Today, I’d like to share a sample 20-year plan for your MLM business.
I understand this concept might be difficult for some people to grasp, especially considering most people want instant gratification in everything they do. All I want you to do while reading this post is to keep an open mind and hear me out. After you finish the post, you can decide what is best for you. Sound fair?
One of the best pieces of advice I can give to you is to think of your network marketing business as a long-term asset, rather than a quick way to make money. Think of your network marketing business as one income stream in your investment portfolio, rather than a solution to today’s financial problems.
Think of your network marketing business as part of your retirement plan. If more people had this mindset or approach, it would really benefit our industry. There would be less failure, less frustration and less haters.
In case you don’t already know this, building a successful business in any industry takes time and lots of hard work. Most businesses take a couple of years to make a profit and five to ten years to become established and successful. Some businesses even take decades to make it big.
Considering you are building your network marketing business part-time, it’s going to take you a while to build up a large residual income.
Trends in The Industry & Society
Here are a few insights I’ve noticed in the past 18-years in our great industry:
- Most people in our industry, probably 99% are part-timers.
- Most people in our industry are NOT entrepreneurs, nor do they think like one.
- Most top earners took at least five to ten years of part-time work to make it to the top of their pay plan, and sometimes even longer.
- Most people quit in 90-days or less, because they haven’t made money, or enough money, and because they have the wrong idea about what the business has to offer.
- Very few people make a livable income in their first year or two in this industry (or any other type of business).
- Most people have no retirement plan.
- Most people have no savings.
- Most people in the real world are just one or two paychecks away from bankruptcy; in other words, if they didn’t get paid for one or two paydays they would be bankrupt.
- Most people have tons of debt with no plan to pay it off.
- Most people can’t think past their next pay day, let alone the next year or two.
- Most people spend more time planning their yearly vacation than they do planning their financial future.
Of course, there are exceptions to these rules, and not all of these situations apply to EVERYONE, but they are common and do apply to MOST people I’ve met. How do you stack up in each one of these areas?
Many people join our industry looking for a miracle to their horrible financial situation. Many are unemployed, broke, or in dire financial straits. They think that signing their name to the distributor agreement will instantly solve their financial problems.
To clarify, they are good people, but they are not likely to be successful in any type of business. Not initially anyway. However, many of these folks could do well in the industry if they found a day job to pay their bills and worked on their network marketing business part-time (10-hours a week).
I believe that anyone can build a successful network marketing business and a SIGNIFICANT residual income in 20-years working part-time. It sounds like a long time, but time flies. The time will go by anyway, whether you decide to build your business, or not.
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How About You?
Do you think that’s possible? Do you think you could build a successful network marketing business working part-time, about 10-hours per week, over a 20-year period of time?
I think you could. Would it be worth it? Only you can decide that, but I think so.
What if it took you ten years to earn a $5k monthly residual income in your network marketing business and twenty years to create a $10k monthly residual income? Would that change your life? Would that give you a secure retirement? I think so.
Combine that with the lucrative tax advantages of owning a home-based business, PLUS the personal development you will experience, and I think this is the PERFECT business model for most people.
My Sample 20-Year Plan for Your MLM Business
What I want to do in the paragraphs below is give you my sample 20-year plan for you MLM Business.
# 1: Get a Day Job
The best thing any network marketing distributor could do is get a day JOB to pay their bills. Sound crazy? I don’t think so. The truth is you need a steady income to live on while you are building your part-time business. You need to keep the bills paid and provide for your family.
Keep in mind, no new business is designed to provide a livable income right away. More importantly, you want to reinvest your profits back into the business for the first two or three years.
# 2: Join a Reputable MLM Company
The next step is to join a reputable MLM Company that is positioned to be around for the long-term. You want a company with products you are passionate about. You want a company with a great reputation, a strong financial backing, and a strong management team. You also want to join a company before it becomes a household name.
You never know what company will survive for the long-term (or won’t). But, you can improve your likelihood of finding a good long-term company by doing your research and due diligence.
