Welcome to day # 6 of my MLM Boot Camp.
Today, I want to share 10 valuable lessons I wish I would have known when I first joined the industry back in 2002. These are success tips that can help you build a long-term business. I learned this things through trial and error during the past 15 years. Enjoy.
# 1 Network Marketing is a Warm Market Business
This will always be a warm market business. Yes, you can use technology to meet new prospects, but don’t rely on technology so much that you forget to “connect” with people. Relationships are vital for the long-term success of your business. By all means, generate leads online. Just make sure you take the relationship offline as quickly as possible. Also, even if you’ve mastered building your business online, like I have, most of your team will not be able to figure it out. That’s why teaching warm market techniques is vital.
# 2 Events are Vital
Promote events like your business success depends upon it. Attend all of your company’s events. You should also attend a few generic network marketing events each year to learn new skills and meet new people. Events are where people “catch the vision” and make a decision to build a big business. It’s been said that for every team member you have at an event, your business will add 100 new people in the upcoming year.
# 3 You Must Ignore Shiny Objects
In the internet age, shiny objects are rampant. You and your team members will receive tons of emails every single day about the newest shiny object. It’s vital that you put on your blinders and not look at other companies or opportunities. Stay steadfast and loyal to your ONE company. Switching companies and promoting multiple network marketing companies at the same times is a waste of time.
# 4 It’s Not Easy
Building a big team will be the hardest thing you’ve ever done in your life, but it will be worth it, if you succeed. Anyone who tells you it’s fast or easy is blowing smoke up your butt. Most top earners have been with the same company for five to ten years.
# 5 You Must Work on Your Personal Development
Your business will only grow as much as you do. Most people need a ton of personal development, BEFORE they will be able to achieve success in this industry. Read books, find a mentor, listen to tapes, watch helpful videos and be a student of your company and the network marketing industry. We get paid based on the value we bring to the marketplace. The only way to improve your value is to improve your skills. The only way to improve your skills is through personal development.
# 6 Network Marketing is Not Direct Sales
Do not confuse network marketing with direct sales. This is something most people in our industry do. Direct sales is about selling a ton of product yourself (i.e. the Avon lady). Network marketing is about building a network. It’s about a lot of people each doing a little bit every month, not one person doing a lot. Yes, you should still maintain a few retail customers yourself, but realize your most important product is people. If you build a network, there will naturally be retail sales and product movement.
# 7 This is a Team Sport
Do not be an island or lone wolf. This business is a team sport. Get plugged in to your upline and team and encourage your team members to do the same thing. The only way you can succeed in this industry is to help others be successful. The more people you help succeed, the more money you make. That is the beauty of this industry. This means you need to be loyal to your own team. It would also help if you are coachable and follow the lead of someone successful in your upline.
# 8 Your Network is Your Most Valuable Asset
Unfortunately, many MLM Companies eventually go out of business. That’s why it is important to realize that your network is your most important asset. From day one in your business, keep the contact information of EVERY person you ever meet. This includes prospects, team members, people in other companies, etc. Stay in touch with everyone and keep an accurate, updated list of people. Over the course of a ten to twenty-year MLM Career, you could have tens of thousands of names in your database.
# 9 You Only Need a Few
You only need to find a few people who are leaders to build a team with tens of thousands of people in it. Just a few. Best of all, these people don’t even have to be personally sponsored by you. Distributors often come and go, but leaders are the ones who build the big teams. Always keep your eyes and ears open for your next leader.
# 10 Recruiting New Reps Solves All Problems
New reps and new customers are the lifeblood of your business. Never try to manage your team. Never stop your personal recruiting and always spend your time helping your team members recruit new people. If your business is stagnant or declining, it’s because new recruiting has slowed down or stopped. All sales type industries, such as realtors and insurance agents, have to keep recruiting new salespeople, because of turnover.
Bonus Tip: It’s a Numbers Game
This business always has been and always will be a numbers game. Most people you talk to will not join. Most people who join will do nothing to build a business. Nearly 80 to 90 percent of your team will just use the products and do nothing to build a business (that’s okay though, these folks are an important part of your team). Only about 10-20% of your team will do anything at all to build a business. And, only about one to three percent of your team will be serious about the business. That’s okay. Even with these stats, you can still build a dynasty!
There you have it folks. These are 10 valuable lessons I wish I would have known when I first joined the industry back in 2002. I hope you found the information helpful.