Saturday, June 18, 2011

I Don't Have Enough Money

This is another common objection in the network marketing industry and for most network marketers, it means death to their business. However, just like we saw in the last post on not enough time, the not enough money can be easily overcome. What I've found is that if people want or need something bad enough, they will find the money. If the water heater went out, they wouldn't say, I don't have enough month and take cold showers. NO, they would borrow the money or sell some stuff to get the money. It's the same with your business, if you handle it correctly.

The first step is to avoid this objection by building value and you do this by asking questions to uncover pain and passion areas in their lives. Ask questions about their family, occupation, recreation, and money to find those pain and passion areas and then deliver your business as a solution. If you do a good job with this, you will not hear the no money objection very often.

If you do encounter this objection, I first like to qualify their comment by asking as questions, "Are you telling me that you absolutely don't have the money, can't borrow it, can't sell some things to get it, or are you saying that you just haven't seen enough value in this to pay the money? If they answer with the former, then you work to help them find the money, ask them what they would do if the hot water tank went out today or if their child needed emergency surgery, what they would do. If they answer with the second one, you have to go back to the pain and passion areas and find out what those are worth to them and build up that value.

So, there you go. Avoid the objection by asking questions and when you get the objection, help them see the value your business has in their life and you will see a higher percentage of the "no money" people join your business.

Friday, June 17, 2011

I Don't Have Enough Time

This is one of the most commonly heard objections to building a network marketing business and in the minds of those who are saying it, it's the truth. However, the reality is that if they don't do something different, they will just get busier and busier and behinder and behinder.

For the first 10 to 12 years I was in network marketing, I treated it more like a hobby than a business. In 1995 I decided to get serious and make some money. At that time I was working 60 hours a week, my wife was working 60 hours a week, we were both traveling quite a bit, and we had 5 children at home. I've not encountered too many people busier than we were and we could have legitimately used the not enough time excuse, but we didn't. Instead, we devoted between 10 and 15 hours a week to our business and in 10 months we had replaced my wife's income and she quit her job. In 22 months we had replaced my income and I was able to quit my job and haven't had one since!

I just read that the average American watches five hours of television a day. That's 35 hours and week! And they can't find any time to work a part-time business that could result in total freedom???

Here is how I handle the time objection. When they say they don't have enough time, I say: "You don't have enough time? Tell me about that." I listen and ask questions about their work, such as "Do you commute to work? How long does that take?" "Do you take a lunch break? How long is that?" "Do you watch TV in the evenings or on weekends? How long?" Typically I can find 10 to 15 hours in their schedule. Then I just ask them if they are serious about having a life of freedom - financial and time freedom - a life they can truly enjoy? If they say yes, then we get to work building into their schedule time for their business and then I hold them accountable to that schedule on a weekly basis.

No time is generally an excuse. If we care about people, we can't let them sabotage their life with this excuse, but ultimately they have to make that decision.

Sunday, June 12, 2011

Building a Team

I've been in the network marketing industry since 1979 and during the first 10 to 12 years I thought the key to building a big business was to sponsor a lot of people. I discovered that by doing that you can make some short term money, but without solid duplication, you can't create true residual income. Solid duplication requires building a team with leaders and followers.

Leaders are those who have a big "why" for their business and are willing to do what is necessary to build their business and achieve their why. They buy all the products, attend all the events, sponsor a good number of people, and are very coachable.

Followers are those who like the products, but haven't quit figured out their why for building a business, so they will be loyal product users, attend most of the events, and will even sponsor a few people hear and there.

Your business requires both leaders and followers. About 5% of those you sponsor will end up being your leaders and the other 95% will become followers or will quit. However, you can build a very large business and a significant full time income with the 5% and a percentage of the 95%.

So, the key is to find those people who are already natural leaders and guide them along and dig into your network to find those leaders in the rough who you can mold and polish into leaders. In order to do that, you must become a leader. You must become the person people want to follow. Even if you haven't achieved much success with your company, you can still be a leader. You just have to be a few steps ahead of the pack and say, "come on, follow me" and then take them in the right direction, leading by example. If you are prospecting and sponsoring, so will they. If you are working with your leaders, so will they. If you are jumping up the ranks, so will they. You lead and the leaders will follow your lead.

So, do you want to build a solid residual income? Build a team - leaders and followers.