How long does it take to make money in MLM? That is a question I hear at least three or four times each week. What I want to do in this post is share my insights about what to expect when it comes to making money in MLM. This information is from my personal experience and from talking to other folks in the industry.
Let me start out by telling you that I have never met anyone (outside of MLM) who decided to START a business because they were in dire financial straits. Starting a business because you are broke and destitute is DUMB.
You see, owning a business of any kind is not an IMMEDIATE solution to your money problems. If you need money TODAY, you should get a part-time or full-time job, not rely on a business. Most people who join MLM to make quick money end up quitting in their first 30-60 days because they aren’t making money.
Another thing you should know about making money in business is that MOST businesses take a few YEARS to get profitable. Don’t believe me? Ask anyone who has owned a traditional business and they can verify this. What’s funny is most traditional entrepreneurs DON’T EXPECT to make a profit for their first few years in business. They understand it takes time to cultivate, nurture and develop a business. They know they have to pay their dues.
Network marketers are funny. Many join because they are broke or can’t find a job. Many join because they need cash TODAY. In probably 99% of these cases, these people don’t normally survive in MLM. Why? Because they had unrealistic expectations.
The people who do well in MLM are the folks that join MLM to create a Plan B. It’s the folks WITH a day job, or a steady source of income, who want to exit the rate race in a few years. They look at their network marketing business as a three to five year exit strategy, or just a second income source. They aren’t looking to get rich quick AND they have realistic expectations about their business, and how long it will take to start making money.
You’ve probably also heard the popular statement that most network marketers don’t make any money. Well guess what? Most businesses don’t make any money either. Nearly 9 in 10 businesses don’t survive their first five years. And the primary reason that most businesses fail is because they aren’t making money.
When you join MLM, you need to have REALISTIC expectations. If a traditional business owner would fork over six figures or more just to START a business, and not expect to be profitable for a couple years, why would you expect to get rich quick in MLM?
In addition, most people spend a huge amount of money to go to college for four years with no guarantee of employment after graduation. Yet, they never question their education.
Lawyers have to go to school for SEVEN years BEFORE they can even start practicing law. Doctors go to school even longer. But they don’t call what they do a scam.
What’s great about MLM is you can start part-time while you have a day job. You can learn as you go and get paid to learn. MLM is not designed to provide a full-time income in your first year in business. Can it be done? Of course. However, it’s highly unlikely you will replace your full time income in your first year in network marketing.
Assuming you were going to work your business 10-20 hours per week, EVERY WEEK, this is what I would expect would happen in your MLM Business.
- 6 to 12 months to earn $500 per month
- 12 to 24 months to earn $1000 to $2500 per month
- 24 to 36 months to earn $3000 to $5000 per month
- 36 to 48 months to earn $5000 to $7500 per month
- 48 to 60 months to earn six figures per year
As a quick disclaimer, I cannot guarantee you will achieve these results. Individual results will ALWAYS vary. But after studying a lot of successful people in our industry, these numbers seem to be pretty common for people who get started, stick with one company and work their business consistently.
To put it all in perspective, you can make money (or lose money) in MLM. There is no guarantee of success. All businesses come with a level of risk. That is why you are called an entrepreneur.
One of the best things you can do is have realistic expectations for your business. Teach your new distributors to have realistic expectations, too. Don’t hype people up or give them the impression that this is easy, or instant money.
Succeeding in any business boils down to hard work, persistence, and yes, some luck too. What’s great about network marketing is that it doesn’t come with the financial risk that a traditional business has AND you can start part-time while you keep your day job. I think it’s the ideal business.
So, how long does it take to make money in MLM? Well, that’s up to you. You get paid to PRODUCE. If you produce, you will get paid. If you don’t, you will earn nothing! This is a commission based, merit based pay system. Your effort means nothing if you aren’t producing results.
What do you think about this subject? How long do you think it takes to make money in MLM? Leave a comment below to share your thoughts. I look forward to hearing from you.
Chuck HolmesWebmaster, OnlineMLMCommunity.com
Phone: (352) 503-4816
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