In our world today, most youths are unemployed, for this reason, youths try make/meet their financial needs from online platforms or businesses especially those with the knowledge of internet and advertising. Both people who don’t have business spaces (offices/shops) and also those who don’t have spaces to display their business use online to advertise and sell their businesses.
WHAT IS NETWORKING BUSINESS?
Networking Business can be defined as a process of setting up mutually beneficial business relationship with other business people and potential clients or customers. It is also referred as meeting other business owners, potential suppliers, or other professionals who have business experiences to help you grow your business. Networking is simply the sharing of information or services between people, businesses, or groups
TYPES OF NETWORKING BUSINESS
There are five types of networking business organizations and they include:
- Casual contact networks.
- Strong contact networks.
- Community service clubs.
- Professional associations.
- Online/social media networks.
HOW TO START AND RUN A SUCCESSFUL NETWORKING BUSINESS
A networking business is also known as a multi-level marketing business (MLM). It involves you recruiting other business-minded people into your organization, the new recruits will buy products from the networking company and then start building their own networks, or down lines.
The scheme is to grow your network, in this business, your net worth is exactly determined by the size of your network.
Choose Products to Sell
The first step is to make a decision about the products you would like to sell as a network marketer. The options are numerous including, home cleaning supplies, cell phones, health supplements, and so on. Choose a product line that you are familiar with.
Gather Networking Tips
Next step is to look for opportunities. You can find opportunities in home business magazines such as the Small Business Opportunities section of Entrepreneur. You should speak to their up line sponsors, who have more experience and knowledge about the company.
Start a Website
Start a website for your network marketing business.
There are other useful tricks to grow your business; Choose Your Network Marketing Opportunity, Set up a Business Phone, create Postcards, Prepare a Mailing List, Mail Postcards, Green Business, Tip, and Warning.
Advantages or Merits of Networking Business
- Creates more job opportunities
- Helps in advancing your career
- Enhance visibility in profession and industry
- Powerful tool to generate new ideas
- Helps to build confidence
- Must not need an office before startup.
- Does not require much employee at the startup.
Disadvantages or Demerits of Networking Business
- Networking takes time
- May be ineffective
- May lead to false security
- Networking changes over time
- Networking meetings can be expensive.
- Needs lots of time to setup, run it and meet up with clients demand.
- Clients might not trust the owner as they don’t physical office due to so many existing online fraud.
- In terms of pay on delivery, if the client reject the goods, the owner bears the cost of delivery.
- Might be difficult to get investors and business owners to invest and release their goods before payment is made
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