If you have been in the industry for a while, you have heard this statement before. 97% of all entrepreneurs have and will fail in starting their own business. But why is it that only a few can succeed and so many will fail? What is the secret sauce, ingredient that separates a successful network marketer vs. One that fails miserably? What does a Top Earner do that is so different than one that spends more money that it makes with their business? Well there are 2 reasons …
Reason # 1
A top income earner has several qualities that most people do not have in general. You see most people are not willing to work hard to obtain success. They would prefer that success finds them. I am sorry to tell you that success only finds people in movies or books, almost never in the real world.
The first thing a successful entrepreneur does is to set-up the ultimate goal they want to achieve. They start with the end in mind and gradually make it into a smaller goal. You see the ultimate goal would be something you like where you see yourself in 5 years and then you would break down your goal into yearly, monthly, weekly and then daily goals. If you meet your daily goal every day, chances are you will achieve your ultimate 5 year goal.
They are very persistent. Once they set their mind on something, they do not deviate. The ultimate goal never changes, only the way to get there can change. What does that mean? Simple, if your daily goals do not get you to your weekly goal, than you must adjust your daily goals. Just because one thing does not work, does not mean that your ultimate goal will never be achieved.
Consistency is also a key ingredient here. They follow the plan they set up and stick to it. You never hear a top earner talk about how they did not follow the plan they established for themselves. They never procrastinate, they're not lazy. If the plan calls for three activities to be done that day, they will accomplish those three that day and probably more.
They always resolve themselves to grow. They are always reading a book, attending a conference, a webinar that will teach them how to become a better leader. The best investment you will ever make in life is the one you make to develop yourself.
Reason # 2
What I am about to share with you here might be upsetting if you are already with a network marketing business but none the less it is the truth and you will be best served to keep an open mind so you can take action before it is too late .
The reason number two is your business. Being involved with a business that does not give you a real opportunity to create a five figure monthly income will be your second biggest challenge. Most companies will give you great products, what looks like a great compensation plan on paper and many other things that all sounds great but when you dig into it, when you start experiencing this business; You realize that it is practically impossible to fire your boss using what your business has to offer. So keep an open mind as I explain.
The days of going to your friends and family, business people you know or buying cold leads are over. Network marketing today has to be done on the internet if you hope to stand to have a chance to become wealthy or at least financially free. You want to generate your own leads and be able to market to over 1.5 billion people who are using the internet today. If your business is telling you to stay away from that kind of powerful global commerce, may be it is time to ask yourself why.
The type of product you sell is also at question here. If you are selling vitamins, juices, communications programs, vacations, cleaning products etc. Etc, how much competition do you have to deal with? You see if you sell a commodity like described above, no matter how new your product really is, it can be reproduced by someone else at any time and it will be better and cheaper with their new version and therefore more competition. We are in the information age. People want information and will pay for it. Just look at what people are spending today in a college education … Most Information and education products are "proprietary" and can not be reproduced, therefore no competition for your business.
Last but certainly not the least, the compensation plan will decide without a doubt if you stand a chance of become financially free or not. This will upset you, so sit down and so you can digest this. "The promise of residual income the way we know it is all but dead" You might want to read it again and let it sink in for a second. Today you must be largely compensated up front if you want to a chance to see the residual income on the back end.
You need to have two components in your compensation plan, direct sales up front and residual on the back end. The negative part is that less than 1% of compensation plan have this dual compensation plan and the ones who do, realize how important it is to have it to deal with the constant attrition in your business.
There you have it, two reasons why most struggle to even make a penny in profit in network marketing. If I describe you in reason number 1, what I suggest you do before you start a business is to work on yourself first or you will only waste your money. If I describe you in reason number two, I am sorry but it certainly is not too late to fix it. Take action and pursue your ultimate goal. You are only changing the way you are getting there, not your 5 year plan.
To your success