Most of the sales of products by party plan companies are made to people who are not consultants. In 2015 and 2016, the Federal Trade Commission (FTC) filed orders against Vemma and Herbalife, each of which is a network marketing company. One of their concerns was a lack of customers who were not themselves representatives. Another… [Read More]
Have you ever panned for gold? To me, recruiting is a lot like panning for gold. Everything looks like mud, until you look closer. While most of your pan’s contents are mud, there may be little bits of gold in there, too. Don’t Prejudge It isn’t wise to make judgments about people when you first… [Read More]
It is now more important than ever before to have customers buying products who are not independent representatives of direct selling companies. One of the questions Sylvina Consulting was asked recently may be a question you’ve asked as well…. If having customers is good for business, why can’t I see all of the customers of… [Read More]
For a direct selling business to be profitable, it must have healthy gross margins. While margins can be calculated in several ways, at Sylvina Consulting we like to use what we call the “multiplier.” The multiplier is a ratio calculated as the suggested retail price of an item divided by the landed cost of the item… [Read More]
As an entrepreneur, knowledge of the strengths and weaknesses of your competitors can help you to build a stronger business. When you take the time to do research, you’ll learn things you didn’t know, some of which you can use to your advantage. Direct selling companies have three types of competitors: Traditional retail or… [Read More]
A budget is an itemized summary of expected income and expenses for a period of time. The most important word in my definition is “itemized.” A budget is not just a total. If you’re starting or growing a direct selling company, the odds are high that your funds are limited. You can’t afford to spend… [Read More]
You know you’ll need them both, but the order of acquisition matters. If you contract for MLM software before your compensation plan has been designed, you may be diving into the water before you know what’s in the lake. There may be unwelcome surprises waiting for you.
In business, the most dangerous thought is “My problems will go away by themselves.” Unfortunately, wishing problems away rarely works. Fortunately, there is a better way to make your problems go away.
One of the topics I discuss with my clients and prospective clients is the importance of a direct selling business plan. When I bring this subject up, I hear some very interesting reasons why they don’t bother to write one. Here are some of them: My idea is too big. I can’t write it… [Read More]
Leaders are so important to the success of all direct selling companies. They sell more, recruit more, and stay active in the business longer than the average representative. That’s the good news. The bad news is that, eventually, all leaders stop acting like leaders. Why? There are many reasons and there is a lot you… [Read More]