What is the number one mistake network marketers make?
Most network marketers make a lot of mistakes. How do I know this? I’ve made more mistakes than most people in our industry. I’m not proud to admit that, but it’s how I learned and eventually figured things out. That’s how life works: you learn from your mistakes.
Before I share the number one mistake network marketers make with you, I thought it would be cool to list a few of the most common mistakes network marketers make, just to get you thinking.
Common Mistakes Network Marketers Make
Keep in mind, most people joining our industry have (1) never owned a business before, (2) do not have any sales experience, (3) do not have any marketing experience, and (4) have never done network marketing before. As a result, they are typically clueless about the business. With that being said, the most common mistakes network marketers make are listed in no certain order.
- Treating it like a hobby
- Promoting multiple deals
- Not being coachable
- Reinventing the wheel
- Dabbling
- Starting and stopping
- Not attending events
- Working with the wrong people
- Not following a proven system
- No listening to a proven mentor
- Not giving themselves time to succeed
- Unrealistic expectations
- Not work the numbers
- Lottery mentality
- Promoting the wrong company
It hurts to write these down. At some point in the past, I have made ALL these mistakes. Fortunately, I learned and now avoid them.
The Number One Mistake Network Marketers Made
The number one mistake network marketers make is having the wrong mindset about their business. Let me explain.
Most people joining our industry are not mentally prepared for MAJOR SUCCESS in BUSINESS. They come from an employee mindset and a failure mindset. They struggle with worthiness issues and have self-limiting beliefs. They are not mentally prepared for the work they must do and the struggle they must overcome to reach their business and financial goals.
They are not prepared to grow and change. They aren’t ready to step out of their comfort zone. They don’t have the “I’ll do whatever it takes for as long as it takes” mindset.
In a nutshell, that is what network marketing really is: a personal development course with a compensation plan attached to it.
Someone once told me this business is 80% mindset and 20% skills. After 18-years in the industry, I believe the business is 95% attitude and mindset and just 5% skills. The skills are easy to learn, but most people will never take the time to learn the skills or do the work, if they don’t get their mindset right.
If you have the right mindset about the business, you will:
- Act as if you have one million dollars invested in your business
- Treat it like a business, not like a hobby
- Focus on one opportunity until successful
- Listen to your successful coach and not reinvent the wheel
- Follow a proven system
- Be part-time with a full-time attitude
- Work with the right people
- Work the numbers
- Have realistic expectations
- Give yourself time to succeed
- Choose the right company at the right time
- Be persistent and consistent
- Lead by example
- Work harder on yourself than you do in your business
The Right Mindset About Your MLM Business
The Right Mindset About Your MLM BusinessSo, what is the right mindset about your business?
- You know your why. It is written down on paper and committed to memory. Your why is so big it sets your world on fire and drives you to overcome any and every obstacle.
- You believe (from the depths of your soul) that you will succeed and that you are worthy of success.
- You set big goals for yourself and focus on getting a little bit better every single day (the Slight Edge principle). Your goal is to become the best version of yourself possible, in due time.
- You are 100% committed to your WHY (and business) and nothing anyone else says or does will derail you, slow you down, or stop you.
- Your business is a part-time, long-term project to create wealth and provide residual income. It is not an immediate solution to today’s financial problems. Instead, you think of your business as an asset, part of your portfolio income.
- You understand there are easier and quicker ways to make “today” money, but you understand the real power of our industry is building up a leveraged, residual income to help you with long-term wealth creation.
- You know that network is your biggest asset, not the company, products, or compensation plan. Instead, it’s the people who like, know, and trust you. You real job is to grow your network daily.
How Long Will It Take?
For most people, it will take them several years of personal development to develop the right MLM Mindset. Some people do it quicker and others will take longer, but three years seems to be about the norm.
What you want to do to develop the right MLM Mindset is:
- Be accountable to your coach
- Read daily
- Attend all team and company events
- Listen to audio programs in your car
- Counsel with your upline
- Watch videos that will teach you new skills (and improve your mindset)
- Spend time with SUCCESSFUL people in the business who uplift you and encourage you
As you do these things over a sustained period of time, you will start to grow and change. You will develop the winner’s mindset. As that happens, you will become a more “attractive” sponsor to your prospects. People will see the changes in you and want to join your team, because you are a person of value and have something to offer them. It won’t happen overnight, but it will happen. It happened to me, so I know it can happen to you.
Final Thoughts
In conclusion, the number one mistake network marketers make is having the wrong mindset about their business. I hope you will follow the advice in this article and start your personal development journey, so you can grow and change and become the person you need to be, in order to achieve the success you desire.
Remember, success is what you attract by the person you become.
What are your thoughts? What do you think is the number one mistake network marketers make? Leave a comment below to share your thoughts. I look forward to hearing from you.
Chuck Holmes
20+ Year Network Marketing Professional
Top Earner & Top Recruiter
Email: mrchuckholmes@gmail.com
P.S. Learn how to grow a successful network marketing business. Secret tips, training, and practical ideas. Free training delivered by email.
Getting a regular supply of MLM leads looking at your business is crucial. Most fail by not having worked out how best to expose their MLM business to as many people as possible. Using attraction marketing methods on your blog or website is a great way to do this. This way you are not chasing after prospects but rather they are coming to you. Become the hunted not the hunter is a much more effective way to approach the generation of MLM leads.
This common mistake is an excellent example of the Bible verse that states “Faith without works is dead” (James 2:20). Not only in this industry, but also in life, if you prepare to do something without any intention of stepping out on what you have learned and be willing to make mistakes, then all of the preparation is worthless, because it is never applied.
I agree with you 100% that action paralysis is the major reason why many network marketers tumble down in this industry. MLM professionals should understand the saying that Rome was not built in one day. So they should learn to implement whatever little MLM information they have acquired If ever they are to succed in this industry.
The key to success is to roll up your sleeves, do the work and learn as you go!
SO TRUE! I appreciate your gentle finger-pointing. The MLM company I was with was a home-party based business, and I let my fear keep me from really going after bookings. I wasn’t very good at parties, and decided to ignore the fact that practice makes perfect, due to my fear of rejection.
I think you hit the nail on the head.
Maybe you can give it one more shot and try to overcome your fear.