Looking for reasons to start an MLM business? That’s easy. There are a lot of benefits that entrepreneurs get and starting an mlm business puts you on track for taking advantage of these benefits. Let’s look at some of my favorites:
The obvious item at the top of most peoples’ reasons to start an MLM business: Income
You want to make money. Maybe you need to supplement your income. Maybe you want to get caught up or get ahead on some bills. This can be a great way to get that done. Maybe you want to replace your income or even build wealth. It’s all available. Of course, you will need to do the work involved, much like you do at your job. You do the work they hired you to do. They pay you. Your MLM Business will work in much the same way. You do the work to sell products or services, and you build a team. This is how we get paid in MLM.
Low start up costs are a big reason, too. Most MLM Businesses can be started for anywhere from a few hundred to 2 or 3 thousand dollars. Compare this to the typical cost to start up a franchise or traditional business, and it’s easy to see why so many choose MLM.
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Tax write offs are among my favorite reasons to start an MLM business. Consult a tax professional and you may be shocked to see how many legitimate tax deductions are available to you with your home based business office. You may be able to deduct a portion of your rent or mortgage, utilities, car payments, insurance, etc… Any good wealth planning strategy will include appropriate and legal tax deductions as a cost saving strategy. In some cases, these benefits alone may be the best reasons to start an mlm business!
Security can be a big factor, too. Everything in life has risks, including business. Adding a second income stream through an MLM business can be a great way to protect yourself in the event of downsizing at your job. You can use the money from you MLM business to build up a savings account, start investing, etc… Your options become bigger when you have that additional money coming in.
Freedom. Now, let me be really clear about this one. I absolutely love the freedom that comes to me as I do business from home. When I first got started, I worked an insane number of hours. I had regular jobs I was working and would spend evenings and weekends building my business. As my business grew, I started firing bosses. Then I reached a level of freedom that can only be found in running your own home based business. I no longer had to ask for time off. I could travel whenever I wanted and where ever I could afford to go. Because I build my businesses online, I just took my laptop and would work in the mornings if necessary and then go hit the beach, shows, or theme parks.
Relationships are a big benefit, too. I have met some of the most amazing people in this MLM world. Some of them have become good friends. The joy and fulfillment that comes from being connected to like minded entrepreneurs is very rewarding and can by quite challenging. The conversations are deeper and the possibilities are much more exciting when you build connection with the people on your team.
Personal development may be the biggest among all the reasons to start an mlm business. Someone I respect immensely in this industry told me, “More important that the money you can make in this business is the person you become on the way to creating that income.”. This has proven to be one of the most rewarding aspects of working with leaders in MLM. The personal and professional development opportunities are never ending.
If you are considering getting started in this incredible journey in to MLM, I welcome your comments, thoughts, and questions.
Brian Rooney
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I have been working online for over 13 years now and the benefits are as you stated. from year one, i was able to cut over half of the taxes I paid the previous year. The key if that when you save in one place, you cannot just blow the money on anything. You must make a commentment to use the savings on business advertising, product, or both. Then set up savings for the next year coming by purchasing things you need for the business like paper, computers, etc. This way you have created the start of your tax brakes for the coming year. usually the 3rd year, you begin to see a profit breakthrough that can begin life changing income.
I also run an income tax business and can witness to the truth on owning an MLM business.
Great advice, Michael! Thanks for your input!