It’s been said that “95% of people don’t succeed in network marketing”. This may or may not be true. All I can tell you is that IT IS possible to win in this business.
You just need to know HOW TO WIN. And I am going to share with you some of the things that helped me earn over $10,000 in 3 months in network marketing.
THE NETWORK MARKETING PROMISE
You’ve probably seen enough “business opportunity presentations” in your lifetime to know that the objective of these presentations is to SELL you “the dream”.
And we all have a dream: To one day quit working the 9-5 and travel around the world, sipping pina colada (or margaritas) by the beach, while you “work”.
Yeah! That’s the dream.
It’s a pipe dream for most of us.
However, it’s not too far-fetched to some. In fact, it’s possible!
BUT, it does require some hustle. Albeit, at the beginning. One can’t get that dream by just dreaming about it.
“Happy are those who dream dreams and are ready to pay the price to make them come true.” L.J.S.
The elusive “freedom lifestyle” we all dream of can be achieved. Read on.
4 THINGS YOU MUST DO (MINIMALLY) TO WIN:
1. FIGURE OUT WHERE THE MONEY IS
Often times, we jump into an “opportunity” or business because it sounded good and we love the product—without knowing exactly how the money is going to be made. You need to know how this opportunity is going to make you money.
It’s not enough to know that you’ll eventually make money (the dream).
To succeed, one need to know the exact steps to make that happen—the facts and figures. And if you are going to be recruiting people to join your business, you need to be able to show them exactly how they’ll make money in order to keep them excited and motivated.
Compensation plans can be so confusing. BUT to win, this is the first hurdle you must overcome.
How many of X do you need to sell in order to make X amount of dollars?
When I first joined a network marketing business, I was so naive thinking that I would get commission as soon as I sold something. This is true in direct sales. But, in network marketing, your commission largely depends on many variables based on the company’s compensation plan. So make sure you understand how the company’s compensation plan works as well as any other requirements. Some require a monthly personal purchase volume, in order to get the commission you worked for.
If you can figure out how to make your first $500 or $1000 in 30 days, you’ll be well set up to succeed.
2. WRITE YOUR PLAN
Once you understand how the money is made, you’ll be able to strategize how to meet your goals and win.
You can’t win without a plan. It’s true. You can recruit as many people as you can to join your business, and sell as many products as you can, but if you don’t plan it out, you’ll lose money instead of making money. To illustrate how ignorance and lack of planning can COST YOU in wasted commission, let me tell you a little story.
A very motivated woman was recruiting and selling products like crazy—but she had no plan or strategy. She didn’t know her numbers, and she didn’t totally understand the company’s compensation plan in full. She was super excited and so busy, but she didn’t make sure she had enough for a big end-of-the–month commission payment. Had she checked her back end, she would have seen that she only needed less than 100 points ($20 worth of purchase) to get paid over $500. Not only that, she lost a big promotion for that month.
Know your numbers (how many of x do you need to sell in order to make x amount of dollars by when), and create an action plan to make that happen.
3. SYSTEMATIZE & STRUCTURE YOUR BUSINESS FOR VIABILITY
I am very bad at organizing. In fact, I am one of those people who believe in “organized chaos”. But I learned that in order for me to win in business, I have to spend some time organizing my production so it runs smoothly. I know it’s my weakest point, so I’ve had to create systems and processes to automate some part of my business—which I can’t delegate.
Let me be honest with you: lack of organization is the number one cause of failure in this business.
Have you ever forgotten to follow up on someone because you couldn’t find the phone number you’ve scribbled onto a piece of paper?
Been there, done that! You can’t win chasing your tails.
Minimally you need:
- A way to acquire new prospect’s phone number and email addresses into a data base.
- A follow up system to turn leads to prospective buyers (by the way, a lead is not a prospect).
- A duplicatable process or system that your team can duplicate.
Recently I’ve met a business leader who is so good at selling and building teams. She has over 300 members under her – but she’s struggling to keep it up. And in network marketing, you need to be able to motivate your team to keep working while encouraging your current customers to keep buying— in order to make it to the next level.
When you have an expanding team and a growing customer base, you need to have a system in place or you’ll lose money and your sanity!
Being overwhelmed is not what you want. You went into business because you wanted a lifestyle that includes fun, money, and freedom. This kind of success require systems and process to make it happen—without spending your entire day on the phone—chasing people.
4. BUILD A STRONG TEAM
Building a strong team starts with recruiting the ideal team member. Don’t just recruit anyone with a pulse because you are going to end up spending more time trying to motivate them to work on their business.
You want people who are self-motivated, and who are passionate about improving themselves and others.
How to find your perfect team member:
- Name three people in network marketing/direct sales who are successful in the business.
- Identify five traits that make them successful.
- Look through your circle of friends to find who has these traits—they are the ones you want to work with.
More than likely, they are business-minded or already own their own business, and they don’t mind hustling to get what they want. They are not easily persuaded to join direct sales or network marketing, but with the right approach, they will join you.
Attracting leaders and highly motivated people is a skill I had to learn which I shared here….>>