The ABC�s of Network Marketing Success - How to Make Money in MLM

So, you've joined a network marketing company, have you? Maybe you spent days or weeks (or longer) researching the company, its products and its compensation plan. Or maybe you just fell in love with something and jumped right in. In either case, here you are. Now the question is - can you make any money at it?

97% of those who join will never make a profit. What distinguishes the other 3%? Are they brilliant sales people? Just lucky? No, they've got their ABC's down. Learn your ABC's and join the 3%.

A is for ACTION.

You've got to take action to sponsor new members and customers. You don’t have to get it exactly right. It's not the "perfect presentation" or the magical website that does the trick here. Yes, you should be constantly working to improve your skills. But if you wait till you're sure you've got it right, your business will stall out. Spend at least an hour every day taking action to build your business. (OK, 6 days a week will do). That's in addition to the time you'll spend on your own learning and development. Surfing the web for new info doesn't count; calling prospects does. Listening to an audio lesson doesn't count; responding to email inquiries does.

Pick a path and work it consistently. You can take the friends and family route, the internet marketing approach, or the purchased leads tactic. Any of these can work. But you have to work it consistently with discipline and persistence. Don't expect instant results. network marketing isn't a get-rich-quick scheme. At least not with the reputable companies. It's a work hard, get paid forever business.

B is for BUDGET

Your upline is pretty unlikely to tell you to be careful about how much you spend. But having a budget and sticking to it is essential. Know how much you can afford to spend each month until you start making a profit. Let's say it takes you 90 days to build enough of a business to get steady checks coming in. How much can you spare each month for those first 3 months? Know that number and don't go beyond it. Piling up credit card debt is generally not a good start for a new business.

Similarly, you want to budget your time. Don't neglect your commitments to your family and your "day job" while you're starting your business. The first couple of months you may want to spend more time on the business. You're excited and you've got a lot to learn. That's fine. Just make sure that you work it out in a way that won't mess up your life.

C is for CONTACTS

You gotta have people to talk to about your business. Network marketing is all about relationships. You can start with family and friends. You can generate leads on the web. You can buy leads. All of these are ways of identifying people you can talk to about joining your business. There are pro's and con's to each approach. Often a blend of two strategies is best.

Remember that a large majority of the people you talk to won't be interested in joining your business, no matter where you got the lead. That's fine. Don't take it personally and don't try to twist their arm. Move on to the next contact till you find someone who sees the goodness of your opportunity. Then work with them to become successful.

D is for DISCIPLINE

In your Action, your budget, and your contacts, be disciplined. If you jump from one thing to another or fail to take action for days, your business won't grow as fast (or may not grow at all). If you want to have new people joining your business on a regular basis, you've got to be disciplined about how you work your business. Track your goals, actions, and results. Keep your contacts organized.

Set weekly targets for your business-building activity and track how you do against those targets. Do a review at the end of the week, then set targets for the next week. Hold yourself accountable for doing what you plan to do each week. Consider telling your upline what you plan to do so you feel accountable to them too.

Pulling it all Together

These 4 principles - action, budget, contacts, and discipline - will help you move to profitability more quickly. Once your business is making more than you're spending on it, you're in. Now you're one of the 3%. And more importantly, you can afford to stay in while you build the wealth you're seeking!