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Send us your Requirement - info@dxminds.com You can reach us directly - +91-7483546629 Bangalore Computing - Bangalore Sep 01 Favorito 1 Mobile wallet app cost in bangalore Are you looking to start your business, Want to build your own apps like Paytm App, Mobile wallet application, online recharge app or some other application? At that point, you are at the perfect place. Visit Fusion informatics, the best application development company situated in Bangalore, Ahmadabad, and the USA. Fusion informatics is the award-winning organization in advanced application development. We guarantee the best fulfilment for our clients. Please visit our official website for Contact us - +91 6361054076 Office address –No.13/1-1, 2nd floor, Srinivas Tower, 100Feet Road, 1st stage BTM Layout, Bangalore – 560029 Karnataka, India Reach us – sales@fusioninformatics.com Bangalore Computing - Bangalore Jul 30 Favorito 1 Why do mlm businesses fail? Multi level marketing (MLM) is a decades old business model that offers complete financial freedom to its users for a small investment. The very essence of MLM is to keep adding sponsors, who in turn add users below them. This creates a huge network of individuals who work towards growing their personal MLM network by selling the company’s products/ services and by signing on more individuals as sponsors of the MLM company. This is a large number of people, similar to a huge bureaucracy with a lot of transactions, commissions and other business details. However, we hear a lot about MLM companies failing within a few years of incorporation, despite the seemingly simple growth model. Here are some of the most common reasons that their failure can be attributed to: Weak sales team = more capital needed All MLM businesses have a few successful distributors/ sponsors who can easily sign people on very fast. The problem arises when the network below these distributors is not a solid one, i.e. they are not able to sell the products or sign on more people. Traditionally, an MLM company is financially sound if it can sign more sponsors or have sponsors who can sell products easily. An MLM company is said to be in a good shape if it has 4- 5 thousand sponsors. If not, it should have enough cash to slog it for the next 2 years at least. Lack of market research One major reason for a MLM companies failing is that little or no market research is done to understand the industry or the market realities of the industry they are entering. The company could be into selling FMCG products or financial products, but without any understanding of the consumer, it is next to impossible to address his/her pain points. Remember, MLM is not just about signing more people on to your network, but also about ensuring that the network is working effectively for you by driving more sales. Afterall, what good is a network if you don’t have good sales? This is usually a scenario where the core network marketing management team has been successful in another MLM business and can be successful in any other business, irrespective of the industry/ product they choose. Estimated costs tend to be higher than the budgeted cost Like any organization that has some budgeted costs, the estimated costs tend to be much higher than what was budgeted for. This is true for any organization with a huge sales network. If these costs have not been accounted for, or if people are able to claim refunds against fictitious bills due to a lack of oversight, any business would be in a soup as your sales network could actually be more inclined to claim expenses than to sell your products. While some of the costs may be genuine, not accounting for them will result in a shortage of capital for your business. Lack of proper communication with external stakeholders This is a huge problem faced by MLM companies in India. By not interacting regularly with the government authorities, media, distributors, etc., MLM companies risk isolating themselves. Amway, an American MNC that sells through the MLM business model has been at the receiving end of the government’s ire for a long time as it is believed that their business dealings are arbitrary and illegal. As a result, the company’s goodwill has suffered. This could deter even enthusiastic businessmen from joining it and hinder the company’s long term prospects. Training Learning and development is an integral part of any organization. Although MLMs say that sales is the responsibility of a distributor and his network, not every person who signs up is good at sales. In an MLM business, it is very important to train the people about the various sales techniques that can help close a deal. Training them about your products is also a must. At the end of the day, when a sponsor is not successful, he will surely blame/ badmouth the company for not training him and expecting sales. Any good organization must have a good sales training program for its employees and distributors alike. Also, MLM sales are much more difficult as there are no advertisements or promotional schemes that can push a product in the market. IT management MLM companies have a lot of data that has to be handled. Details of sponsors, distributors, their networks details, details of transactions, sales, offers, tax details, compensation claims, invoices, incentives etc. are some of the most important details without which an MLM organization cannot work. Banking and accountancy are often the first major casualties of an incompetent MLM software. Not having a good software often results in a lot of ambiguity, which may have several repercussions. For instance, it could impact your tax compliance and land you in trouble with the government authorities, or there could be delays in compensation and incentives, which can adversely impact the team’s morale and make them look for greener pastures elsewhere. The right MLM software will be able to mitigate most risks if it is able to account for any changes within the organization (such as new offers and discounts) and also in the external environment with ease and is customized keeping in mind the unique needs of the industry and business. Also, having a good MLM software can also, reduce the cost of human capital, which is required for maintaining records and details. Thus, having a strong MLM software is important to keep your distributors and regulatory authorities happy. Conclusion These are just a few points that we believe can make or break an MLM company. By paying detailed attention to these, founders can move from being just another MLM company or a small MLM company to a stable and sustainable MLM MNC. A little bit of smart work is all you need to go from ‘good’ to ‘great’. Bangalore Computing - Bangalore Oct 04 Favorito 1 New era of bitcoin in network marketing business If you wish to investigate more on Bitcoin, there are some things that you need to know. Bitcoin allows you to trade money in a way that is quite different than the regular banks. Take some time to update yourself before exchanging Bitcoin for any significant transaction. Bitcoin must be treated with no different care as your usual wallet, or all the more in some situations. Here are some safe and secure ways of using Bitcoin in networking business: Secure your wallet: Just as in your normal life, your need to keep your wallet secured. Bitcoin allows you to