# 3: Find a Mentor
Your next objective is to find a mentor. Ideally, you want a mentor in your company (and in your upline), because they have a VESTED interest in helping you succeed. Rather than try to figure out everything on your own, you can work with your mentor and learn from their experience. This can take many years off your learning curve and help you achieve success quicker.
# 4: Work Your Business 10-Hours Each Week
No matter how busy you are with your job and family, you can find 10-hours a week to work your business. All I really want you to do is talk with TWO new prospects each day, at least 6-days a week, and invite them to take a look at the business opportunity or products. That would be 12 prospects per week, or about 50 prospects per month. Never let a day go by where you don’t connect with two new prospects.
# 5: Be a Student of Your Business
Next, spend 20-minutes per day educating yourself. Be a student of your business. Educate yourself about your company’s products and the network marketing industry. Read for 10-minutes a day and watch one helpful YouTube video to learn how to build a business. This will help build up your belief, improve your attitude, and fine tune your skills.
# 6: Sponsor Two New Distributors and Two New Customers Each Month
Make a commitment to sponsor at least 2 new distributors every month AND to find two new customers each month. Anyone can do that if they work smart, talk to 2 people per day, and commit 10-hours per week to their business.
To put things in perspective, if you sponsored 2 people a month and found 2 customers a month for 20-years that would be 480 customers and 480 distributors. Assuming 95% of them dropped out of the program and quit, you would still have 24 good legs in your business and 24 loyal customers. In most companies that would provide a high six to seven figure income!
# 7: Work on Your Personal Development
This is ultimately a personal development business with a compensation plan attached to it. Keep in mind your business will only grow as much as you do. In addition to learning about your company and the industry, you also want to grow yourself as a person. Read books, attend events and focus on improving yourself daily.
Become more likeable. Learn how to lead. Work on your attitude and people skills. The personal development will help you in your business, in your relationships and in your career. Who you become on your journey to success is your greatest reward.
What Might Happen
I truly believe anyone could achieve these results if they could just stay focused and disciplined and followed my sample 20-year plan for your MLM Business.
No, they might not be profitable after the first year. No, they might not be making big money in a year or two. But over a period of five to ten years they could build a big network marketing business. And, in a 20-year period of time they could build a dynasty. I do believe that.
The time will go by anyway. You don’t have to be “full-time” in the business to build it big, but you do have to be committed, focused, consistent and disciplined. You need to put in the work and also have some patience.
In addition, you can also do other projects and own other businesses during this time. By all means diversify your portfolio. But, set aside that 10-hours per week to build your network marketing business!
Final Thoughts
What do you think about my sample 20-year plan for your MLM business? Leave a comment below to share your thoughts. I look forward to hearing from you. Have a great day.
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Sincerely,
Chuck Holmes
Network Marketing Professional (21+ years)
Top Recruiter & Top Rep
mrchuckholmes@gmail.com
I truly love this advice, I see it as the best plan any networker would ever need. Thanks Chuck. Some of us need your advice daily to keep us more fired up.
I’m glad you liked my post. Thanks for the comment.
Amen to this form of thinking Chuck!
I truly believe if people follow this simple plan, it takes less stress and we can build a successful business. So many network marketers have this crazy idea they can build a huge business in the matter of months, and when it doesn’t happen, they quit.
I have always used this type of idea, but I had never broke down the numbers as you did.
Hopefully, many rookie network marketers read this and get a new frame of mind. I believe articles such as this can actually held the MLM revolving door.
Great job!
Glad you liked the post, Greg.
You nailed it! If newbies read this before taking the first step, I believe they would see the picture. Planting a seed takes time to grow. But, with patience steadfastness it can be rewarding. The quote “Never, Never give up” still stands!
This is definitely true and really achievable for me…mlm is my retirement plan…consistency is the key to the game…do something each day that moves you towards your mlm goals!!!
Exactly. Do something daily to move your business forward, but take the long-term view.