Over the three plus decades I’ve been in the MLM or Network Marketing profession, I’ve learned a few things. Mostly I learned them by making lots of mistakes, but a few I learned from other top income earners. In this article I’m going to share 5 of my favorites. These are not theoretical ideas, but rather things I’ve done to build several large and lucrative businesses, a couple from which I still earn very nice residual incomes.
The key to these MLM or Network Marketing success tips is that you can’t just read them. You have to put them into action in your business. The Bible tells us that we need to be “doers of the word”, which means that it’s great to read about these five powerful business building tips, but until you become a “doer” nothing will happen. So, I encourage you to study these tips and think about how you can implement them into your business today, this week, this month.
Okay, here we go:
Tip #1: Treat Your Business Like a BIG Business
Treat your MLM or Network Marketing business like you invested a million dollars to get it started, rather than as a hobby you work when you have time and you will see much quicker and bigger success. If you invested in a McDonald’s franchise, you would work 15 hours a day for years to recoup your initial investment. The problem with network marketing is that it doesn’t require a big investment, so people don’t treat it like a big business. Yet, the potential income in network marketing is much higher than with a McDonald’s franchise. So, treat your network marketing business like a big business by investing the hours every week to build your network.
Tip #2: Set up a designated business area in your house.
If you can spare a bedroom, do it. If not, at least have a desk in the corner and partition it off for your office. This will help you in two ways. First, you will be able to deduct that area of your home on your taxes. Second, it will help you know when you are working and when you are not. If you have a family, make sure they understand that when you are in your office, you’re working and are not to be disturbed except for an emergency. That way you will be able to focus without constant interruptions.
Tip #3: Introduce your business to at least one new person every day.
It could be someone you know (from your warm market list) or someone you meet. If you do this 6 days a week (take Sunday off) and 50 weeks (take 2 off for vacation), you will prospect 300 new people each year. With just a 10% closing ratio, you would add 30 new people to your team each year. Now, imagine if they all did the same. It’s as easy as saying, “Say, would you be interested in making some extra money, if it didn’t jeopardize what you are doing now?” OR “You seem like a sharp person, do you keep your eyes open for ways to make extra income outside of what you do now for a living?” The key is to find a question that works for you and ask somone new every day.
Tip #4: Do What Business Owners Do
When you join an MLM or Network Marketing company, you are in business, so do what every other business owner does – create a business entity (sole proprietorship, partnership, LLC, corporation) and get licensed in your state. Get an EIN (Employer Identification Number) from the IRS and then set up a separate bank account. All your MLM income and costs should flow through that account. This will keep you legit with the IRS and will give you the right business mindset to achieve success.
Tip #5: Find a coach.
Every athletic team has a coach and every top network marketer had/has a coach. The best coach is an upline leader who has already achieved success in your company. Ask them to devote time each week to coaching you. The key is to do what they say. They’ve been there, done that, got the t-shirts, so all you have to do is listen and follow.
There you go. Remember, it’s one thing to just read through these 5 MLM or Network Marketing success tips and think about them and it’s another thing to put them into action in your business. So, I hope you will study them and then become a doer!
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