Have you ever wondered what it would take to be a six figure network marketer earner? So often we have the desire to be in the top 3% of income earners. We know that a network marketing business gives us the best chance for that to happen. So, we work and build our business with the hope that someday we will hit that magic number. But, we soon realize that no matter what we do, we are making no progress.
Well, did you know there is a formula you can use to determine if you are even on track and have a chance to make it? If so, great, continue to work your business and you will get there. If not, read on. There really is a way to know if what you are doing will get you from where you are now to where you want to be. It is the 100K Success Formula, which are business factors totally within your control.
The Success Formula will help you devise a plan of action after you have established your income goal. As I wrote about in a previous article, Network Marketing Business Opportunity – What’s Your Plan? – you need a business plan in network marketing just as in any other business. This formula will ensure you are doing the right things because no matter how much of the wrong things you do, you will reach your goal.
So, for the sake of this article, let’s say you have set a goal to earn $10,000/month or $100,000+ annually. You know you have been doing activities and going through the motions with little or no progress. Well, understanding the Success Formula might be just the thing to help you reach your desired income goal.
Once you have set your income goal, do the math to figure out how many customers and/or affiliates you will need to reach that goal with your company. This can range anywhere from 400 people to 10,000+ depending on the company’s compensation plan. Of course, the fewer the people, the quicker the goal will be reached.
Picture this: There are several sets of stairs. At the top of each set of stairs is the desired income of $10,000/month. On one set of stairs you have to climb 10,000 steps to reach the top: another set you climb 5,000 steps: another 2,000 and the final staircase will get you to the top in 400 stairs. That is basically the difference between one compensation plan and another.
Anyway, you did the math and are happy with the results. You see you do not have to wear yourself out climbing more stairs than absolutely necessary. Now you can implement your plan of action based upon the 100K Success Formula which I learned from my mentor, Michael Dlouhy.
The Success Formula will show you what areas you need to improve to increase your chance of reaching your goals. So, honestly access the following five areas in your business on a scale of 1 – 10.
1. If you need to talk to 10 people per day – how many people are you talking to?
If you talk to 2, then rate yourself 2, if you talk to 5, rate yourself 5, and so on.
2. What is the quality of the people you talk to?
For instance, if you are talking to family, friends and others who have no interest in network marketing, you would rate very low. But, if you are talking to others who are open to the network marketing concept, you can rate yourself higher. But, if they have very little or no personal development, you would also rate yourself low.
3. How much do people like you?
The more people like and trust you, the higher you can rate yourself.
4. Your skill or knowledge level.
Have you developed network marketing skills other than making cold-calls and the three-foot rule? The more advertising, marketing and social networking skills you have, the higher you can rate yourself.
5. Your success thermostat – where do you see yourself?
How confident are you that you will reach your goal? Are you bullet proof and 10 feet tall because you know you are in a five pillars company: because you have been investing in personal development and because you are taking action?
Let’s say you rate yourself as follows:
1 — 3— people per day
2. –3— quality of people
3. –5— how much you are liked
4. –5—a few skills such as placing ads and making videos
5. –4—not too sure if you’re in a 5 pillars company; minimal personal development and sporadic action
In summary: You speak with 3 people daily. The quality of those people is 3. They like you okay. You have average skills and knowledge about the industry. You’re really not 100% confident that you can do the business and reach your goals. Okay, let’s multiply those numbers 3 x 3 x 5 x 5 x 4 = 900. So, applying the Success Formula, you rate yourself 900 out of a possible 100,000 (if you multiply all five factors by 10 you get 100,000). WOW!!
Well, don’t be weary if you had a similar answer. As previously mentioned, these factors are within your control and can be changed by you at any time. Now that you know where you stand, you can set your goals to 1) talk to more people; 2) talk to a higher quality of people; 3) do more personal development and become the person others want to do business with; 4) develop new skills and become more knowledgeable about the industry; and 5) understand the five pillars to your success so you can know without a doubt that if you build your business once, the company will not take it from you.
Now let’s say you have set your goal to increase those numbers, made the necessary changes and you can now rate yourself higher. Let us see what happens.
1 – 8 – people per day (you talk to more people)
2 – 6 – quality of people (the people you talk with are interested in mlm and have some personal development)
3 – 8 – how much you are liked (you have increased your personal development and are attracting the right people)
4 – 8 – you are getting the knowledge and skills and are becoming a professional network marketer
5 -10 – because you have read your company’s policies and procedures, done the math, and have a system of duplication your entire team can follow, you are 100% confident in what you are doing and believe you deserve success
The Success Formula result is now 8 x 6 x 8 x 8 x 10 = 30,720. What a difference! Just by deciding to increase your personal development (which is really where it all starts) and getting educated, you have given yourself a much better chance to succeed in this wonderful industry.
So, if you were initially at a loss as to how to set your goals and build a business that will pay you and your children’s children, this 100K Success Formula should put you on the right track.
Be empowered to prosper!
A mentor with a servant’s heart