Here at Your Spot Is Here, we strive to give practical advice on how you can become a lawyer in any field of business you desire, even ones that are outside the mainstream legal work most attorneys end up in.
One of the biggest “non-thought-of” industries you can actually land well-paying legal jobs and evergreen clients in is inside the problematic, but passionate, MLM/Network Marketing arena.
Today, we want to shed a little light on why this industry is in need of qualified legal counselors and how you can go about landing a high-profile company and business opportunity of your choice.
Most people desire to achieve financial independence, but very few are able to do that by the time they retire. Self-employed people who seek out this type of income often need legal assistance at all steps of the industry, from set-up to recruiting.
Read through our legal MLM guide below to learn about tips for network marketing businesses that can help you become successful lawyer representing the lucrative and growing direct sales industry.
Why Network Marketing Companies Need Legal Protection
Network Marketing or Direct Selling is a business model that makes use of affiliates and distributors to buy and sell goods without heavy advertising or middlemen.
Before we get into the legal aspect and agenda for these promising MLM companies, let’s cover how they work so you can best understand if this “spot” is right for you.
1) Lead generation by identifying new prospects
2) Recruiting of the identified prospects to your network
3) Building and managing your network through training and motivation
This is where trained business lawyers come into great assistance by making sure all the language, earnings claims, compensation plan and product promises match up with proper facts, figures and disclaimers.
Should You Consider Representing Network Marketing Companies?
There are several advantages of using the network marketing business models that attract business people who may need legal services to the arena. Some of them include:
1) Flexible working hours
While most jobs will earn income based on the amount of hours worked, network marketing pays you for the amount of goods or services sold. With this business model, it is therefore possible to earn income through downlines without having to invest a lot of time. This provides people with flexible working hours, where you can easily juggle between work, family and other commitments.
This is why we know there is a huge gap and job opportunity for aspiring lawyers to take full advantage of immediately.
2) Passive residual income
Network marketing allows its practitioners to earn money through the sales revenues of other people in their network. It is therefore possible to create an investment of ever-increasing income without having to make further investments in terms of money or effort.
Again, yet another reason and situation in which lawyers can provide legitimate legal representation in making sure the company and all its reps are following within proper guidelines and restrictions.
3) Low investments
Network marketing business opportunities are very cheap to start. Most opportunities require little or no investments at all.
4) Opportunity for growth
Creating of networks provides you with an opportunity to expand your investment. With the use of the internet, geography and jurisdiction become less important, as anyone from any place is now able to create a business that has distributors from all over the world.
How To Get Started Working With MLM Businesses
Getting started with network marketing is very easy for representatives if you have all of the right legal documentation already laid out and easy to digest for its current and future members.
It requires no experience, very few skills and a burning desire to make it work – apart from being very convincing, and also few start-up costs. This is where you, the lawyer, can outline all of the pressing policies and procedures to make sure it is easy for the new affiliate or independent representative to get started right away.
If you are interested in this business model, here are some few tips for network marketing lawyers that will help you become successful in picking the right company to align with:
1) Choose a reputable company
There are several network marketing companies out there that offer legit opportunities to work within their company management team. However, some of them might not be a good fit.
Before you get started, ensure that the company you choose is reputable and reliable, preferably one that has been around for some time if you are newer to this line of work and industry as a whole.
It should also have excellent products and services, which the consumers are willing to buy. Lastly ensure that they have an excellent compensation plan that you can mold and work with in making sure it is compliant and represents the company’s overall values, and does not expose it’s owners to unreasonable risk of legal liability.
2) Ensure you are passionate about the products or services
Network marketing is an easy business model that requires no experience in order to be successful. However, other factors might determine how successful you become, for example, passion. One of the best tips for network marketing success is to ensure that the people who make a living at it are passionate about what they are doing. This way, it will be easier to convince consumers to buy what they are selling, and for other people to join their network.
Your job as the representing lawyer for your company or client means you must clearly construct and optimize the right language and words used in their marketing campaigns for their products and services. This is key for long term growth and sustainability and will avoid any government interaction or potential FTC shut down. The FTC keeps a close eye on MLM’s that promise members will reach certain earnings, or over-promise on the success rate that new members will experience.
3) Be eager to learn
Network marketing is all about learning from the people above you in the network, practicing what you have learnt, and then teaching to people below you in the network. You should therefore be willing to learn from other successful multi-level marketers.
The same goes for you, learning what the highest values and vision are of the company so you can better provide clarity in all of its legal requirements.
This is why having lawyers and legal structure in place holds a very high importance in creating and crafting a smoothly ran company.
4) Create an online presence
Network marketing is all about creating a network that can effectively market the goods and services of a business. One of the best tools you can use to achieve this is the Internet. It serves as a very effective marketing tool for the products and services you are selling. It is also a great networking tool, where you can meet and recruit new prospects.
And as we all know, things on the internet can very quickly spiral out of control as it only takes a few knuckleheads to stir the entire pot of legality troubles and false representation.
Make sure you align everything from the start to make sure the process is much easier for everyone who joins the MLM business opportunity. This will dramatically reduce and eliminate a lot of problems and headaches you might have to deal with down the road otherwise.
We hope this advice for practicing law professionals who are entertaining the idea of representing a network marketing company or MLM business have found it useful.
Speaking from personal experience, the legal needs of MLM marketers are often more consistent that other self-employed entrepreneurs, and the attorney who delivers a proven track record in helping their MLM clients navigate the legal pitfalls will have no shortage of work and eager new clients.