The 5 Biggest Mistakes New Network Marketers Make & How To Avoid Them
If you would like to learn the 5 biggest mistakes new network marketers make before you start out, so you can safely avoid them, then this post is a must read.
I strongly believe that these 5 mistakes new network marketers make are the main difference between struggling and building your own £10K per month business and enjoying all the additional benefits that comes with it.
We will also look at the solution to the common pitfalls to give yourself the very best chance for success.
Mistake 1. Listening to the Wrong People
This is the first mistake new network marketers make. Let me ask you a question. Would you take diet advice from an obese person? How about advice on marriage from someone who has never been married?
I’m guessing the answer is probably no. So why do people take business advice from people who have never owned a business?
This may sound funny but it is one of the most deadly things you can do.
The problem is that people LOVE to give you their opinions. It is very common and is probably the biggest killer of business success for people just starting out. The problem is that people naturally talk to their close family and friends about whats going on in their life and if the opinion is negative, many people quit.
This is crazy. This is the same as taking diet advice from an obese person!
Your family and friends are not trying to harm you. They love you. Their opinion is just based on THEIR experience, but if they have never owned a successful business, then the advice can be toxic to your success.
To avoid this crippling pit fall you must train yourself to ask, should I be taking business advice from this person? How much business experience have they had? What business successes have they accomplished?
If the answer is none, then you can listen to what they say, just don’t make decisions about your financial future based on them. Imagine an invisible filter that surrounds you. It is there to block out all the noise, shinny objects and harmful information being given out.
Mistake 2. Choosing the Wrong Network Marketing Company
Choosing the wrong network marketing company is another mistake that new network marketers make. There are over 100 network marketing companies you could work with, how do you know which one is right? Should you be in health? Fitness? Skin care? Utilities? Water systems? How about a brand new company? An established company? International? National? The list is endless.
If you choose the wrong company then you are setting yourself up for failure before you even start and you are going to have very some frustrating months ahead.
It is vital to get the right company and access to the right business coaching from the start. This is the reason why some people seem to have so much fun with this business, while others get left with a bad experience. The good news is that this doesn’t have to happen to you.
I could (and will) write an entire piece on how to select a good company but for now here is the short version. Choose a company that has a consumable product. This is the key to wealth. It must be consumed and used up each month.
The product should also be of the highest quality that actually benefits the user.
Never go for a start up company. It is too risky. Avoid companies that are under three years old or that are over 50 years old. Also check to see what incentives they offer you. Many now offer free luxury cars and 5* holidays for top performers.
Mistake 3. Starting with the Wrong Expectations
One of the biggest differences between network marketing and the 9-5 is that one is a BUSINESS and the other is a JOB. A job is somewhere where you “sell your time for money” and get paid instantly, and a business is where you work for profit and are paid on skills. The problem is that most of us are trained to be an employee (working for money) and not as a business owner (who works for profit).
Important Point: It is standard for a business to become profitable after one year.
In traditional bricks and mortar businesses, three years is how long it normally takes to become profitable. The problem is that if people do not make money in the first couple of months they think they are not very good or they are getting ripped off and they quit. Do not make this mistake. There is a transition from thinking like an employee to thinking like a business owner.
The solution is simple. Start out with the right expectations. You must commit at least two years to making your business a success (three years is better). You can’t become a black belt in the martial arts in one year. You can’t get a gym body in only one year.
You have to go through a “learning curve” of things that you have never done before. New skills, new systems and new processes. Listen to your mentor, work hard and get better everyday and you will become successful.
Mistake 4. Choosing the Wrong Business Partners
By this point, you will have started with an amazing company with the right expectations and be able to use your new filter to block out bad advice. Now its time to build your business.
Remember this: Success depends on finding the right people and then giving them what they need to become successful.
One of the biggest mistakes people make is prospecting the wrong people. It is the difference between spending hours of your time, effort and energy with people who will disappoint you, lack motivation and drop out, compared to people who will be great to work with, make business a joy, where you both have tons of fun and earn a fortune.
The solution can be found in one word. Marketing. You must become a master marketer. To quote one of the highly respected business growth specialists in the world Jay Abraham.
“The main difference between mediocrity and making millions has
more to do with marketing than any other business factor”
The good news is that great marketers are made not born. Success lies in learning about “The Buying Cycle” “Target Markets” “Marketing Channels” and other priceless business principles that will make your life so much easier.
The key is to work smarter not harder. These will ideally be taught to you by your business mentor. Just know that your ability to target the right people will determine your results.
Mistake 5. Giving Up
The final mistake is very simple. Most people give up way too early. This is normally due to people having the wrong expectations. Once people realise that there is actually work involved they move on to the next shinny object that promises quick riches.
The truth is that there is no holy grail to wealth. Ask any wealthy person. It takes time and dedication. The only fast way to money is through the national lottery or by inheritance.
Again, the solution is actually very simple. Do not give up. I recently met up with a business mentor of mine who didn’t make any money in network marketing for nearly two years and now is making over 20K per month. She explained that the key to success is to get a little bit better everyday and never give up.
“The key to success is to get a little bit better
everyday and never give up.”
I hope this post has been useful for you.