Residual Income Ideas for Network Marketing Success
In the MLM industry, attrition rate can run as high as 70%. This means that the majority of the people who try a network marketing company don’t survive the first few months. The upside of this is that 9 out of 10 of those survive through ten years become very wealthy. This industry has produced more self-made millionaires than any other single industry in America.
Ninety percent of conquering a problem is to identify the problem. Even addicts have to first agree that they have a problem before they can be helped. So, if in order to overcome the major reasons why people fail, we just avoid those pitfalls. Looking at some residual income ideas for network marketing success:
1. Be prepared to handle rejection.
Who said that any kind of selling was easy. But it all comes down to attitude. If you can understand that a rejection of the opportunity that you are so excited about is not a rejection of you, as a person, then you are on your way. “No” must be interpreted as “next”. This is easier said than done, but it’s the price of success. The internet and other new technologies allow some rejection proof approaches, such as using lead capture pages and autoresponder messages. These methods serve to “pre-qualify” your prospects. However, there still must come a time when you will have to be in personal contact with your downline members.
Part of preparing your mind for these “negative” people is to fill your mind with positive messages. There are many MLM and “positive thinking” speakers that will help you keep your spirits up. You will be surprised to know that motivational tapes and books can give to your attitude a boost, in general. This is one of the benefits of being in this industry. It teaches you to have a brighter outlook on life.
2. Be realistic in your expectations.
To expect too much too soon will only set you up for a possible let down. Accept that this is a legitimate business that would require investment of time and effort and you must be prepared to sow the seeds before you can reap the benefits. Who builds a house without first considering the cost?
When you are quoted, the salaries of big recruiters, be sure to ask how much time and money they spent to get to that level. This information will give you a clearer picture.
3. Once you find a reputable company, be prepared to stay the long haul.
This goes without saying, but if you expect to succeed, you must stay the course. The most successful people in life have gone through very trying times but they have stuck with it and left a legacy behind. It is often said that tough times don’t last but tough people do. The same holds true for those seeing to build a solid residual income. You should commit yourself to at least 3 years before making a decision either way.
Jumping from one opportunity to the next only shows a lack of decision and stability in your planning.
4. Do not make the business more complicated than it needs to be. Stick with what works.
There is always the temptation to improve on the methods that experienced networkers have shown to work. Go with what works, not with what should work. If you find a system that has been working, just plug into it and squeeze the last drop of success you can get from it. This means that you must show yourself to be teachable to your upline and be willing to teach your downline members the same system. Residual income success comes from doing what works repeatedly until it becomes second nature.
Another note of caution is that you should not expect from your recruits what you are not doing yourself. There are many network marketers who will give advice that they are not willing to follow. In other words, they get their team members to “do the dirty work” for them. This practice takes away from the real meaning of duplication. I am doing the same thing that I am teaching you.
5. Train and then let loose!
The real power of network marketing is the power of leverage. Rather than using 100% of your own effort, you are using 1% of the effort of a hundred. If your downline members become too dependent upon you, then they will be using 110% of your effort. This can easily lead to instant burnout.
So the key is to train your frontline members, then train them to train their frontline members. As you gain leadership experience in the business, then you can occasionally pick up the slack for a colleague. The important thing is that your team members understand that effort is required on their part or they cannot expect your support.
Here are some additional insider tips on really hitting the ground running. These residual income ideas for network marketers are learned from the study of those who have millions in this industry.
Final Note: If you have multiple streams of income, you should take a look at your income sources and evaluate them to see how many are residual and how many are linear. The key is that you may want to “balance your portfolio” so you can have income coming in even if, for some reason, you are not able to work. Especially as a small business owner, this can be critical to your survival.
Even one of your fat monthly checks tucked away on a fixed deposit account will provide you with residual income…accrued income.
Think about it. How long do you think it will take Bill Gates, one of the richest men in the world, to make billions, if all his bank accounts were presently frozen and taken away? That is the power of residual income!
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