First Year in Your Home Business
Let's take a look at five reasons why over 90% of people who get into a Home Business fail:
1. They quit
2. They lack basic skills and knowledge
3. They fail to cultivate leadership
4. The join a dead-end company
5. They stop promoting their business
1. They Quit.
This is the number one reason most people fail at anything in life. They quit before success has a chance to begin. All of us in network marketing have been tempted to quit at some point. Only those who persevere ever end up finding true success.
In his book, "Your First Year in Network Marketing", Mark Yarnell estimates that 95% of people who survive 10 years in network marketing create prosperity beyond their wildest expectations.
I want you to think about your "wildest expectations". Can you think of a Home Business that YOU could start RIGHT NOW, which will provide those rewards for you after 10, or even 20 years? Most businesses barely make $100,000 a year for its owners, and most fail before 5 years. Contrast this to the fact that many people in MLM are enjoying 7 figure incomes - every year. They accomplish this usually after only 3-5 years of effort.
Unrealistic expectations usually lead people to quit. They join MLM thinking that they'll get rich quick. They tell themselves that recruiting will be easy, they'll retire in six months and they'll be a rock star that walks the stage at convention.
Most people have no idea what it takes to run and operate a Home Business. It involves enduring emotional roller coasters and overcoming obstacles. So at the first sign of hardship they quit and then blame their failure on everything but themselves! DON'T BE A QUITTER and you will succeed!
2. They Lack Basic Skills and Knowledge.
There are certain skills that you need to acquire in order to operate and succeed with any business. a Home Business operates under the same rules of business.
In addition, You need to learn how to:
a. Invite
b. Make a presentation
c. Be confident
d. Promote your business
e. Cultivate leadership
f. Teach others to duplicate what you just did
In order to learn these basic skills you must go and apply yourself to learning, and then practicing these skills. Practice makes perfect! Home Business Training is the fastest way to get there!
3. They Fail To Cultivate Leadership
The skill required to succeed is this: Learn how to find and cultivate leadership and help them do the same.
If you don't cultivate leadership your team will not be very stable; duplication will not happen the way it should. You may be signing people up left and right but you will not see the kind of duplication that makes network marketing so powerful. Only after you really learn how to cultivate leaders will you start to see massive duplication. Most people go years not truly understanding what this home business is all about!
Network marketing is simple. You are looking for a few key people to spend 90% of your time with and cultivate them into true leaders.
A leader is best explained like this: Someone who can tell others what to do next!
4. They Join A Dead-End Company
This happens all the time. People who are new to the industry fall in love with a product and think that the product is all that matters. Actually, the product is one of the least important ingredients for success! Timing is everything in network marketing.
If you want to find potential leaders for your business then you must be part of an opportunity that is very attractive for most entrepreneurs. Your opportunity needs to have momentum. Momentum is your best friend in this business. With momentum, you can see your checks double every month!
5. They Stop Promoting Their Business
This should be obvious. How can you expect to make money, if nobody knows what you are offering?
In order to find new distributors and customers you must first promote yourself (as a leader) and then your Home business! Take the time to become a leader first, because this is what causes people to join you.
Most likely, you are approaching your people with the wrong idea of what network marketing is. You are telling them your business can make them money and lots of it, right? Guess what, that isn't why most people join network marketing.
Network marketing is not so much about making money right away as it is about HOW you make money.
Most people trade their time for money - when they stop working, the money stops rolling in. Network marketing offers a better solution. They can work full-time paying their bills, and part-time building their fortune. Network marketing usually starts off slow, but what other option does the average person have to create residual income?
Network Marketing works! This has been proven time and time again by the many examples of common everyday people making a 7 figure residual income.