Many Network Marketers Fail But Not You
It’s a known fact that only 4 out of 10 network marketers will experience any significant income milestone in their business and only and even less will establish significant income in order to create a full-time business. These numbers are disturbing especially since network marketing is a great way to start a home based business and grow it to making good money. Looking at my personal experience, I found that there are only 9 reasons why many network marketers don’t earn much and just give up on the business.
- No List
- Commitment
- No Goals
- Frustration and Discouraged
- Income Driven
- Salesman
- The Word NO
- Leadership
- Proper Coaching
1. No Qualified Prospect List
Prospecting is the heart and soul of network marketing. Without prospecting, you won’t have anyone to sponsor in your business. Most network marketers fail because they don’t prospect and they don’t create a qualified prospect list.
Most network marketers are taught to: make a list of friends and family and any one with in 3 feet of you! What happens with friends and family turn you down? No new prospects and a failed business. I am here to tell you that this is not the proper way to build a home based business. You don’t want just Anyone. Choose your business associates carefully and with a personally to for business. More later.
2. Lack Of Commitment
Lets say you purchased a franchise for $70,000 dollars. Do you think your committed to see it succeed? Of course, because you invested so much money. To start a network marketing business, you need only a hundred dollars or so. How committed are you?
What you paid was only the initial investment. To succeed in network marketing (the same goes in any other business), you need to invest more than money. Most network marketers fail because they don’t take time to attend to the business and they don’t invest additional money in improving themselves. In short, they lack commitment to the business opportunity.
Most of us enter network marketing with an employee mindset. Some of us treat the business as a part-time job rather than a full-time business. For a business to grow exponentially, it needs the undivided attention of the CEO..YOU. A lot of networkers quit because they have little or no income coming from the business, but the question is did they give it 100 percent? Did they commit to the business? Did they give it time? Did they invest into themselves to learn and be coached? More later.
3. No Written GOALS
Where are your goals? Are they written down? Do you have them in front of you as you read this blog? Do you review them everyday and make changes as necessary? I submit that most don’t. When you first joined your network marketing company, you must have had a goal. It could have been anything—to buy your own house, your dream car, or even to get fit! To help you remember these goals every day, you must have them written down and available to see everyday.
Step 1, Create a Dream Sheet. Do a Brain Dump and list “everything you want.” Make it real and unrealistic ie: A Villa in Costa Rica, A Hover Craft, A Lear Jet, A New Home, New Car, Pay Off All Debts. Spend 30 minutes and list as many as you can think of.
Step 2. Prioritize the Dream Sheet from 1 to 5 of the ones you want now. Number 1 high and 5 nice to have.
Step 2. Take another paper and create your Goal Sheet. Take your highest priority goal and write a statement of how to accomplish the goal and why. Next your second, then the third, fourth and fifth (only five at this stage)..
Step 3. For Goal Number 1, what will you do to accomplish this goal and the date to be completed. “I will give up TV for 30 days.”“I will invest $xxx in my business.” Only work on Goal 1.
Step 4. When Goal 1 is completed go to Goal 2 and do the same thing. Don’t get too many Goals going at the same time… it will only confuse you and change your focus.
4. Frustration and Discouraged
When you first rode a bike, you were kind of scared, right? The first time you fell off the bike, you started having thoughts like, “I don’t think I can do this…”
However, with continued practice, you got the hang of it and now it seems like a natural skill. Network marketing is no different; you won’t succeed right away. There will be bumps in the road and you will fall down, but don’t get discouraged and give up. Remember, quitters never win and winners never quit!
Everyone suffers frustration and discouragement. It is the nature of the MLM business or any business. Top movie stars, music stars, business people had humble beginnings. The difference between them and ones by the road, is they did not let the frustration stop them. They dealt with discouragement and continued with their Goals. remember what you are working towards. Just take it in stride as part of your learning skills.
5. Income-Driven
You can have everything in life you want, if you will just help other people get what they want. Zig Ziglar
Most of us join network marketing for one main reason: to make big money. If financial freedom was not part of the equation, we wouldn’t have joined this business. The mistake many people make is to set their sights purely on the monetary gains.
Most network marketers fail because they are too income-driven. They are impatient and want to start earning big money today or as late as tomorrow. They see prospects as walking money ($$$$) and not as potential team members. The beauty of network marketing is one cannot succeed without helping others succeed first.
Concentrate on building a business and helping other build a business and the money will come.
6. Salesman Syndrome
Network marketers are not salesmen. A salesman’s job is to get a sale, get a commission, move on to the next sale, and let the company’s customer service worry about any problems that might occur. A network marketer, on the other hand, doesn’t just make a sale. He or she needs to duplicate themself, so that the distributors will also learn to get sales.
