In Part 1 of How To Succeed in Network Marketing Part Time, I talked about your most valuable asset. If you missed Part 1, be sure to check it out.
Now let's talk about MONEY
In my experience, this is one area where people seem to get all turned around, and it's one of the biggest reasons why Part Time Networkers fail.
WARNING – what I am about to say will NOT make me popular with many in the Network Marketing mainstream. It goes against what most of them teach their team and what they promise their prospects. It also would cut into their commissions BIG TIME!
When it comes to money, Part Time Networkers generally fall into one of two scenarios (represented by Sally and Sam):
Scenario 1: Eager to succeed right out of the gates, Sally gets all tied up in the emotional hype thrown at her by her sponsor. Sally is encouraged to buy into her company's compensation plan at the highest level to make the largest commissions on each sale (assuming she'll make sales). Sally pictures herself with a bag full of company DVDs explaining her opportunity, and everybody wants one! So Sally goes out and purchases hundreds of her company's DVDs and brochures. Let the money come in!
Scenario 2: Sam is the ultimate skeptic. He calls himself a realist, but if he were to be real with himself he'd admit that he has a hard time committing to anything involving money. Sam takes the “let's wait and see” approach, unwilling to part with his money until he's sure “it” works. Sam has heard the Network Marketing horror stories and is cynical (yet hopeful) that it will work for him!
Either way, Sally and Sam are likely doomed to fail.
Here's the Problem with Sally
Sally has put the cart before the horse. She is eager, for sure. But unless Sally has had some prior experience in sales, marketing or relationship building she is going to end up with lots of unwatched DVDs and unread brochures and little to show for her investment. It's true, she will be positioned at the highest level in her compensation plan (thanks to the very convincing argument of her sponsor, who of course greatly benefits financially), but she'll never make enough money to recoup her initial investment, if she makes any money at all.
Sally's big mistake —> Sally didn't understand a concept first introduced to me by one of my mentors, Mr. Jim Rohn….
People don't join you because of your products or great compensation plan. People join those who they feel can help them succeed.
And that means acquiring skills that will make you more attractive to your prospects.
Sam will fail, too. And here's why.
I've seen the likes of Sam many times since I first started marketing. Sam's the kind of guy who wants to dip his toe in the water, but not jump in for fear that it will be too cold.
What this means for Sam is that he'll never invest enough money in himself or his business to give himself a chance to succeed.
Yeah, he'll go for the $20 ebook, but never the $495 full blown training course that can take him from novice to expert.
And spend money on a coach? NEVER! Sam can do it all himself (or so he thinks).
Unfortunately, Sam will likely end up seeing no results and will move on to some other money making opportunity, where he will again dip his toe in the water. Rinse and repeat.
We call them opportunity hoppers or jumpers, and they are rampant in the Industry.
So, how SHOULD you invest your money in your Part Time Network Marketing business?
The Top 5 Ways to Invest Money into Your Part Time Network Marketing Business
1. Invest in Yourself First
The top way to succeed in Network Marketing Part Time is to invest in YOURSELF. Invest in learning new skills and acquiring new mindsets. Develop yourself as a leader that others will want to follow!
Here's something that no Network Marketer will ever tell you — You DON'T need to have a Network Marketing product or opportunity to do this!
If you're attracted to off line Network Marketing, go learn new communication skills and relationship building skills that will help you succeed in MLM.
If you want to market online, go learn video marketing, blogging, pay-per-click marketing or whatever marketing method resonates with you. Become really good at one or two marketing methods, and I guarantee others will flock to you, wanting to learn what you know.
If you have a limited budget, it's far better to invest in yourself first!
Build you skill set and invest in your mindset …. the #1 way to succeed in Network Marketing Part Time.
2. Invest in Your Company
Once you've invested in learning new skills and improving yourself, it's time to invest in your company. This means finding products that you resonate with and would be proud to represent. It means finding a company with a great compensation plan that pays you fairly and often. It means doing your research and finding a sponsor that will show you the ropes and be honest with you.
Now, if you can't afford to buy into your compensation plan at a high level, don't sweat it. You can get great deals later (keep reading). Just buy into your Network Marketing company at a level that you feel comfortable AND make sure that you still have some money left for marketing (using the skills you learned in Step 1).
CHECK THIS OUT! —> Most people totally switch #1 and #2. They decide they want to start an mlm business and jump right in, with no skills. They buy into their comp plan hook, line and sinker and have no money left to improve their skill set. This is a recipe for disaster.
3. Attend a Live Event
There's two reasons I have listed “attend a live event” as the 3rd best way to invest your money.
First, when you attend an event it gives you social proof that there are REAL PEOPLE out there making money in Network Marketing and MLM. You get to shake their hand, pick their brains, and just watch the way others interact with them. They are seen as leaders, looked up to, and you begin to understand what success will do for you.
Second, it's very common at your company's live events that they'll allow you to move up in your compensation plan AT A DISCOUNT (I told you there would be another chance). So, if you're at a point where you want to invest more in your company and make higher commissions, you will likely get the chance at a live event.
Here's just one advantage Part Time Networkers have over Full Time Marketers — if you're making an income from a traditional job, you will hopefully have money to invest in your MLM business. This means that you'll have money to invest in yourself, at the very least, without being 1oo% dependent on making sales to do so.
And by investing yourself and building up your value to your prospects, you'll be so far ahead of 99% of other beginning Networkers in the industry.
If you enjoyed the first two parts of How To Succeed in Network Marketing Part Time, be sure to subscribe via email (on the right column) so that you won't miss a single part of this series!
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