Can you really make money in Network Marketing or is it all just hype?
I have several clients in the network marketing industry who are looking to use the internet to help build their businesses. I’ve always been intriqued by the concept of network marketing because I think it truly exemplifies the collaboration vs. competition business model. The foundation is built on the idea that as you achieve success you turn around and help others do the same. Clearly the more successful the downline becomes the more successful the upline becomes. It is a win-win situation.
But, does it really work? Can you really make BIG money in Network Marketing? Well, that completely depends on you. And that is where many people begin to fail. Most people who join MLM companies begin as part-time independent contractors. They usually keep their current job and look to the MLM to subsidize their income. While they may be revved up and enthusiastic at the opportunities, the usual pattern is to start slowly barely getting their feet wet, with the expectation that some day they may be able to replace their day job with a full time income from their own business. If so, they will have the freedom to enjoy life on their terms, they can live in the house and location they desire, they can travel where and when they choose and they can work when they prefer. The reason most people join MLM’s is to gain financial and time management freedom.
In fact, many multi-level marketing companies provide excellent product and service training and a duplicatable system to help their distributors achieve success quickly. But the difference between those who actually reach financial and time management freedom and those who enjoy a few extra dollars at the end of the month is that the successful network marketers know the importance of treating their business like a business – even if they started part-time. These are the people who really do make money in network marketing.
The challenges of making money in Network Marketing
Often, when people enter an MLM they get distracted by the promise of freedom – for many this may be the first time they’ve actually had the chance to feel that they are truly in control of their destiny. It’s a liberating feeling, but it’s what most business coaches refer to as the shiny ball syndrome. It’s as if the shackles have been removed. The sleeping giant, as Tony Robbins calls it, is awakened and this new found freedom allows our mind to explore and entertain possibilities that previously we did not have the time or energy to explore. We begin to think of all the goals we’ve put off and realize that we may actually be able to achieve them. It’s as if the floodgates are open, our mind races from idea to idea, seminar to seminar, and possibility to possibility. This freedom and flexibility causes us to cringe at the idea of time management and structure. Yet, this lack of structure, and ultimately lack of focus eventually leads to failure. So, how do you create that internal structure and stay on track?
When I work with distributors I ask them to first take a look at the reasons they chose to get into the business. Take a look at the big picture and work backwards. I then ask them to run through the following checklist to determine if they are truly ready to build a business. Please note that most of the items on this list will apply to anyone with their own business, affiliate marketers, Internet marketers, coaches, and consultants.
If your serious about making money with your Network Marketing business start with this checklist:
- What are YOUR expectations for this business?
- How much TIME do you have to commit?
- Is this part time or full time?
- Are you looking to earn EXTRA spending cash?
- Will this be your PRIMARY income?
- Do you need to SUPPORT your family?
- IS this a product you truly are comfortable with?
- Can you truly see yourself representing this product?
Once you have your answers you can then develop a blueprint for the action steps necessary to get you to your desires. It is far easier to work a plan when you have a plan to work. Without a concrete plan of action, you’ll be spinning your wheels and wondering why your goals keep eluding you.
Click below for a checklist that will help you start out on the right track:
To Your Success –