Network marketing offers one of the best opportunities for most people to start from scratch and build a “job replacing” residual income.
But as the high attrition rate in the home business industry suggests, it is not without risks.
If you are serious about building a sustainable residual income from your home business, learn to avoid the top 3 network marketing mistakes every newbie in this business makes.
Network Marketing Mistake #1
Joining the wrong opportunity.
Simply put, some aspiring entrepreneurs have no business joining the opportunity they are in. For example, a person who knows little about the financial services industry would be ill-advised to join a MLM offering insurance or investment products.
Likewise, a company who touts online marketing as their preferred marketing strategy would not be appropriate for a person who can barely send an email, much less create lead capture pages, or effectively market on popular social media networks and forums.
What to do Instead
Rather than jump at the first opportunity presented to you, look around. There are hundreds of legitimate opportunities available in today’s marketplace, and you will dramatically improve your odds of achieving success if you look for an opportunity that:
• Matches your personality and interests
• Uses a marketing strategy you understand
• Offers a product or service you already use
• Presents a pay plan capable of meeting your goals
Network Marketing Mistake #2
Talking to the wrong people.
Every new recruit is introduced to MLM prospecting with the words, “Create a warm market list.”
From there, you will be advised to adopt a “Three Foot Rule” strategy, where you are told that every person who gets within three feet of you is a potential prospect and team member.
Sadly, the truth is, only a small percentage of the people you’ll meet while prospecting are interested in joining a business opportunity-and this includes your warm market.
The danger of this mistake is not in talking to people at random, it is in the rejection you will face.
Frankly, when you’re first getting started in this business you’re fragile. You’re looking for confirmation that your dreams are obtainable, and that you have made the right decision to join your opportunity. By putting yourself in positions where a rejection is virtually guaranteed, you are setting yourself up for disappointment and failure.
What to do Instead
Rather than talk to everybody, why not limit your exposure to rejection by only talking to people who have expressed an interest in starting their own business?
The best way to find these MLM prospects is to look for people who are interested in earning an extra income, or have experience with network marketing.
You could also adopt an attraction marketing strategy, where you use online forums, discussion groups, videos, and perhaps even a blog, to help motivated business builders find you.
Network Marketing Mistake #3
Quitting before giving yourself a chance to master the business.
The vast majority of aspiring network marketers quit the business within 60 days after joining.
In my experience, they quit because of frustration and disappointment. Because you see, the hype and excitement of their first opportunity meeting led them to believe success was easy, and if they could only talk two or three people into joining their opportunity, financial freedom was just around the corner.
What new marketers fail to understand is that successful marketers are pros.
They know what they are doing because they have experience and training in the field.
What to do Instead
Stop thinking in terms of getting rich by next Thursday.
Instead, commit yourself to the time and effort required to master your skills.
Think about it. How many people woke up this morning and decided to become a doctor, and by the weekend were treating patients?
And how many professional quarterbacks walked into a game without ever having thrown a football?
Again, probably none.
If you are serious about making money in network marketing, start thinking like a professional, and start training like a professional.
Bonus Tip – Never let a challenge keep you from your future. Take action today to make something great happen.