In this blog post, we speak to Chris Whitley-Jones, the Partner of Sussex based accountancy firm PRB Accountants, who have developed a specialty in advising Network Marketing businesses. Here, he shares his thoughts on the industry in general, and the factors that in his opinion, can contribute to a successful Network Marketing business.
“Over the past 30 years we have looked after many hundreds of network marketing clients and one of the most frequent questions that I am asked is, what do I think of network marketing as a business model.
I strongly believe that Network Marketing provides a great opportunity for people who really want to succeed in running their own business. I’ve seen many examples over the years of people who have been very successful in Network Marketing but who may not have been so successful in a traditional business environment. Network Marketing levels the playing field by offering opportunities to everyone, regardless of previous experience or education.
In terms of starting a business, Network Marketing certainly provides a low-cost and quick way of setting up. Most networks charge a fairly nominal price for acquiring an initial starter pack. Contrasting that with the high costs of starting a traditional business and Network Marketing seems like a very attractive option.
One thing that I always do say to people is that Network Marketing is not a quick and easy way to make money. Every single successful network marketer that I have met over the years has worked extremely hard at building their businesses. They have worked consistently hard at getting the basics right.
It’s also important to get the right people in your team. No distributor is ever going to make money simply by retailing a product. You need people in your team that are going to work the business and so it’s important to build a team with like-minded and motivated people.
The other positive of the Network Marketing model is its recognition and social aspect. In this industry, people are really applauded for their achievements and that’s very important for a feeling of self-worth. It’s also a very sociable and positive environment in which to do business which makes it very attractive for many people.
I also get asked if I have ever thought about running a network marketing business myself and I always say that if I ever get bored of being an accountant, I may well give it a go!”
If we can assist your Network Marketing business with accounting and tax advice, please call us on 01444 458 252 or email network-marketing@prbmp.com.