Many people believe they can not sell. If you act as a salesman, they simply won’t relate and think, “I can’t do that. I’m not a salesman.”
A good network marketer explains, helps and advises. By portraying yourself as an adviser, many can see themselves in that role.
Most network marketers focus on signing up more people, rather than on duplicating themselves. Always remember that network marketing is not a matter of multiplication, it’s a matter of duplication. It is about leveraging your time and efforts instead of doing everything yourself. More later.
7. The Word NO!
Don’t let NO Scare You! It is often said that if you have received at least a thousand No’s in your network marketing business, you will be successful. How many times have you come this close to signing someone up and the prospect said NO? Your natural reaction could be “Darn, I worked my tail off to get this deal and now he’s saying NO!” Don’t take this No personally, because the person is saying no to the business opportunity and not to you. Moreover, most of the time “no” could simply mean “not now.” If the prospect says no, move on to the next person. Don’t let a simple no hinder you from achieving your dreams.
I was with Zig Ziglar one day when he told me to go get 10 NO’s today. If you get a YES, that does not count. I got 9 No’s that day and 2 Yes’s.
8. Leadership
Many employees are miserable in their jobs because they aren’t excited. When they wake up in the morning, they groan “damn this job” instead of affirming that “this is going to be the best day ever.” Many people quit their jobs and venture into network marketing because of how miserable they are in their jobs.
Once you start your journey as a networker, you have to constantly remind yourself of the reason you joined this business. You have to be excited about your goals, you have to exude the energy you want others to feel. Remembering your WHY will be your resolve. Think of that reason every morning, because that will fuel your enthusiasm and excitement. That is what will keep you in the game when you are faced with challenges.
Poor leadership is a reflection of the person’s lack of self-esteem and projects a poor self image. If you want to project success, you need to look and act the part. Most network marketers forget that people first judge you by how you look and act. If you want to be a professional network marketer, look and act like a professional and have confidence in yourself, your company’s products, and the company itself.
If your not there yet…fake it. Leadership is a learned skill over time. One of the best leader in this business, was once working at a minimum wage. No real success in his life. College drop-out and living in the basement of his parents home. Today he commands the respect of other top network marketers. He learned these skills over time and through trial and error. And You Can Do The Same Thing.
9. Coaching
It’s unfortunate that so many people join a MLM Company and a sponsor who themselves are new. The sponsor tells the new recruit to make a list, talks about the products and the complementation plan. They have no idea of how to mentor the new recruit in building a good part-time business. The new recruit looks up-line and gets the same advice. After a while the recruit is discouraged and quits.
Final Comment
There are many aspects to network marketing and one is proper Coaching.
Help your new recruit by giving them help (but don’t build the business for them). Take each step until mastered then on to another. This is not a race, it’s a path to building a good solid business one person at a time. Remember, your new recruit is just learning and scared. They are trying to “ride the bike and falling.” Tell them this is normal and offer help and advice. Look to a network professional and copy what they do.
There is no reason to fail in network marketing. I believe anyone can be successful in this industry if they will follow the 9 Reason Most Network Marketers Fail and How To Avoid Them. The key to success is Focus, Commitment, Coaching and Never Ever Quit.
Learn the skills it takes to be successful..learn Attraction Marketing. Learn how Attraction Marketing has improved the skill sets of many successful top professionals.
Set your Goals, and study the 9 Reasons to avoid failure in Network Marketing.
Here’s to your success,
P.S. To skip ahead and get the most comprehensive internet recruiting course for network marketers, grab your copy of The Attraction Marketing Formula! Click the Button below to get your copy of a 10-Day Online Recruiting Bootcamp. Learn how to get leads and prospects to Call You about your business.
About Bill Fletcher;
Bill Fletcher is a marketing expert and coach in the use of Social Media Marketing, Network Marketing and Affiliate Marketing. Based in the MidWest, he is the CEO and founder of Planning-4-Success, Master Marketing University and RiteBusiness. Bill’s main focus is helping home based business owners understand trends in marketing.
Bill Fletcher…
After completing his communications and electrical degree, his first working position was a broadcast engineer and radio announcer in Chicago. As a Master Photographer, he moved to Dallas where he started a sports photography business. Selling that business he studied Business Management. Traveling most of the United States and Europe, he helped establish 3 major companies in the United States. Tired of travel, he opened a hearing practice and soon became President of the Hearing Association. He established Planning-4-Success, RiteBusiness and Marketing University. Today his primary focus is to help the network marketing industry with help and advice in promoting and building a successful home based business for serious entrepreneurs.
