What does it take to build a MLM Dynasty? That is a great question.
My definition of a MLM Dynasty is a network marketing organization that will continue to grow for many years to come, and produce a CONSTANT, PREDICTABLE income, with or without out you (preferably without you).
After all, that is the ultimate goal of building a MLM Business: to have a walkway income that gives you the TIME and MONEY to support the lifestyle you want.
Now, this won’t just happen by accident. To be honest, few people ever build a true MLM Dynasty. But the people who do have certain things in common.
They do certain things in a certain way. They are strategic about their business. They treat their business like they have a million dollars invested in it and they work their business consistently for the first five to ten YEARS.
How to Build a MLM Dynasty
In today’s post, I’m going to share four of my best tips on how to build your own MLM Dynasty. These are four things I’ve learned during the past 19+ years.
# 1: Partner with the Right Company
If you want to build a MLM Dynasty, you need to work with the right company. What does that mean? It means you need to work with a network marketing company that is positioned for long-term success. It must have proper funding, a sound leadership team, and a good strategic plan.
There are hundreds of new ground floor opportunities that pop up every year in our industry. Most of these companies don’t survive their first year, let alone five years.
That’s why you need to partner with a good, stable, solid company. I would personally avoid start-ups, unless you have 100% confidence in the company’s leadership team. Look for companies with a proven track record.
The last thing you want to do is work hard for three to five years, only to have the company go out of business. Start with the right company, so you don’t have to start over with a new company.
# 2: Have a System That Runs Your Business
I learned this valuable lesson during my time in Amway. All successful businesses use a SYSTEM. The system is the solution. A system is a standardized, documented way of doing something.
If your business relies solely on you, you will either burn out or max out. If your business relies exclusively on you, it is not a business, it’s a job! If your business relies on other people, you will fail. If your business is ran by a system, you will succeed. Businesses that are system dependent succeed whereas businesses that are people dependent fail.
You need a system to find prospects, launch your new reps, develop leaders, and provide ongoing training. More importantly, the system must run without you.
Amway is the best example I can think of. Their teams have events, a CD of the week, meetings, books, business tools and support materials to train the reps. None of these things are run by one person. Instead, ALL of the leaders in the team help run the system, which saves everyone time and money!
The system does the heavy lifting. Everyone promotes the system and the system trains the people. That is what you want in your network marketing business.
Ideally, you want to find a company with a system already in place, so you don’t have to create your own system!
# 3: Develop Leaders in Depth
The ONLY way you will ever create a MLM Dynasty with the big, long-term “walk away” money is if you find and develop leaders in your team.
One of the best lessons I’ve ever heard in this industry is this:
If you want walkaway income, you need to find and/or develop three leaders who will commit to working the business FULL-TIME for the next few years.
Otherwise, you will be one of those THREE PEOPLE.
Your coaching and training should revolve around developing leaders. You will quickly discover that most MLM Top Earners make most of their income from just one to three leaders, even if they’ve personally sponsored hundreds of people.
One of the most important parts of your system is your leadership development program.
You need leaders backed by leaders backed by leaders. This is where your long-term security in the business comes from. Once you have a leg with five good leaders in it, you don’t have to worry about the leg crumbling. Do this in two to five different legs and your business is set for many years to come (in most cases).
# 4: Have an Event Driven Culture
The final and most important piece to build a MLM Dynasty is to have an event driven culture. Your culture is what keeps people around. You want a team culture where people feel safe, appreciated, and get recognized.
You must realize that one of the greatest human needs is the need to belong to something and feel appreciated. If you can make people feel that way, many of them WILL stick around, even if they stop building their business.
In addition to having a strong team culture, you need EVENTS. Network marketing is an event driven business. Events are the glue that keeps everything together.
Your company, or upline success team, needs to have some type of big event every 90 to 120 days. This helps sell and re-sell people on the opportunity. It helps them build their belief, stay excited, improve their skills, and fellowship with other successful people in the company.
Without events, your team will NOT last. Events make you money and keep your team solidified!
The nuts-n-bolts are often taught at MLM events from the leaders who are making things happen. So if you want to know how to produce a result, you’ll often hear the answer at a company event.
But I think the most powerful reason to attend events is not found within the event itself, but rather found before and after the daily schedule and in the breaks.
Because this is when you have the chance to hang out and socialize with other people in the same business who are excited and who are serious about making incredible things happen.
This is the time when you can actually discover the “leaders” and top income earners are just ordinary people – just like me and you – warts and all. Nothing special. With the exception they did make a decision to build and they just got busy.
They put the work back into the work from home equation, canned their excuses and took consistent action regardless. ~ Rob Fore
How Long Does it Take to Build a MLM Dynasty?
This might just be the million dollar question. To be transparent, most people never achieve this level of success. However, some do.
After studying those successful people who do build MLM Dynasties, I believe that five to ten years with one company is a reasonable amount of time lay the foundation for your MLM Dynasty. Of course, I cannot guarantee you will do that.
Five to ten years with one network marketing company, assuming you have all of the things I mentioned above in place. You might be able to do it quicker than that, but this is a good goal to aim for.
Final Thoughts
In summary, these are my top four tips on how to build a MLM Dynasty. I believe that anyone can build a MLM Dynasty if they have a game-plan, a strong work ethic, and relentless self-discipline. It also helps to work with a good company AND mentor.
What are your thoughts? What are your best tips on what it takes to build a MLM Dynasty? Leave a comment and let us know what you think. I look forward to hearing from you.
Other Posts You Might Enjoy:
- Best MLM Success Tips
- Top MLM Trainers
- How to Deal with Negative Prospects
- MLM Deception
- My MLM System for Building a Team
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Sincerely,
Chuck Holmes
Network Marketing Professional (21+ years)
Top Recruiter & Top Rep
mrchuckholmes@gmail.com
Five to seven and ten to twelve years does SOUND like a lot, but successful businesses, much less a dynasty is not going to be built overnight. I think that’s an adequate amount of time to work towards building a MLM dynasty. And your tips are very helpful. Thanks Chuck, for another great post!
You could argue that many traditional businesses take 10-20 years to become ultra successful, and those people did it full-time and normally invested six or seven figures. The fact that you can do this with a part-time business is actually quite amazing.
Sure, most people will quit. But the person who gets started, sticks with it, and works consistently for years with one MLM Company can build something that positions them for the rest of their life.
Is it a guarantee? Of course not. Nothing in life is guaranteed, but it’s definitely possible. I have several mentors who have been collecting large monthly checks for decades, from one company, even thought they stopped working, or significantly cut back their hours, many years ago.
Chuck
That’s a lot of years. But, as you said, that’s doing it part-time. It’s a full-time demand though, as are children and family and church and activities. I shouldn’t be daunted though, having gone through college, med-school, post-grad training, and having a child at the same time.
7 to 10 years is a pretty good amount of time, but the time will go by anyway. Most professionals spent that much time in school BEFORE they even made their first dollar.
Considering you can have a day job while you build your network marketing business part-time is actually quite impressive to me.
Some will do it quicker. Others will take longer. There are a variety of variables. Everyone is on a different journey. And at the end of the day, who cares if it takes one person five years and another person ten years?
The time will go by anyway. Financial freedom is worth fighting for!