Succeed in Multi-Level Marketing
Are you struggling with your MLM business and wondering how to succeed in network marketing and generate passive income from your direct sales business? If the answer is YES, then I suggest you to read on as I will be sharing some practical tips to help you scale your multilevel marketing business overtime.
A network marketing business works like any form of business. If you execute the game plan correctly, it can be very rewarding both financially and mentally. Financially in terms of how you grow your income overtime. Mentally refers to the type of personal development where you will be given the opportunity to establish your leadership abilities, credentials and online reputation.
No Glass Ceiling in MLM
If you have been working in the Corporate World for awhile, you realize it will probably take you 5-10 years to climb the Corporate ladder to become a senior level executive one day. The higher your position, the better your pay. Sounds lucrative, right? But don’t forget your Corporate responsibilities will increase along with your job title printed on your business card. That also indirectly translated into more workload , more pressure, and less quality time spend with your families. In reality in the Corporate environment, you have to cope with Company’s politics and also face the risk of losing your job due to economic uncertainty.
Vice versa, a network marketing business works in the opposite way. MLM business provides you with more flexibilities and freedom of execution. Once you recruit and train the right people, set the foundation right at the beginning, you can seat back and relax after years of hard work without the need to heavily involve with the business itself. Isn’t it great to be your own boss:)
Grow Your Home Business From Part Time to Full Time
The beauty of direct sales network marketing business is that you can start generating residual passive income without leaving your day job. By only working part time 30 minutes to one hour a day should be sufficient enough if you aim to quit your day job in 2-3 years time. (again depending on where you are and how much afford you are willing to put in)
9 Practical Tips to Succeed With Network Marketing
Over the years, I have the privilege to work with many talented students and few of them have rise to the top of the network marketing opportunities tree. Not every network marketing businesses are created equally and certainly not every successful case is the same. But in general, they all share the same common elements: Focus and persistency.
Their success didn’t happen overnight not by accident. it does take discipline, hard work and commitment to succeed in network marketing business, and here are the overall guidelines:
1) Engage the Right Opportunity
Network marketing is a very competitive business. It is easy to join the opportunity BUT difficult to keep up if you are not persistent enough. There are many scammers out there, thus picking the right company and enroll with the right opportunity are critical.
Your passion will always determine whether you will be able to succeed in a network marketing opportunity. There are opportunities in the vitamin segment (health and fitness vertical), work at home field (home based business opportunities) as well as stock and forex field (financial vertical).
Regardless what interests you the most, you should always conduct in-depth research prior to joining any network marketing companies.
2) Pick the Right Mentor
Mentorship or leadership development is an important step in network marketing business. Leadership is by nature but it can be trained with proper coaching.
Prior to joining any opportunities, it is best to connect your potential sponsor, speak to him/her and see whether he is the right person to work with. I have see many people fail online because of the lack of coaching. If you come across your sponsor who doesn’t want to share his contact with you, either Skype, Facebook, Email or Phone number. Then that person is probably not a good mentor. Trust me on this, you will have a much higher chance to become successful if you have the right partner to help you accelerate your learning curve.
3) Be a Change Leader
One of the attractive fact about network marketing is personal development. That is why network marketing is often called attraction marketing. You need to master the technique of attraction and embrace what I called? “train the trainer” approach. If you want to succeed in MLM. You must stand up and learn how to become a leader, not a follower. You must be willing to lead by example, be a change leader, inspire your team and share your success stories with your team.
Don’t be afraid to push the envelop, learn from your own mistakes and master the technique of relationship marketing and stand up from your peers.
4) Goal Setting
One strategy that helped me most is goal setting. Setting SMART goal enables me to know what need to be done in order to get to where I want in a given time frame.
You have to clearly understand your goal, breaking it into personal and financial objective. Understand your challenges from 30 days down to one year from now. A clear goal map will help you visualize your business growth.
A solid goal plans can help safeguarding your progress, so you can refer to the game plan all the time. eg – if one referral makes you $100 per month, 5 referrals will make you $500 per month. It depends on your revenue objective. If your aim is to make $4,000 per month, then work your goal backwards on how many active referrals you need to have to generate that type of income, and how many lead generation activities are needed. Hope this make sense:)
5) Treat Your Business Seriously
One of the common mistakes I see beginners made are engaging too many business opportunities at the same time before making any money online.
If you are new to the business, make sure don’t overwhelmed yourself by participating in too many programs. It is going to cost you more money before you start making a profit. I suggest to invest in 1-2 opportunities and make 100% commitment in growing your network marketing business. Wait until you profit from your business, then you can set aside extra budgets to grow other business opportunities. Don’t be misled by the get rich quick sales pitch. Expect to work hard in the first 12 months before quitting your day job!
In order to succeed in MLM, you have to treat the business seriously. You must be willing to invest and reinvest in your business depending on your financial objective.
6) Learn Internet Marketing
The internet has revolutionized how network marketing works. You no longer have to cold call your prospects, pitch your families and friends into buying your products and services. Futuristic network marketing enables one to mass recruit prospects online and provide you the flexibility to team up with your best recruits for “train the trainer” activities. That being said, to become a good networker, you must learn the basic of internet marketing and master it overtime.
If you are short on budget, blogging is a good way to kick start your network marketing business (I recommend blogging with john chow system).
7) Always Be Recruiting
Always encourage your team members to recruit quality people to the business by leveraging on the internet. Learn how to build relationships with their customer base. You have to learn the matrix and understand how to really scale your business. The truth about passive income is based on the relationship bond with your prospects.
A consistent flow of new prospects added to your pipeline is vital to your multi-level marketing business success. Active members of your MLM teams are your personal brand ambassadors. Thus it is best to adopt a funded proposal strategy approach to engage your prospects and share successful stories, best practices and motivational stories to keep them going.
8) The Follow Up
Use email marketing software (I recommend Aweber) to capture the leads and execute follow up email marketing strategies. Make sure you do not spam your list but indeed creating valuable information and sharing valuable advice with your subscribers. Don’t be afraid to share your personal stories with your prospects over and over again. Bear in mind, value sharing will bring you business automatically if not immediately will be on a later stage.
9) Enjoy The Ride to Success
Bear in mind you are in the business for long run. Spend 1-2 hrs a day and work on your business, then you should start seeing result very soon.
The best advice I have is enjoy the ride. Success in network marketing is a progress, not an end result. If you focusing on growing your business, teaching your people, your business will grow by itself.
Network Marketing Success In Conclusion:
Network marketing is lucrative, rewarding yet challenging. Combined with the right business opportunities, the right mentor,? the right recruitment strategies and the right effort in place, you will be able to witness positive results in 3-6 months. Bear in mind, the result will always attribute to your time spend on your business. The more you put in, the more rewards you will experience.
To your MLM success!
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