What is the quickest way to fail in MLM? Well, as I see it, there are many ways you can fail in MLM. Doing any of the things I mention below will lead you down the road to failure.
- Do nothing. This is hands down the BIGGEST reason people fail in MLM. They get involved and do NOTHING to grow their business. This applies to at least 80% of the people who join our industry. They look at this business like they do the lottery. They hope they can “make it rich” by finding one or two key people or by having their sponsor or upline build a business for them.
- Make a commitment for less than 24 months. You cannot build a successful business of any type in less than 24 months, not normally anyway. Good things take time. You cannot wish your way to success, dabble in your business, or ‘try it out.’ You must be willing to sell out to the idea for at least 24 months, before you expect to make any kind of money.
- Switch companies every 90 days. The company you join is important, BUT it is not the answer to your problems. Find a good company with good products and stick with it for the long haul. Every time you switch companies you lose credibility and you have to start over again. Most people who get started in this industry are constantly switching companies, thinking the company they join is the answer.
- Not find the right mentor. Having a good mentor will not guarantee your success, but it definitely helps. Find someone who knows what they are doing and get in their hip pocket.
- Only build a downline. If you are only building a downline you are way behind the power curve. You need multiple streams of income in your MLM Business. It takes a LONG time to earn a big residual check. Plus, you should have a leads, training and system income so you make money off all the people who tell you NO.
- Not work your business consistently. You can’t work your business an hour a week and expect anything good to happen. You need to work your business day in and day out, and never stop. You can’t reap before you sow.
- Not develop a game plan. All businesses need a game plan. At a minimum, you need a business plan and marketing plan. You need a strategy you can follow.
- Not invest in your business education. You spent at least 12 years of life going to school, plus college (in many cases). If you’re going to start a business, you need to invest in your business education. It’s non-negotiable. Buy books, tapes, seminars and coaching and learn everything you can about the industry. The more you learn the more you earn.
There you have it folks. Doing any of the things I just mentioned will lead you to failure in MLM. I suggest you study this list of things so you don’t make the same mistakes in your business.
What do you think? What is the quickest way to fail in MLM as you see it? Leave a comment below and let us know.