Network Marketing Business- 4 Things to Consider if You are not Making Money
The attrition rate for a network marketing business is pretty grim. Statistics for the failure rate range from 90%-95%! If you are among the majority, meaning you are not making any money, you may want to consider these 4 possible reasons why.
Reason 1) A Network Marketing Business Is Not A Good "Fit" For Your Skill Sets
Not everybody has the aptitude and experience to be successful in mlm. Unfortunately, many individuals are misinformed about what it takes to be successful. In the recruitment process, these unfortunate individuals are told 1/2 truths about the true nature of the business. Namely, the business requires effort, persistence, time, and money. While it is true that most people should be aware of these requirements, the sad fact is that most people are not. A critical skill needed in mlm is the ability to communicate effectively. Many people get involved with the business, and lacking that crucial skill, fail miserably.
Reason 2) Failure To Treat Network Marketing As A "Real" Business
Because network marketing is not a "brick and mortar" business, and generally requires relatively little up front money, some people make the mistake of taking the business lightly.
WRONG!!
Like any business, if your goal is to make a profit, certain steps have to be taken. Steps such as establishing a marketing budget, tracking your advertising results, setting up an efficient work space, managing your time, training your downline, etc. etc. are the same steps needed for any sales related business. The truth is, if you do not take your network marketing business seriously, your business will be in serious trouble!
Reason 3) Failure To Set Goals
Without goals, your business is like a ship without a rudder. I won't go into great depth on setting goals. Whole books have been written on the subject. I will say that goals are critical in mlm because they help keep focus. Most individuals in mlm work out of their own homes. For that reason it is easy to get distracted and lose focus. Systematically focusing on goals helps to eliminate getting side tracked, and helps to prioritize activities.
Reason 4) Poor Judgement
This reason is a little harder to pin-point. Examples of poor judgement could be connected to financial matters. A new distributor quitting his/her full time job too soon, could be an example of poor judgement. Or, spending too much money on unproductive forms of advertising or leads. A classic example of poor judgement would be selecting a sponsor without performing due dilligence.
When all is said and done, if you are not making money in your network marketing business, accept personal responsibility. Be honest with yourself, try and determine the root of the problem. When you determine the cause, ask for help in finding a solution. It is up to you to create a successful network marketing business.
Related Tags: mlm, network marketing, multi level marketing, internet network marketing, network marketing success, network marketing training, network marketing business, network marketing opportunity
Michael Hutchins is a Professional guide at Renegade University, the FREE members only site where students can EARN CASH while learning cutting edge Internet marketing skills and online selling strategies. To learn the secrets of achieving REAL residual income that 97.9% don't know, and only the mlm "heavy hitters" understand, subscribe to Mike'sFREE weekly newsletter
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