MLM and Network Marketing Training

How NOT to Go Broke In Your MLM

Creating_wealth_Avoid_going_broke_150-milion

Yes it is possible to go broke in any MLM or Network Marketing business venture. When you first consider joining, you are excited to be starting your own business and setting some goals.  Here are some tips and some honest answers to avoid going broke from the start. One of the very first things to think about is what level to join at.

HOW MUCH SHOULD I PAY TO JOIN?

Most companies today have more than one level that you can join at. The compensation plan usually has different levels of commissions. Typically the higher the cost options to join will increase your percentage of “initial” commissions. I am sure the person who introduced the business opportunity told you that you can earn more with the more expensive packages. This is true if you are serious about building it really fast.

Here’s what I tell my people. Unless you are interested in trying every product in the starter package, save your money.  I am sure not many leaders will tell you that. That being said, it is important to make sure you understand your product line and are using some of them so you can share your personal experiences. Additionally most companies have a minimum amount of volume you need to generate either from retail sales or personal usage to stay active. Don’t over buy!

I have not seen where buying the most expensive package translates to people building the business any more or less that anyone else.  People still quit at the same rate no matter what. There are exceptions to this for people who are really ready and experienced at sharing products and business opportunities from prior MLM experience. Most people don’t get that fast of a start and the next month your volume has dropped because you are the only one on your team still. The commission payout levels don’t stay high when your volume falls. Plus you can earn your way up the commission scale by building your business. This is done by adding customers and distributors. Which is better, and costs you less. You can always order more products in other categories later on.

DON’T OVER INVEST IN TOOLS AND SEMINARS

Every good MLM company or organization will promote a teaching system of some kind. The fact for most people is that you will need to learn some new things and a good MLM education can cost some time and money. Here’s the key. Pace yourself. 

You can only absorb so much new information at a time. When you first get started you have many new things you need to learn. The reality is you can learn more by doing and making mistakes than any book or seminar. You just need to stay in the production mode for your business. This is only two things. Getting more customers and distributors. PERIOD! You don’t need any books, CD’ or seminars to get started doing that.

Yes you will mess it up. But you will learn as you go and you can always learn from your upline and that teaching is usually free. Don’t forget other free sources like YouTube videos  and blog articles like this one. They are always free!

DON’T JOIN AT ALL…WHAT???

Yes that’s correct. I said to avoid going broke it may be best for your NOT to join. Let’s face it MLM or Network Marketing type businesses are not for everyone. If you don’t think you will be able to share you products and business opportunity with other people, especially those you don’t know then it may not be for you. If you really just love the products then be a great customer.

Why spend all that money to sign up, go to every seminar, read every book and listen to every CD and watch every live stream event or go to conventions if you never are going to do the things that build it? That is the way most people who claim to have went broke or lost their house and job did it. It makes no sense to me but people do join everyday and are they are not willing to learn new things, overcome some fears or simply do the work. You cannot have success on any level without some work, and investment of time and money. Think about it for a bit and then decide.

That is like paying for a college education then not ever pursuing a job in your field of study. There’s no pay back in it for you.

If you’re willing to check out the business you are looking to join and make a sensible decision about how much time, money and effort it will take to get what you want then you will make better decisions. Avoid the pressure of “getting in the first night”. Most people who use that approach are in it to hit numbers based on getting people signed up. Most companies pay a “fast start” bonus on it.

Trust me if you wait a few weeks and really check it all out. Get all of your questions answered they will still let you join. Hope this helps!

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Thanks for reading!

MARK

Mark Balderrama

Online Entrepreneur

 

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