It is a well known fact that 95% of the people who join a network marketing company fail. While this could be attributed to any number of variables, I believe there is one that stands out from the crowd. A vast majority of the people who start in network marketing are encouraged to do so by other unskilled, untrained, unprofessional individuals.
When untrained people are attempting to train other untrained people, what happens? Simple, you end up with a lot of untrained people. Well, it simply doesn’t work very well. Every business person knows that to achieve better results they have to learn from someone, somewhere.
Most people are first exposed to the network marketing business through a close friend or relative. While this may be a good thing in the long run, you need to step back and look at the plan very closely. Before you join any program a friend recommends, check it out yourself. Ask yourself if you would join this company if this wasn’t your friend presenting it?
You want to check out the company as much as possible before you join. How long have they been in business? What does their headquarters look like? Does it look like they could move out in an hour without a trace or have they set up in a permanent place of business? How easy is it to get your questions answered by a company representative? What is their pay plan? Do the distributors make most of the profits or is the company keeping them? Does the company leadership value your opinion as a distributor? If they don’t, they may be in this business for their own malicious reasons and not really care about you. What is the company motto? Is it your motto as well? Do the president’s values and integrity hold up to outside scrutiny? What is the company leadership’s record? Have they started other businesses that have failed or have they been successful in business before?
The products will make or break your success in this business. Without a good product no one will want to buy it. Can you buy the very same product at Walmart for 50% less money? A vast majority of network marketing companies sell normal everyday store bought items and tack on an extra 50% for distributor payout. Would you buy the product if there wasn’t a financial gain from doing so? Are you excited about the product? Can you enthusiastically describe the product to a customer? Does the product offer benefits to your customers that can’t be found elsewhere?
Your sponsor can be a tremendous asset to your business or they can be leeches. I recommend you get to know your future sponsor before you sign under them. While having a sponsor that doesn’t help you won’t kill your business, one that does help can really boost it. Talk to them on the phone, get to know them a bit. If you do sign with them, it’s very likely you’ll have to keep speaking with this person for many years to come. Can you stand to be around them? Even if you’ll never meet your sponsor face to face, can you talk to them on the phone for years? It’s important that the two of you get along or it’ll just be a burden.
Training involves several key aspects. The first thing you want to find out is if the company you are joining already has a business plan or some sort of outline for new distributors to follow. If they don’t have one, ask your sponsor if they have one. If they don’t have one, I would seriously look for a different sponsor or a new company. Network marketing is all about duplication. Successful network marketers need to have a system for showing new recruits exactly what they did to become successful. Other training resources you should look for are corporate updates, teleconferences, training videos, and weekly business building articles. Now even if the company and sponsor have these materials you need to do your part by reading, watching, or listening to them.
I’m going to say this once. You will NOT get rich quick. Anyone that tells you otherwise is lying. Very few people in this business can go out, join a company, and be making $20,000 a month in their first month. Only on rare occasions does something like that happen. I’ve been with my company now for approximately seven months and I am only now starting to see the fruits of my labor. It takes time to develop a prospect base and it takes more time to convert them to sales or distributors. When you join a network marketing company, plan on staying with them for at least six months. Although I think a year is probably the real turning point that will tell you if you’re cut out to do this. As with any new job you have to learn the ropes before you can really be productive.
When people first enter the network marketing business they often take the wrong approach. Very often it is just a hobby to them because it didn’t cost a fortune to get involved. When they fail, they think, “oh well, nothing ventured, nothing gained.” If you approach this like you have nothing to lose, then most likely you WILL lose. You need to act like just invested $500,000 into your new business. Then you need to run it like a business. The more you put into your business the more it will reward you.
You’ve found a product you like, a company with good leadership, a sponsor that supports you, training materials to teach you, and you’ve committed to at least six months with this company. Now you have to set a few goals. Don’t go overboard and say you are going to sponsor the entire world in your first month. Set reasonable goals that you know you can achieve. Initially you should try to talk to at least a couple new people per week. Aim yourself to have your first sponsor at the end of a month. Don’t quit if you didn’t get them in the first month. You may just need to talk to more people per week. As your success builds, set your goals higher until you reach a level that you are comfortable with.
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