Today, I’d like to share some of my favorite tips about how to make more money in your network marketing and MLM business.
These are some simple and easy things you can do to make your business more profitable, starting today.
The tips are listed in no particular order.
Tip # 1: Get More Retail Customers
Without a doubt, the single greatest thing you can do to make more money in network marketing is to acquire more personal retail customers!
At a minimum, you should have five to ten personal customers who order products from you every single month.
Having twenty personal customers would be even better.
If you don’t have that many customers, go find some right now.
Retail sales give you immediate profit!
In many cases, you will make more per transaction from a retail customer than you will from a personally sponsored distributor.
I can’t speak for anyone else, but I’d rather have 100 loyal product users than 100 distributors in my organization.
Most reps will quit, usually within 90 days, but many customers will stay loyal customers for a long time!
Customers are the lifeblood of your business.
Never forget that.
Find people who want to consume the products even if they have no intention to ever do the business.
All businesses need customers.
Tip # 2: Promote Additional Products and Services
In addition to your MLM Company, you should consider promoting additional products and services.
Just to clarify, I am not talking about promoting a second MLM Company.
This second income stream might include leads, training, coaching services, copywriting services, advertising services, systems, and different affiliate products.
Promoting additional products and services helps you in a few different ways.
First and foremost, promoting additional products and services will provide you with multiple streams of income.
This gives your business extra security in case your primary income stream shrinks or stops.
Yes, some companies go bankrupt.
Yes, some distributors have been terminated.
That’s why you want additional income streams, so all your eggs aren’t in one basket.
Another benefit of promoting additional products and services is that you can make money off people who don’t join your team or don’t become customers.
Regardless of how good you are at selling or closing, most people will NOT join your team.
Therefore, it’s good to have a way to earn money from these folks as well.
The final benefit of selling additional products and services is that you can make more money in a shorter time frame.
Let’s face it; it takes most people several years to earn a $3,000 to $5,000 per month income with their MLM Company.
When you promote additional products and services, in addition to your MLM Company, you can reach those numbers much quicker.
Other Posts You Might Enjoy:
- How to Make Money When People Don’t Join Your MLM Business or Become a Retail Customer
- Five Ways to Save Money On Your Small Business Taxes: Tips for Network Marketers
- How to Make Big Money in Multi-Level Marketing by David Roller – Book Review
- How to Build A Multi-Level Money Machine by Randy Gage – Book Review
- The Money is in the List
Tip # 3: Monitor Your Business Expenses
Sometimes the best way to make more money in your network marketing business is to reduce your expenses.
If you already have a decent income coming in, you should take some time and evaluate each one of your expenses.
Ask yourself “is this expense necessary?” or “is this expense producing a positive return on investment?”
If you are spending lots of money on tools and resources that aren’t producing a positive return on investment in your business, you should probably ditch them.
All businesses will have some expenses.
Just make sure the expenses you do have are giving you a positive return in your business.
Tip # 4: Promote a Top Tier MLM Company
I’m a big fan of Top Tier MLM Companies.
A Top Tier MLM Company is a company that pays you $500 to $5,000 or more upfront, when you recruit someone.
To earn the same amount of money in a traditional MLM Company you would probably have to sponsor 50 to 100 people personally.
I know plenty of people who earned $5k, $10k or much more during their first month with Top Tier Companies.
But, I’ve never met anyone who did that with a traditional MLM Company.
Tip # 5: Invest in Your Business Education
Everyone knows that leaders are readers.
Every single successful entrepreneur I know of (in every industry) is a student of their business.
They are constantly looking for new ideas and ways to sharpen their skills and improve.
They learn everything they can about their industry so they can have a cutting edge over their competitors.
They attend seminars, listen to audio training programs, hire business coaches, read books and do whatever else they can to improve their skills.
To succeed in MLM, you need to do the same thing.
Right from day one I suggest you invest in your business education.
Study topics such as lead generation, marketing, book keeping, advertising methods, team building, leadership, communication skills, etc.
Start learning and never stop!
As you earn more money with your business, reinvest a portion of your profits back into your business education ever month.
It will be money well spent.
The only investment you can’t lose money on is when you invest in yourself.
Tip # 6: Find a Mentor
Tiger Woods has a mentor.
So did Michael Jordan, Wayne Gretzky and just about every other famous athlete, President, actor and successful person I can think of.
No one knows everything.
Even if you are already good at building a team of distributors, you still have a lot to learn.
And if you are new to the industry, you really need a mentor.
Do what you can to find someone in your up line, who has a vested interest in your success, to be your mentor.
Find the most successful distributor you can in your up line and listen to their training.
Ask them if they will coach you and work with you personally.
Be a sponge and soak up their knowledge.
Stay with them until you outgrow them and then go further up line and find another mentor.
Make sure you have a mentor for your entire network marketing career.
It’s one of my best tips on how to make more money in network marketing.
Tip # 7: Learn Everything You Can About Marketing
We are one of the only industries that don’t teach our own people about marketing.
We are taught that everyone is a prospect.
We are taught to talk to everyone we know.
Make a name list, pitch your friends and family and hope for the best.
If you were to start any other type of business you wouldn’t follow that advice, so why do you do it for your network marketing business?
Do yourself a favor and study marketing.
Study Mike Dillard, Dan Kennedy, Joe Polish, Gary Halbert, Frank Kern and other successful direct response marketers.
Learning marketing will be hands down the single most important skill you can develop to make it to the top in your network marketing business.
Never forget that!
You can start out by checking out “The Attraction Marketing Formula.”
Bonus Tip: Take Ownership of Your Business
Even if you are new to the industry, you must take ownership of your business.
I know it’s the American way to pass the buck and want someone else to do everything for you.
However, if you want to make it big in network marketing, you must understand that it’s up to YOU to succeed.
Stop relying on your sponsor or up line to do everything for you.
Start doing your own calls, your own training, your own presentations, etc.
Be accountable and be responsible.
Act like a leader.
Be a leader.
Until you do that, you will never get the results you want and deserve.
In summary, these are seven simple ways to make more money in your network marketing or MLM business.
These tips are simple and fairly easy to do.
All you need to do is make a decision and commit.
The bottom line is that you should never just promote your MLM Company.
Ideally, you want multiple streams of income so you have security and increased profitability.
Additionally, you should consider promoting a Top Tier MLM Company so you can make more money up front in your business.
You must always focus on your business education and work with a successful mentor.
Finally, you want to always keep a close eye on your business expenses so you can eliminate or reduce the ones that aren’t vital for your business.
What are your thoughts?
What do you think are the best ways to make more money in your network marketing business?
Just leave a comment to share your thoughts.
I look forward to hearing from you.