Thousands enter the network marketing arena each year in the hope of finding financial freedom, but the majority quit before their business really has a chance to take off. Why would they walk away from a business that they have barely given honest effort too? After all, a brick and mortar business can take from 3-5 years to turn a profit. That time frame is expected and allowed for in planning and budgeting. However, network marketing is perceived as a different breed of animal and many come to the table with a much shorter time frame in mind to achieve success.
Why have so many tried network marketing and failed while others have found success with the very same business they had just walked away from? Just how does one build a productive network marketing business and what are the steps needed to make it work? We will explore selecting a business that is right for you and review a few of the key components necessary to make that business an income producing success.
Selecting the Right Product or
Do your homework before you get involved with a company. It’s important to you and the success of your business. When you are confident and believe in the opportunity you will become more committed towards building a strong company. Become passionate about the product or service you will be promoting. For me when I started to see the results from my labour e.g. commissions and EA2s in my downline. This
only fuelled my passion for SFI and TripleClicks and will allow me to promote the opportunity with confidence. If you can’t wholeheartedly get behind the product or service yourself, you are going to have a difficult time convincing others to purchase it. That conviction and passion will help you through the rough spots as you build your business.
Make sure your product or service is something that people want and need and is in high demand. Also, is the product or service something that will be bought repeatedly, such as on a monthly basis. This is a plus cause these purchases create residual income that will generate income for you long after the initial sale.
The Company behind the Product
You have selected the perfect product or service. Now it’s time to take a good look at the company behind it. It’s easy to research just about anything you want to know about a company online. How long have they been in business? It is a wise choice to choose a company that has been in business for at least 5 years. That shows strength and stability and they will likely be there to pay you now and down the road. Also, do they continue to develop products or services to create additional income streams for their distributors and to attract new customers? What are the start up costs to becoming a distributor? Are there monthly requirements and, if so, what are they? Does the company have a return policy and how does it work?
Let’s Talk About the Money!
You got involved in network marketing to generate income so it only makes sense to take the time to understand the compensation plan. Focus on learning what type of incentives the company offers, and then do your best to maximize the benefits of these incentives. Does the company offer fast start bonuses and other bonus pools? What are the ways to earn commission? Taking the time to understand how the compensation plans works and to put that knowledge into practice will reward you over and over.
Training and Support
You Have Decided on a Product/Service you can get behind and promote, you like what you see regarding the company and compensation plan, now it is time to take a look at the Training and Support. Does the company offer a tried and tested, easy to duplicate marketing system? Many teams also offer a marketing system that they have developed and are using with great success. It is a plus to join a team that works with their own marketing system. It is a system developed by the members of the team and has likely been tweaked to perfection and
ready to plug into. Take a look at the person you are considering signing with. Is he/she actively building and growing his/her group and will they take the time to work with you, till you get comfortable with the system. Furthermore will they help you with your prospects and goals, during this learning curve? Will they provide you with the support and leadership you are going to need to help you get your business moving? When this is provided you are more likely to quickly and efficiently build your business. Get to know you’re up line, for they can too, offer training and support to help you along your way. These people have been with the company for a long time and are successful. You will gain some valuable information from these if you stay in contact. You have made the decision to get involved in network marketing program, a decision that could change your life forever and you owe it to yourself to make sure you team up with a sponsor that is as serious as you are about building a successful business.
nd how long it will take to get there. Make sure your goals are realistic and
attainable. Goals help you to stay on task. They offer check points along the way
to ensure you are on target to reaching your desired results and to make changes
if necessary and continue. Goals can be daily, weekly, monthly, 6 months,
a year or more, whatever you feel comfortable working with.
IF you stray from the plan, that’s ok, try to not make a habit of it, just get yourself back on track as soon as possible and move forward.
It All Comes Down to YOU
You can have the best product in the world to sell, a great marketing system and the best support, but there is one very important element that will either make or break your network marketing business. That element is YOU! You can have the best marketing system, product, and support the industry has to offer but unless you are willing to roll up your sleeves, take that information and apply it, it will all be for naught. A sponsor is willing to go only so far with a recruit who is not taking advantage of the tools before him. If he sees that you are not giving honest effort, he will put you on the back burner and move on to someone more worthy of his time. He is there to help and guide but not do it all for you. Make a decision at the onset that you will do your part to learn the system and then some. Also, make up your mind that you are going to give your business at least a year to get off the ground and producing income. There is a learning curve and some marketing strategies takes time to implement to see results. It’s ok to get discouraged and frustrated along the way, talk with your sponsor often to make sure you are on the right track and make changes if needed. Bottom line, give your business the chance you both deserve for the rewards can be great!
Network marketing can be a fantastic opportunity to truly make a difference in your life and to improve your overall financial situation. It will take lots of work, commitment, dedication, and just plain stubbornness. Your Journey in network marketing can be a bit rough but, make no mistake, the rewards are great if you stay the course. In addition to the incredible income you can generate, there are other benefits.
The amazing people you meet, the special lessons you learn, and the fascinating experiences you encounter will leave a lasting impression on your life. Network marketing is an experience like no other and I am very glad to be part of this industry.