It’s a fact that only 4 out of 10 network marketers will experience any significant income milestone in their business and only 1 out of 10,000 network marketers will earn at least a million dollars in the business. These numbers got me thinking. After doing my research and due diligence combined with my personal experience, I realized there are typically 9 reasons why many network marketers don’t earn much and just give up on the business.
1. NO PROSPECT LIST
Prospecting is the heart and soul of network marketing. Without prospecting, you won’t have anyone to sponsor in your business. Most network marketers fail because they don’t prospect and they don’t create a prospect list.
A prospect list is a list of 100 names that immediately pops up in your head when someone asks you, “Who among your family and friends do you think might be interested in the business you’ve just joined?” Religiously update this list every day so you contact these prospects, set an appointment, and present the business to them. If you don’t have a prospect list, create one now.
2. LACK OF COMMITMENT
So you’ve invested a hundred or so dollars in joining in this network marketing business and you think that the entry fee is the only money you’ll shell out, right? Wrong. What you paid was only the initial investment. To succeed in network marketing (the same goes in any other business), you need to shell out more than money.
Most network marketers fail because they don’t make time to attend to the business and they don’t invest additional money in improving themselves, to streamline their prospecting system, and to build their team. In short, they lack commitment to the business.
Most of us enter network marketing with an employee mindset. Or some of us treat the business as a part-time job rather than a full-time business. For a business to grow exponentially, it needs the undivided attention of its owner. This also applies to network marketing. A lot of networkers quit because they have little or no income coming from the business, but the question is did they give it their 100 percent?
3. TOO INCOME-DRIVEN
Most of us join network marketing for one main reason: to make big money. If financial freedom was not part of the equation, we wouldn’t have joined this business. The mistake many people make is to set their sights purely on the monetary gains.
Most network marketers fail because they are too income-driven. They are impatient and want to start earning big money right away. They see prospects as walking money and not as potential team members. The beauty of network marketing is one cannot succeed without helping others succeed first.The beauty of network marketing is one cannot succeed without helping others succeed first. Click To Tweet
4. LACK OF EXCITEMENT
Many employees are miserable in their jobs because they aren’t excited. When they wake up in the morning, they groan “damn this job” instead of affirming that “this is going to be the best day ever.” Many people quit their jobs and venture into network marketing because of how miserable they are in their jobs.Many people quit their jobs and venture into network marketing because of how miserable they… Click To Tweet
Once you start your journey as a networker, you have to constantly remind yourself of the reason you joined this business. You have to be excited about your goals, you have to exude the energy you want others to feel. Remembering your WHY will be your resolve. Think of that reason every morning, because that will fuel your enthusiasm and excitement. That is what will keep you in the game when you are faced with challenges.Remembering your WHY will be your resolve. Click To Tweet
5. EASILY DISCOURAGED
When you first rode a bike or drove a car, you were kind of scared, right? The first time you fell off the bike, or nearly crashed your car, you started having thoughts like, “I don’t think I can do this…”
With continued practice, however, you got the hang of it and now it seems like a natural skill. Network marketing is like that; you won’t succeed right away. There will be bumps in the road and you will fall down, but don’t get discouraged and give up. Remember, quitters never win and winners never quit!Remember, quitters never win and winners never quit! Click To Tweet
6. NO WRITTEN GOALS
If you don’t write down your goals, you will soon forget them. With all the distractions in life, forgetting is easy. When you first joined your network marketing company, you must have had a goal. It could have been anything—to buy your own house, your dream car, or even to get fit! To help you remember these goals every day, you must have a dream board.
A dream board can be any board (a cork board, magnet board, anything you can pin pictures on) with visual representations of your dreams pinned onto it. Find bright, colorful images that make you feel fantastic, ambitious, or motivated. Place this dream board at the side of your bed so that when you wake up in the morning, you will immediately remember what are working towards.
7. TAKING “NO” PERSONALLY
It is often said that if you have received at least a thousand No’s in your network marketing business, you will be successful. How many times have you come this close to signing someone up and the prospect said no? Your natural reaction could be “Darn, I worked my tail off to get this deal and now he’s saying no?!” Don’t take this No personally, because the person is saying no to the business opportunity and not to you. Moreover, most of the time “no” could simply mean “not now.” If the prospect says no, move on to the next person. Don’t let a simple No hinder you from achieving your dreams.Don’t let a simple No hinder you from achieving your dreams. Click To Tweet
8. PROJECTING POOR POSTURE
Poor posture is a reflection of the person’s lack of self-esteem and projects a poor self-image. If you want to project success, you need to look the part. Most network marketers forget that people first judge you by how you look. If you want to be a professional network marketer, look like a professional and have confidence in yourself, your company’s products, and the company itself.
9. THE SALESMAN SYNDROME
Network marketers are not salesmen. A salesman’s job is to get a sale, get a commission, move on to the next sale, and let the company’s customer service worry about any problems that might occur. A network marketer, on the other hand, doesn’t just get a sale. He needs to duplicate himself, so that his customer will also learn to get sales if he or she so desires.
Most network marketers focus on signing up more people, rather than on duplicating themselves. Always remember that network marketing is not a matter of multiplication, it’s a matter of duplication. It is about leveraging your time and efforts instead of doing everything yourself.Network marketing is not a matter of multiplication, it’s a matter of duplication. Click To Tweet
I’ve given you my top 9 reasons why network marketers fail, so you can avoid these pitfalls. What do YOU think is the #1 reason network marketers fail? Let us know in the comments below.
Darren Ebona is passionate about marketing, start-ups, and tech. He is also a stock market investor, avid writer, and a San Antonio Spurs fan. For more information, visit www.mlmjetpack.com