Chuck’s MLM Weekly Wisdom: Issue # 37, May 20, 2015
Dear Network Marketer:
I hope you are happy, healthy and well. Here is this week’s edition of Chuck’s MLM Weekly Widsom. Enjoy.
# 1 Upgrading Customers Into Business Builders
One of the most overlooked and best recruiting methods I can think of is upgrading happy customers into distributors and business builders. I learned a long time ago that most people have no desire to get involved in network marketing (as distributors). Most people have a huge fear of selling, even though that’s not what our industry is all about. Even worse, most people are extremely skeptical of our industry, even though they have never really done their due diligence.
I truly believe that you should lead with the products (or services). Talk to any 100 people about a business opportunity and probably 95% or more will be skeptical. Yet, if you talk to those same people about a product or service that can benefit them, anywhere from 20% to 30% or more will take a look (normally).
I’ve also found that people who join the business to make money normally quit in 90 days or less. Yet, people who get started because of the products are much more likely to stick around and keep ordering.
I think it would be a wise move to find customers first. Let them enjoy the products for a few months. Provide great customer service and do the little things. After a few months, show them how they can get their products for free each month by referring a few other people.
And then show them how they can earn $300 to $500 or more per month by building a small part-time business. Keep walking them through the steps of taking it to the next higher level. Do that with each person who lets you help them and watch your business grow.
I call this: Expose – Involve -Upgrade. It works! That’s all I can say!. If you don’t believe me, try it out for 90 days to see for yourself.
# 2 The Value of Time
Time is hands down your most precious asset in life (your health is a close second place). Time is the only thing you can never get back. You can make money any time you want, but once your time is spent it’s gone forever.
Now I can’t speak for anyone else, but I really don’t know what’s so desirable about working 8-10 hours a day in a job for forty to fifty years. Even if you love what you do that’s a long time. You’re supposed to spend the best years of your life in a job, so that when you can get old you can retire and live on less than half the income you were making before.
One of the best reasons to create a residual income is to take control over your life. Even if you are a high earning realtor, sales person, professional or employee, you have to keep trading time for money. The second you get hurt or no longer want to work, your money stops.
And then what do you do?
Network marketing gives you a better option, if you do it right. If you work smart for a few years, you can build up a comfortable income that can potentially pay you for many years to come! That income could potentially replace your job income or be a very nice supplemental income!
When people tell me they are to busy to do the business I tell them they are too busy NOT TO do it!
# 3 The Asset Value of Your Business
Many people are really confused about our industry. They think the purpose of the industry is to create a second income. It’s not. The purpose of our industry is to create an asset that give you positive cash flow.
In other words, you are not trading hours for dollars like you do in a job. You are building up a business that provides cash flow. It takes time to build up a business into an asset that provides good cash flow: normally several years!
What people don’t realize about their business is the asset value of it. Let’s suppose you build up a simple $500 per month residual income with your network marketing business. That’s the equivalent of having $100,000 in the bank at 6% interest. First off, good luck getting 6% interest. Even worse, most people never save $100k in a lifetime, let alone in a year or two.
As I see it, even if it takes you two years of part-time work to build up a $500 cash flow from your network marketing business, you are heading in the right direction. Combine that with your tax advantages and it is a winning 1-2 combination.
# 4 Recommended Videos
Here are three must watch videos I found on YouTube that I thought you would enjoy.
# 5 Your First Year in Any Business
Your first year in any business is hard, really hard! Most businesses in the real world don’t survive their first year. I’ve found that the first year in business is when you are busy figuring everything out. You’re learning about your products, your company, the industry and most importantly yourself. You’re struggling to keep your head above water.
Don’t have expectations that you will get rich your first year! Most business owners I know of don’t expect to make ONE DOLLAR of profit their first year in business. Yet people in our industry complain when they aren’t making money in their first month or two. I just don’t get it.
The beauty of network marketing is that the overhead and start-up costs are very low, so you can be profitable from your first month. But even if it takes you a few months to break even, you’re doing better than most business owners in the traditional business world.
Surviving the first year is more than half the battle.
# 6 Quote of the Week
“Take the attitude of the student, never be too big to ask questions, never know too much to learn something new.” Og Mandino
My Take: Be a student of what you do. Seek knowledge and you will find it. Never act like you know everything.
# 7 Featured Blog Posts
Here are a few trending posts on my blog this week.
- Top 21 Tax Deductions for Network Marketers
- Managing the Money and Cash Flow In Your Business
- How to Build Your MLM Business Online
# 8 Book of the Week
This week’s book of the week is “The Greatest Miracle in the World” by Og Mandino. Og is my favorite author of all time. This book has nothing to do with network marketing, but it’s hands down amazing. It talks about how we are each a miracle. If you struggle with low self esteem or confidence, this might just be the book for you. It’s also a great book to give to your team members. Order a copy on Amazon.
# 9 Hero Call
I am a big fan of Richard Bliss Brook. He does a set of “hero calls” every week on his website. During the calls he interviews successful people and has them break down the numbers. I thought you would enjoy his recorded calls, so here is the link to get access to them (yes they are free).
# 10 Breaking Down the Numbers
I’ve talked about this before on my blog, and it’s very important to understand. This business is hands down a numbers game. It’s a people business AFTER you’ve recruited people, but until then it is a numbers game.
To be successful, you have to work the numbers. I want to give you some hypothetical numbers just to put things in perspective.
Typically, you will sponsor about 1 in every 15 people you talk to (individual results will vary). Normally, one out of every five people you sponsor will do anything at all. Out of every five people who actually do something, one will be a rock star. And you normally need about five rock stars to make a large income in our industry.
Using these numbers here is what you would have to do to make that happen.
- Talk to 1250 people
- Recruit 125 people
- 25 do something
- 5 of those are rock stars
All you can really control is how many people you talk to. If you talked to 10 people a day, you could make this happen in about four months (125 days). If you talked to five people a day, you could do this in 250 days (about 8 months). If you talked to two people a day, it would take you about 625 days (about 21 months).
Just by talking to 2-10 people a day, every day, no excuses, you could build a large network marketing business in four to 21 months. The only question is “will you do it?”
I hope you have enjoyed this week’s training. If you have any questions or need help with anything, feel free to give me a call.
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Chuck HolmesWebmaster, OnlineMLMCommunity.com
Phone: (352) 503-4816
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