So you've just begun your network marketing journey, or like many, you're trying to find out as much as you can before you finally say yes to the opportunity. If so, I'd like to tell you that if you stick to your network marketing and work hard, you can make an infinite amount of money. But if you're like most people that join network marketing with the wrong attitude, chances are that you'll get discouraged and quit.
You could probably also be a couple of months or even years into your MLM journey and have struggled to record any great wins, that's probably because you've not been doing certain things right.
Here now i'm going to point out some reasons why people fail, so as to guide you while you look out for them to ensure you do not make those same mistakes.
#1. Lack of commitment: If you're going to be successful in MLM, the most important thing is your commitment and steadfastness. Like any legitimate business, it requires planning, work and sacrifices. It's not sufficient to just regard it as something you just do when you're free. It needs to be a big deal.
I like to say that if you could see your network marketing business as a hundred of thousands investment, would you then quit early on because the investment have not started yielding any revenue? Network marketing is a long term business, and as such requires your commitment.
#2. Considering it as a get-rich-quick scheme: Anyone that considers network marketing as a money doubling scheme or as a venture that will bring in huge income with less work will definitely fail.
Many people fall into this category mostly due to the persons that invited them into the business. The truth is that network marketing is never a GRQ scheme, it requires time and effort targeted at doing the right things.
#3. Too income driven: Most of us join network marketing for one main reason: to make big money, and that too in little time. Many people feel unsatisfied with their lifestyle and just jump into network marketing, thus they set their sights purely on the monetary gain. They are impatient and want to start earning big money right away. They see prospects as walking money and not as potential team members.
The beauty of network marketing is that one cannot succeed without helping others succeed first. Do everything you can to solve other people's problems, and watch the rewards come to you as a result.
#4. No growth plan: Network marketing is real business, you've got to have some real plan in place if you're going to grow. Your growth plan should include your strategy to ensure you continue to have prospects and make sales. It should be a living document that contains what you do on a basis in your business.
I usually encourage people to have a one year plan, one year to throw everything you have at building your business with specific goals and action plans in mind. Most people who succed in laying a good foundation in their first year are those who continue to earn huge money from passive income in the many years that follow.
#5. Lack of training and mentorship: Learning about your network marketing business is highly important. Regardless of what you know, you have to keep learning and attending trainings or watching training videos in order to keep up with better ways of doing things. There are many skills important in network marketing including public speaking, communication (speaking and writing), relationship building, online marketing etc.
Also, you need to identify mentors preferably in your upline who you would be open to learn from. Those mentors can share with you certain secrets that have worked for them without you having to make too many mistakes which those mentors might have made themselves in the past. Without the proper training and orientation, many network marketers find themselves not succeeding and resolve to blaming the system when they themselves could have done better.
#6. Failure to leverage on the power of the internet: The internet today is where most of the things happen, and most importantly building a network. If you are not taking advantage of the internet in your network marketing business, you're leaving a lot of money on the table. Applying only the traditional way of prospecting by reaching out to family and friends could discourage you with the constant "NOs", if you're, one not comfortable with speaking one-on-one with people and take disappointments to heart.
With the internet, you can apply the ATTRACTION MARKETING FORMULA where you build your audience through a blog, a website, your Facebook fan page, emailing list etc, constantly engage them, and then finally sell your business and products to them. The truth is that people want good and trusted persons to do businesses with, and they go to the internet to find them. So once again, if your network marketing only proceed offline, then you probably will not record any great success in network marketing these days.
#7. Trying to do everything at once: A jack of all trades they say is a master of none. This ranges from building with more than one MLM company at once to trying to apply many different marketing strategies at the same time. To really succeed at network marketing, you need to be focused on your company and on mastering a couple of marketing strategies at once.
For example, if you have a blog and a Facebook fan page, you need to be focused on building with that well enough before jumping off to include some other platforms. Most people fall into the error of trying many different things and jumping out too soon while all that was required of them was to be patient enough to build something significant and master a strategy before attempting to diversify.
In conclusion,
While there remains many reasons why people quit network marketing, if you get honest with yourself and watch out for those ones I've mentioned above, you will likey make it big time as a network marketer and build your business into an empire depending on how far you want to go.
I really hope it helps!
