Have you ever wondered why so many people join MLM companies, yet the majority of them lasts fewer than 90 days?
How is it that some people make millions each year, and are able to live their dream lifestyle; while others just wither away and die?
What kills them?
After examining the facts and understanding the differences between the industry leaders and the failures, myself included (I joined and failed at three different companies before I began making any money online), I realized that it all comes down to two things.
Lack of leads and lack of positive cash flow.
When you are able to overcome these two things, you will begin to experience massive success.
So, how do you stop these two Notorious killers in their tracks?
Killer #1: Lack of Leads
In order for you to survive, you need to oxygen. Oxygen to you, is what leads are to your MLM business. If you are not constantly reaching out to new people, talking to them about your product or business opportunity, there is no way you will succeed. Most persons just starting out their MLM business begin by chasing their family, friends, church members and even other soccer moms. At this point, they’ve exhausted everyone, been rejected a few times, and is now discouraged. Worse yet, they attend company meetings and hear person after person extolling the benefits of this business and talking about their huge commission checks, bonus checks and rank advancements.
So how do you overcome this killer?
You must learn to generate leads. Today, more and more people utilize social media to market and grow their business; and this is a great way to generate leads. It is easy to reach out and interact with more and more people each day. In fact, the rule of thumb is to interact with at least 5-10 new people each day.
Another way is to utilize a lead capture system. It is important to find ways to gather the contact information of your leads / prospects. The best way to accomplish this is to give your prospect something of value – this could be in the form of a checklist, a how to guide, a report, or even an ebook – in exchange for their contact information.
Here are two good Lead Capture systems that you can utilize for your business.
Killer #2: Lack of Positive cash flow
Cash flow can be described as the life blood of your business; without it, your business won’t survive. Consider the following scenario:
Lucy and Neil has just joined ABC Company. Lucy and Neil are super excited to begin this journey and have created their website/blog, made business cards, paid their autoship, done some advertising, as well as some other promotional stuff, all amounting to about $250 in monthly costs. 90 days later and $750 spent, they’ve only able to generate a total of $100 in commissions. This means that they’re out of pocket $650. Be mindful that Lucy and Neil did not enter this business to give away their hard earned money; they did so to make money.
Overcoming this killer
You need to be able to monetize your sales process. Becoming an affiliate for other companies is the fastest way to do this. Continuing from the above example, Lucy and Neil are now affiliates of various companies, and are now able to present their leads with eBooks on lead generation and business building, webhosting and domain registration services. Each month they are able to generate $450 in commissions.
They are now able to cover their monthly costs, and make a profit of $200 which they can decide to re-invest into their business. This allows them more time to prospect for new leads, and do it from a position of power instead of desperation.
If you are serious of growing your business, then it’s time to stop these two notorious killers in their tracks.
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