Relying on only one income source is a risky move that leaves people susceptible to unexpected challenges. Having multiple incomes is not just a strategy for the wealthy. Many people are realizing how smart it is to create a 2nd, 3rd or even 7th income source. They don’t all have to be large sources to make an impact on their finances. So even if they have a typical job they can start a business on the side for extra income. Network Marketing doesn’t require that someone work it on a full-time basis. Many independent distributors/representatives work it part-time for additional income. It is appealing to those who only want a part-time income such as mothers who want to stay at home with their children or retirees that want to supplement their social security checks.
There’s one important distinction here though, the most successful distributors/representatives never work with more than one network marketing company at a time.
A New Economy
One of the commonalities that Wikipedia, Kickstarter, Facebook, Google, YouTube and many others share is that they open access to previously closed resources and markets. All this open source and crowdsourced information along with a global audience to share it with brings us all closer to each other. Social media and the internet have made it easier to connect with just about anybody around the world in an instant. This accessibility and openness will continue to provide remarkable opportunities for those who learn to adapt to these changes. Network Marketing has become a global juggernaut and now it is easier than ever to build a world-wide organization.
We are on the edge of seeing major growth within the Network Marketing industry. Oftentimes we hear of “ground floor” opportunities, those instances where being an early adopter and getting in at the right time is a huge advantage. Well, the timing has never been better than now to be involved in Network Marketing. I see a bright future where more people than ever will embrace this business structure as a major income source. And why not? There are fantastic products and services available along with some of the best people I’ve ever been privileged to know working in this industry.