When starting an online MLM business it can take a while to start earning residual income. However, you do have to spend money on your web hosting, domains, autoresponder and other similar items in order to succeed with online MLM, so how do you monetize your online MLM business and make it so that you can afford to spend what you need to while you are working on building your downline which will eventually give you the desired residual income?
Here are 10 ways you can monetize your online MLM business while you are still working on creating a residual income:
1. Use a funded proposal. Mike Dillard’s Magnetic Sponsoring is one of the best for online MLM business owners, however there are others out there as well. These programs help you earn additional commissions that you can use to fund your business.
2. Put adsense on your blog. You want to be careful however, that you are not giving away your traffic and that the ads that appear do not compete directly with your company and business. The best way to make this work for you is to blog about something that is not about MLM or a home business and put your ads on that blog.
3. Find a few select products that are useful to people that you can sell as an affiliate. If you do this right, you can easily bring in anywhere from a couple hundred to a couple thousand dollars more to help fund your business.
4. Retail your products. Depending upon your company’s product line, this may or may not generate the kind of cash flow you need. If there is little or no money in retailing your products you may want to think twice about the opportunity you have chosen. In the long term, the best MLM companies have a product that you can retail and earn an income with.
5. Create your own information product and sell it. This works very well, however, you will need some online marketing experience before you can do this effectively.
6. Teach seminars or give speeches on any topic familiar to you and charge people to attend your event. These can be very effective at not only at generating cash flow, but also at getting the word out about your business.
7. Learn how to monetize your leads by using any of the above methods. Set up a sales funnel so that all of the leads you generate online are given the opportunity to not only join you in your business but to also purchase your products, or make some other kind of purchase that will give you an income.
8. When someone says no to the business, offer them the chance to purchase your products.
9. Ask for referrals from all of your leads. Learn to ask them who they know who might also be interested.
10. Always be looking for new ways to increase your online MLM business’s cash flow.