As a quick disclaimer, I should tell you upfront that this is a personal decision and everyone’s situation is different. What works for one person might not be good advice for someone else. Ultimately, only you can decide what is best for you.
My goal today is to simply give you some tips and things to think about so you can make an informed decision about what is best for you and your family.
Choosing if/when to go full time in your network marketing business is a HUGE decision. Don’t take it lightly or rush into it. There are many six figure earners in our industry who still do their day job, because they love what they do for a living and/or they have no desire to go full-time in their business. So, don’t feel like there will come a point where you HAVE to go full-time in your MLM Business.
I can’t speak for you, but having $1k to $3k per month as a part-time income (with your MLM Business) on TOP of your job income is a great improvement to your quality of life and standard of living. What do you think?
From the people I’ve interviewed, going full-time in network marketing too soon is a CURSE, not a blessing. It’s a common mistake that a lot of “newly successful” distributors make. They get so excited about their MLM Business, and their future, that they don’t look at things objectively. They rush into decisions that hurt them later on down the road.
When you go full-time in your network marketing business too early, you put way too much pressure on yourself to perform, financially. Most people think that if they have more time to focus on their network marketing business, their income will grow. That’s not necessarily true. Just because you have more time to do something doesn’t mean you will be more productive or get better results.
It’s how you spend your time that matters most.
There’s actually a beauty in doing this business part-time. For one thing, it forces you to work smart. You have to be disciplined with your time. You have to balance your job, family, hobbies and business all at once.
Another great thing about working your business part-time is your story. When you can tell someone you make $20k to $50k a year part-time, that is a much better story than making that same income full-time.
Also, I had a mentor tell me once that earning $24k per year in network marketing part-time is better than making $100k per year full-time. I have to agree, especially when you break it down into an hourly wage.
Many top earners are working 80 to 100 hours per week just to maintain their business. If you broke that down into how much they made per hour, you would see that working the business part-time would have been a much better option (earnings per hour).
In my own opinion, I think it’s best to go full time in network marketing when your monthly earnings with your MLM Business (net) are at least three to four times your monthly living expenses AND you have at least six months worth of income in savings. By following this approach, you give yourself a good safety net in case anything goes wrong.
If you’re not sure what to do, here are some questions you need to ask yourself, before you make the decision to go full-time in network marketing:
- Am I good at managing my time?
- How many hours per week would I work my business if I go full-time?
- What activities would I do on a daily basis to build my business full-time?
- Would I enjoy working the business full-time?
- Do I have six months worth of income in savings?
- Is my monthly MLM Income at least 3-4 times more than my monthly living expenses?
- Have I invested enough money for the future?
- How does my spouse or partner feel about this?
- What does my successful upline recommend?
These questions are a good starting point to help you make the best decision for you and your family.
Another thing I highly suggest is that you sit down and talk to 3-4 full-time network marketers. Explain your situation and ask them what they recommend. Ask them when they went full time in the business. Ask them what mistakes they made and what they would do differently if they had to do it all over again. Ask them any pointers they can give you about when is the best time to go full-time. This advice will be invaluable.
The bottom line is that most people go full time in network marketing way to soon. As a smart entrepreneur, you need to put some serious thought into the decision to go full-time. While the idea of being full time in your network marketing business might excite you right now, it could turn out to be a catastrophe if you aren’t mentally and financially prepared.
As a final note, I must also mention this. If you are brand new to the industry and expect your MLM Business to provide a full-time income from day one, you are in for a big surprise. Most businesses typically take two to five years to provide a full-time income, if not longer. The best advice I can give you is to get a job to keep the financial pressure off your back, and build your MLM Business part-time at night and on weekends.
What are your thoughts? When do you think someone should go full-time in network marketing? Leave a comment below to let me know what you think. I look forward to hearing from you. Have a great day.