Today’s post is about when to go full-time in network marketing. I’d like to talk to you about when should you quit your day job and just focus on growing your network marketing business.
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. Also, individual results will vary.
My goal today is to give you some tips and insights so you can make an informed decision about what is best for you and your family.
When to Go Full-Time in Network Marketing
Choosing to go full-time in your network marketing business is a HUGE decision. Don’t take it lightly or rush into it. Some people hate their career or job so badly, they will quit as soon as possible.
Other people love what they do. In fact, there are many six figure earners in our industry who still work their day job because they are passionate about their career. To each their own.
Before you give up your primary source of income and go full-time in network marketing, consider this:
If you can double dip for a few years with a job income and a full-time network marketing income, and you invest that money wisely, without increasing your lifestyle, you can position yourself for long-term financial success.
If you are on the fence about whether you should go full-time in network marketing, this is my personal recommendation.
- Pay off 100% of your debt, other than your home.
- Have six months worth of living expenses saved in your emergency fund.
- Make sure your network marketing income at least 2x to 3x your job income and has been for the past six consecutive months.
If you’ve done these three things, in my own opinion, you are in a good spot financially to go full-time in network marketing. If not, you should wait until your situation improves.
The Issues
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 success, and the possibilities, 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.
Next, most people think that if they had more time to focus on their network marketing business, their income would grow faster. 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.
I’ve found that people who don’t have the discipline and time management skills to build their network marketing business part-time won’t be able to do it full-time either.
It’s how you spend your time that matters most.
Success in this industry has NOTHING to do with how many hours you work your business, and instead has everything to do with the number of contacts and exposures you make DAILY. Someone working their business 1 hour per day can easily outperform someone working 8 hours per day, if they make more exposures.
In addition, there’s actually a beauty in doing this business part-time. For one thing, it forces you to work smart. You must be disciplined with your time. You must 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 $10k to $30k a year part-time, that is more appealing to your prospects than you making $50k to $75k per year working full-time. Not everyone is interested in a new career, but almost everyone is interested in some side-hustle money. Food for thought.
Questions to Ask Yourself
If you’re not sure about what to do, here are some questions can 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 went 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 living expenses in savings?
- Is my monthly MLM Income at least two to three times the amount of my job income?
- How does my spouse or partner feel about this?
- What does my successful mentor recommend?
- What is my gut feeling about this?
- Is the company stable?
- Is my team growing, declining, or stable?
These questions are a good starting point to help you make the best decision for you and your family.
Another Piece of Wisdom
I suggest you sit down and talk to three or four full-time network marketers. Explain your situation to them 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.
Suggested Video
Final Thoughts
As a final note, I must also mention this. If you are brand new to the industry and expect your MLM Business to provide you a full-time income from day one, you are in for a big surprise. Even if you work your business full-time from day one, it will NOT provide you enough income right out the gate to live on.
Most businesses typically take several years to provide a full-time income, if not longer. Considering you are doing your business part-time, have some patience.
The best advice I can give you is to be part-time with a full-time attitude. Show up daily and work your business an hour or two a day, five to six days a week, month in and month out.
Work it as a side hustle UNTIL it financially makes sense to go full-time.
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.
Sincerely,
Chuck Holmes
Network Marketing Professional (21+ years)
Top Recruiter & Top Rep
mrchuckholmes@gmail.com
I agree that people make that leap to full-time way too soon. With any business you want to make sure you have enough put away so that you can go for a year or so with little to no income. I think unless you really hate your day job or are ready to retire, there is on reason to go full-time as a network marketer. It’s an ideal second job and wealth builder when worked alongside of a regular 9-5. So maybe we should not focus so much on going full-time in a MLM business but rather see it only as an additional stream of income that we want to keep flowing.
If anything, take your money and save it. Build up a large rainy day fun because it will rain at some point.
I got a problem.. Currently Im working with government sector and having a pension plan when I retiring. If I get an income about 4 times salary in my network marketing, do you think that I should leave my job?
Why not keep your job and have the extra money from your network marketing business on the side? Talk about the best of both worlds.
I definitely agree with your points, especially with having a sufficient financial safety net set up before going full time. Having your own business part time and then building it up is a smarter option in my opinion, as opposed to starting full time in the beginning. People throw themselves in head first and get burnt out trying to succeed too fast. I also think that this applies to most entrepreneurships, whether it be network marketing or something else.
Good point. Most businesses take at least a few YEARS to get up and running well. Starting part-time is definitely the best way to go.
Kristen,
I agree with you as well. People should have multiple income streams because there are no guaranties even with a “9 to 5” job. Set up your safety net, as you said, and take the time needed to build instead of working yourself to death. If you like your “9-5” keep it and grow your funds to get out of debt, savings, vacation, or whatever you wish. You can even do both part time.
Chuck, as you stated, this situation is a personal decision for each person. If you just completely hate the job you do, maybe taking the business full time would be the thing to do. I would agree with Chuck that you sit down and discuss it with some other full timers, and most of all discuss it with your spouse and family. It won’t work very well if you do not have your family’s support.
To go FT, you have to use time management and work it as hard or harder than you did your full time job. You can’t go full time with a part time attitude.
Good luck with whatever decision you do make.
I believe going full time is a curse, unless you have a lot in savings, a strong income, and you are good at managing your time.
In many cases, I think that the word curse for going full time in network marketing is absolutely correct. The only time I would see that being wise is if your network marketing business is generating 3+ times what you garner from your career, and even then, why not stay with your career and generate both incomes?
So many feel that if they just quit their job and put it all into their MLM business, they will succeed. Usually what happens is they become desperate, and that shows to the people they are talking to. Desperation and sales do not go well together.
Yes, I do agree Chuck. Stay with your job and commit time each day to your MLM. You will have the best of both worlds.
Nothing wrong with having the best of both worlds. I believe having a day job is great because it makes you work smart. Having “tons of extra time” is not always as great as people think it is.