move money anywhere in an extremely easy manner and lets you have authority over it. These fabulous great features accompany great safety concerns. Simultaneously, Bitcoin can present superior levels of safety if utilized correctly. You have to keep in mind that it is your job to assume good practices so as to shield your money. Price of Bitcoin is volatile Bitcoin price can randomly drop or rise over a short time, thanks to its young market, unusual nature, and volatile markets. As a result, holding your investments with Bitcoin is not a great idea at the moment. Bitcoin can be perceived as a risky asset, and you must avoid storing indispensable money with Bitcoin. When you accept payments through Bitcoin, ask service providers to change them to your native currency. Bitcoin spending is irreversible Any transaction dealt out with Bitcoin is irreversible; it can be given back only by the person accepting the money. This implies that you need to be more careful and deal with individuals or companies that you can trust, or who hold a reputable status. In their capacity, companies can keep a check on the expense requests they are sharing with their customers. Bitcoin can identify typos and generally doesn’t allow you to forward value accidentally to an invalid destination. Anonymity is a concern It is necessary to safeguard your confidentiality with Bitcoin as every Bitcoin transaction is stored permanently and openly on the network, which suggests that anybody can view the transactions and balance of every Bitcoin address. But, the information of a user holding an address will remain unknown until the identity is exposed at the time of a purchase or in other similar circumstances. Therefore, you should use Bitcoin addresses only once and consider adopting decent practices to guard your confidentiality. Invalid dealings aren't safe Each Bitcoin transaction receives a confirmation score that specifies the complexity to reverse them. A confirmation can take anywhere between some seconds and a couple of hours (10 minutes is the average time). The first confirmation may take much longer if the transaction is otherwise unusual or the fee is too low. Bitcoin is a new concept that is still under active development. Each development discloses new challenges but makes Bitcoin more interesting too. It is during these challenging times that you might come across slower confirmations, higher fees, and other important issues. You have to be prepared for these challenges and consult an expert before initiating any significant investment. Government regulations and taxes Even though Bitcoin is an informal currency, most regimes still necessitate you to pay capital gains, income, payroll, and sales taxes on everything that has value, counting Bitcoins. As a responsible citizen, you should ensure that you abide by regulatory mandates and tax directives declared by your government. Advantages of Bitcoin in network marketing business The integration of Bitcoin with network marketing business holds great promises. Here are some advantages of incorporation of Bitcoin with MLM software: Swift transactions: Bitcoins can be bought and sold over the Internet instantaneously. Barely any charges: You can use Bitcoin for free or seldom for an awfully low charge. The absence of the intermediaries like financial institutions and banks that involve authorizations and costs, Bitcoin transaction does not involve any fee and as a result, your profit margins improve. Eliminate fraud: Only the holder of Bitcoin can send payments to the required recipient. This eliminates the possibility of fraud considerably. It is truly a crucial feature of using Bitcoin, particularly for network traders and online dealers. Security of data: Seeing that the internet is certainly not a good place to store or reveal your confidential data, but Bitcoin does not require people to share their private information thus, allow you to keep your personal data safe. Versatile payment method: Bitcoin is utilized exclusively by the online traders as their payment method. In fact, Bitcoin is employed as an international payment choice by millions of users around the world. Traceable: Every financial transaction that occurs in the Bitcoin block chain is permanently recorded by the network and can be tracked anytime. With the aim of benefitting from crypto currency, you need outstanding MLM software from DNB that is intended to assist the expansion of your network marketing business. How easy to use Bitcoin in network marketing There is a surge in the number of individuals and business implementing Bitcoin. Although it remains a comparatively new conception, it is developing fast. Bitcoin operates over a peer-peer network and allows users to transfer Bitcoin from one device to other anywhere across the world any time without any constraint. Every Bitcoin transaction is verified and protected by excellent encryption. Besides encryption, Bitcoin includes sophisticated safety features like dual-factor confirmation; safe user-side encryption and much more. Additionally, its open-source nature and decentralized system have changed the traditional notions of economy and brought about a paradigm shift in the way vendors and traders handle their businesses. MLM software from DNB supports integration with Bitcoin service providers and Bitcoin wallet. Selling and Buying of Bitcoins in network marketing It is important to declare here that Bitcoin is not supported by a tangible product, rather the online trading of Bitcoins makes them a product in them. Internet users can transfer digital resources to one another in a network. Bitcoin wallets store and utilize this currency and allow users to sell the virtual wallet by trading their Bitcoins to other users. Naturally; anybody can do this, everywhere in the world. DNB MLM software makes it simple, secure, and affordable for users to operate Bitcoin. Bitcoin MLM works just like any other MLM. Bitcoin MLM sells Bitcoin mining hardware and other instructive resources to customers for a price, from which customers can earn a commission by selling Bitcoin hardware and instructive resources to others. You are not even required to possess the hardware actually but the company can provide cloud Bitcoin mining services. Role of DNB is integrating Bitcoin for network marketing companies The digital payment made has pushed MLM business into a novel trajectory altogether. Most certainly, MLM industry has shifted from the typical trading ground to the newest applicable network. DNB is prepared to radically diminish the intricacy of financial issues in MLM organizations as they have incorporated Bitcoin in MLM software. Bitcoin integrated software allows complete anonymity, provided that your network and you utilize this, you can openly trade it over the networks that acknowledge it. Additionally, it allows for lesser transaction costs. There is no maximum limit, at present, to how much you are allowed to spend with Bitcoin, which implies that so long as you have it, you enjoy the liberty to spend it. The bottom-line – you must consider software that incorporates Bitcoin wallet plus the service providers and DNB MLM does just that for you! Bangalore Computing - Bangalore Sep 22 Favorito Related searches Professional translation Bangalore Professional translator Bangalore Internet connection Bangalore Nanny service Bangalore Web research Karnataka