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 for this post is to keep an open mind and hear me out.
After you finish the post, by all means we can agree to disagree. 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 know this, building a successful business in any industry takes time. Most businesses take a couple 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 15 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 one or two paychecks away from bankruptcy; in other words, if they didn’t get paid for one or two paydays they would be destitute
- 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 come into 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 they got 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 in 20 years. 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 a week, or 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 per month residual income in your network marketing business and 20 years to create a $10k monthly residual income? Would that change your life? Would that give you a secure retirement? I think so.
My Sample 20-Year Plan for Your MLM Business
Here’s what I recommend you do, and in this order.
# 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, provide for your family, and have some money to invest in your business.
# 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.
# 3 Work Your Business 10 Hours Each Week
No matter how busy you are, you can find 10 hours a week to work your business. All I really want you to do during that time is connect with TWO new prospects each day, at least 6 days a week, and invite them to take a look at the business.
That would be 12 prospects per week, or about 50 prospects per month. Make sure you spend your 10-hours per week on the money producing activities, which include retailing and recruiting. Never let a day go by where you don’t connect with two new prospects.
# 4 Be a Student of Your Business
Spend 20 minutes per day educating yourself. Be a student of your business. Study sales, marketing, network marketing, leadership, and communication. Educate yourself about your company’s products and the network marketing industry. Read for 10 minutes a day and watch 1 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.
# 5 Sponsor 2 New Distributors and 2 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!
What Might Happen
I truly believe anyone could achieve these results if they could just stay focused and disciplined and put in the work consistently.
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!
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.