You Can Do It! By George Dubec
You Can Do It!
When most people fail at MLM they put the blame on MLM as a business model. However, there are few things to consider before you dismiss MLM as a home business option:
MLM is less expensive than other business opportunities. Large sums of money are not required for MLM, compared to many other businesses, the investment is usually small. Franchises and business opportunities run in the thousands just for the start-up, whereas many direct sales businesses can be started for less than $100.
The low cost often lures people in without doing any research. People make many mistakes when starting in MLM because they don’t take the time to get properly trained. Some don’t research the company or product. Others don’t read the contract they sign. Many newbies rely on the information provided by their sponsor. This is a problem because even the best sponsor won’t be able to cover every little detail and devote a lot of time to help you. Also, some sponsors fail to disclose everything and provide you with adequate training.
People quit MLM faster than other ventures because the start-up investment is much smaller than in traditional business. It’s also easier to quit and walk away from a $100 than $5,000 or $25,000. They also quit early on because they don’t experience instant success!
MLM success and drop-out rates …..
According to Jon M. Taylor, PhD research:
In the first year of operation, a minimum of 50% of representatives drop-out.
After five years of operation, a minimum of 90% of representatives have left the company.
By year 10, only those at or near the top have not dropped out – making it safe to say at least 95% of representatives have dropped out.
He contrasts these statistics with the failure rates for traditional small businesses, using the Small Business Administration’s statistics for 2008 that found that 44% of small businesses survive at least four years and 31% at least seven years, and 39% of businesses are profitable over the life of the small business. Only 64% of small businesses fail in 10 years.
Because of the dismal MLM failure rates and other criteria, MLM businesses don’t qualify for SBA loans or other small business funding and assistance programs.
How much time and money is involved in MLM?
Many reps struggle because they don’t treat their MLM like the business it is. For some reason, many MLM businesses are viewed and treated differently than a traditional business, which is a problem. It doesn’t matter what business you start, if you don’t market, sell, and do the activities that make money on a consistent basis, your business will fail.
Your success is up to you!
You, not stats, nor your sponsor or the company dictate your success. Like most things in life, success or failure relies on the individual. Most of the reps in the MLM industry don’t make much money and then quit, but there are reps who are meeting their income goals and some (a small few) are rich. The same could be said about any other business category or other entrepreneurial ventures.
There are many factors to consider including:
Your goals – It’s possible to become rich in MLM if you choose a good company and do the work. However, most MLM reps are looking to make a little extra to pay off debt or stay home with the kids, a goal that is reachable for many. A part-time, direct sales business can help you achieve modest goals. Once you start building your business, and learn how to make money, you can ramp it up and build it bigger if you want.
Get rich quick – Too many people get lured by the hype and the big paychecks being received by the uplines without stopping to consider the company or its products/services. What does the company sell and can you get excited about it? What is the compensation plan, marketing system, and policies, and can you work with them? Is it a member of the DSA and by research found it to be a legitimate company?
Upline and downline – Hoping to recruit “big hitters” under you to build your business without you putting in much effort. Also, to count on your sponsor building your business for you! Don’t leave it up to others; pretend you have no help and have to grow the business by yourself! Any additional help from your upline or downline will be icing on the cake, but you have to bake it!
Work ethic- First get properly trained, then expect that it will take from six months to a year to start to see favorable results! Sometimes things happen sooner or it may take a little longer but the key is to be consistent, persistent and relentless! Success comes from doing the work that needs to be done …………. SEE THE JOB, DO THE JOB!
How to succeed in MLM:
1) Brush up on the realities of MLMs
2) Find a company with a product you love and believe in
4) Don’t barrage your friends and family
5) Identify your target market
6) Get properly trained
7) Don’t get discouraged
8) Set goals, action steps and timelines
9) Treat it like a real business
10) Qualify your prospects and don’t waste time with the wrong people
11) Train your downline as soon as they join
12) Be a product of the product
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