Thursday, January 22, 2009

How to Make a Million Dollars in Network Marketing

I started my network marketing career back in 1979, when it was called multi-level marketing and there were only a handful of companies. I caught the power and vision of building residual income the moment my sponsor drew those circles. I set my goals to become a millionaire and went to work talking to people. I expected that everyone would see the vision and immediately jump on board. Boy was I wrong! Can you relate?

The first 10 years were very rough and I didn't make much money. However in the early 90's I was mentored by a couple of guys who were network marketing millionaires. One day I asked them how to make a million dollars in network marketing and they gave me the best advice I've received in my nearly 30 years in business. They told me to stop trying to make a million dollars and make a million friends. They told me that if I had a million friends, the million dollars would follow and they were right.

So, if you're truly interested in becoming a millionaire in network marketing, you need to immediately change your mindset and focus - get it off the money and on to people. Now, you might be asking, what does having a bunch of friends have to do with business success? Well, there are several answers. First is loyalty - your friends are going to be much more loyal to you and the business, than someone you sponsor on the internet or through some sort of advertising. Second, is that you care about your friends and they care about you. You want them to succeed and they want you to be successful. Because of this, you are both going to work harder to help each other. Third is fun - it's going to be a lot more fun to build with friends and gain financial and time freedom, than with people you don't know. Imagine going on company reward trips together or seeing each other up on stage receiving awards at conventions.

So, what you want to do is talk with your friends about doing this together. Cast the vision of time and financial freedom, going on trips together, living a life of luxury, and so on. Create a partnership (not a legal one, but one of agreement) with them in business and agree to help each other achieve success. Commit to each other not to give up until you have each reached your goals. Then work together to set goals and establish a plan to succeed in your business. Dedicate the necessary time, money, and effort to accomplish that plan, so that each of you can achieve your goals. Also, gather your friends together to do business presentations, so that there is even greater synergy and excitement.

Okay, about now you are probably thinking that you don't have very many friends. So the next step is to expand your friend network. There are two ways to do this - the first is to become friends with your friend's friends. In other words, as your friends bring people into your business, become friends with them. Do the same things you have been doing with your friend and soon they will become your friend.

Here are some ways that you can develop these new friend relationships: Invest time getting to know them - their background, family, occupation, hobbies, interests, dreams, and goals. Share these same areas with them, so they can get to know and trust you. Next, invest time helping them build their business - do presentations for their friends, offer to do 3-way phone calls with prospects, offer to send e-mails to prospects they have in the process, help them train and support new distributors/associates, and most of all work hard to help them make money in your business. If you can help them get to a point where they are making at least $500 a month, they will become a solid business partner. Then, teach them how to do the same for all of their people.

Now, here is one of the biggest power secrets in network marketing - work down and build depth. Most companies offer a back office system that allows you to track your business. As your downline begins to grow, you will want to welcome every new person into the network and invest some time getting to know them and offering to help them. Identify your leaders and focus more time and effort on them. Build a strong friendship and help them start making money. This excitment and growth will motivate those above that person and when they start showing more interest, move up and begin working with them.

About now, you're probably thinking, I don't have enough time to do all this. There is an old saying that if you give a man a fish, he eats for a day, but if you teach him to fish, he eats for a lifetime. This is so true in network marketing, as you want to teach your friends to fish. Don't do the business for them. Instead, teach them how to build successfully - how to attract people, build friendships, how to train and support, and how to build depth.

The second way to expand your friend market is to get involved in your community, so that you can meet new people. Volunteer at church or for a non-profit agency. Attend and join business organizations like the Chamber of Commerce and Rotary. Join a Toastmasters club, which will help you become a better speaker and also put you in weekly contact with new people. Join a lead exchange club (ask other business people until you find one), which will provide you with a lead source and also more new contacts. Watch for trade shows in your local areas - attend and talk with the vendors. Gather cards and begin building relationships.

The truth is that you don't really need a million friends to make a million dollars in network marketing, but you do need a solid network of friends. So, start today with the friends you have right now. Get your eyes off the money and yourself and focus on helping them become successful. Your success is their success, so the more people you help to succeed, the greater your level of success.