In today’s troubled economy, there are more and more people looking for ways to supplement their income – or even replace it altogether. The simplest and most affordable way to do this is through network marketing. Now, I said it was simple – but for many folks, it is far from easy. Why is it that some people can achieve such incredible success, while others flounder in their efforts? The truth is, the answer comes in many parts. This article will explore what I consider to be a few of the biggest factors that will ultimately determine the success or failure of a network marketer.
I will start by assuming that the person in question has a burning desire to be successful in whatever opportunity he or she has chosen. Without that, there is little hope of any business enjoying success,
Many people become truly excited when they are approached with a network marketing opportunity. In many cases, a person is being introduced to network marketing for the first time – and they love the idea of owning their own business. Unfortunately, at that point, they don’t know a good compensation plan from a bad one. They may not have thought out whether the product being marketed is one that has long term potential. They may not take the time to look into the background of the corporate team and see what type of funding the company has in place. I have heard horror stories of reps that have built large downlines only to be crushed when they found out that the company was going bankrupt.
Here is a short list of things you will want to check out before signing on the dotted line:
1. Who is on the corporate team, and what is their track record?
2. Is the company well funded?
3. Is the company relatively young? (Yes, is good – if 1 and 2 have been answered to your satisfaction)
4. Does the product have long term potential?
5. Does the product and/or compensation plan provide a unique “twist” as to separate it from the competition?
I chose my company using these guidelines and I went from $5,000/month with the school district to $20,000+/month in less than two years.
TREAT YOUR BUSINESS……LIKE A BUSINESS!
I know that seems obvious, but many people don’t take their networking business seriously enough. If you have hopes of your business making a significant addition to your income, and eventually surpassing what you are earning from your 9 to 5, then you need to do develop a plan. Your plan should include how much time you are going to devote to your business on a daily basis and what marketing strategies you will implement (which will be largely decided by what type of budget you will be working with). You will want to study your competition and see what is working for them, as well as what is not.
Ultimately, you will realize that networking (like any form of sales) is just a numbers game. You can come up with the details of what your “daily” plan will need to be in order to meet your goals. If your financial goal is to create an income of $5,000/month, then you should study your compensation plan and see what type of team sales volume and/or bonuses will be necessary in order to generate that type of income. Next, calculate approximately how many reps you will need in your downline to generate that much sales volume. Whether that number is 500 or 2000, start presenting your opportunity to as many people as time permits – and don’t stop until you reach your goal. It is a good idea to have a number in mind with respect to how many people you will talk to about your business each day. If you can commit to talking to 10, 20, or even 30 people a day, then your business should grow nicely – as long as you have a decent conversion rate and you are helping your new reps to grow their businesses as well.
FORM A SUCCESS TEAM
If at all possible, form a team with members of your upline, downline, and if need be, your crossline. It is very important to surround yourself with positive people that share common goals. The world is full of negative people that will try to make you second guess yourself and your business. You need a strong support group that can give you a pep-talk when you need one and get you re-focused on your business. My friendship with Pete Pena has been a big key to my success.
Developing leaders within your downline is key to your long term success. Not doing so, will cause you to always feel as if your downline will not grow unless you are doing all of the work. The whole idea of network marketing is to make money from other people’s efforts. If you haven’t developed any leaders, your full-time effort has no end in sight. After all, the idea is to work hard for a period of time and then be able to collect residual commissions that you created for yourself from your earlier efforts.
The internet has added a whole new arena with which to market your opportunity. Staying ahead of the curve will give you the edge over any of your competition that fails to do so. There are many programs that will show you how to capitalize on the internet to grow your business. To see which program I recommend, click the link below.