Because it seems that one of the most common complaints regarding being involved in Mary Kay is the financial element, I thought it appropriate to make a regular part of this site advice regarding keeping your money and making more. I often see questions about Mary Kay like, "Can you really make money with Mary Kay?"; "Is Mary Kay a good way to make money?" or "How do I make money with Mary Kay?" My simple answer to those is, "You can, it is, and... well... I don't think there is an easy answer to 'how'. I hope this blog will become a place where ideas can be shared among consultants and future consultants.
As a series, I will post from time to time about this subject and label it "Your Money". Make no mistake, I am neither a financial adviser or a business genius. These are simply the observations of a simple man. Hopefully these tips will help you avoid trouble and find your business to be profitable. Anyone that has some tips or recommendations, please chime in.
Tip One: Going into debt does not equal making money!
This is one that is often harped on at other sites. Apparently there are people that try to 'buy their way to success' in Mary Kay. This is not a good idea. Here are some tips for avoiding this.
1. Don't buy product you can't sell in a reasonable time.
This is one of those things that will vary from person to person. Your ideal inventory level may be zero. Or it may be $12,000 retail. It depends on how much you can sell. If you are just getting started and you are not sure how many people you are going to get in front of, you should probably start slow. If you have a lot of start-up capital (I imagine this will be rare), and you are confident in your ability to move product, it may be worth going big.
2. Don't buy product just to earn prizes.
There are certain prizes and incentives for meeting certain sales levels. I know many of you will not even understand why this point needs to be made, but buying these prizes or incentives is NOT the same thing as earning them. Unfortunately, it has come to my attention that more than a nominal amount of people have attempted this, accomplished it, and convinced their recruits that it was an acceptable way of achieving. Don't do it.
3. Don't buy product to keep your unit or level of leadership.
As you grow your team of consultants around you there are levels of leadership that you achieve. These levels (Team Leader, Director, National Sales Director... to name a few) are conferred on you as a direct result of you recruiting new members of the sales force and helping them get to certain levels of sales. If buying product just to earn a prize seems ludicrous, wrap your brain around this. Allegedly, there are directors that buy product (sometimes to the tune of $1,000's of dollars) just to keep the label of 'director'. This is not only a bad idea, it is wrong. Don't do it.
Here it is, plain and simple. This is YOUR business, you and only you should make decisions about how you run your business. It does not make sense to buy (more) product if the ones you have are sitting on a shelf. Invest you money, don't throw it away.
Please drop your two cents here. I would love to post the ideas and discoveries that all of you have made in your own MK businesses, please leave a comment here. Also, feel free to leave any questions you have stumbled upon. I believe that Mary Kay is a great opportunity to make money. I hope you can learn a little bit more about how to do that here!
Thursday, November 15, 2007
For Further Reading...This Week On Pink Truth - Click Here
Pros and Cons of Mary Kay - Read or Contribute or Both!
First Post - Why I Started This Blog
The Article I Wrote For ScamTypes.com (here) (there)
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