Over the three plus decades I've been in the MLM / Network Marketing profession, I've learned a few things. Mostly I learned them by making lots of mistakes, but a few I learned from other top income earners. In this article I'm going to share 5 of my favorites. These are not theoretical ideas, but rather things I've done to build several large and lucrative businesses, a couple from which I still earn very nice residual incomes.
The key to these MLM / Network Marketing success tips is that you can't just read them. You have to put them into action in your business. The Bible tells us that we need to be "doers of the word", which means that it's great to read about these five powerful business building tips, but until you become a "doer" nothing will happen. So, I encourage you to study these tips and think about how you can implement them into your business today, this week, this month.
Okay, here we go:
Tip #1: Treat Your Business Like a BIG Business
Treat your MLM / Network Marketing business like you invested a million dollars to get it started, rather than as a hobby you work when you have time and you will see much quicker and bigger success. If you invested in a McDonald's franchise, you would work 15 hours a day for years to recoup your initial investment. The problem with network marketing is that it doesn't require a big investment, so people don't treat it like a big business. Yet, the potential income in network marketing is much higher than with a McDonald's franchise. So, treat your network marketing business like a big business by investing the hours every week to build your network.
Tip #2: Set up a designated business area in your house.
If you can spare a bedroom, do it. If not, at least have a desk in the corner and partition it off for your office. This will help you in two ways. First, you will be able to deduct that area of your home on your taxes. Second, it will help you know when you are working and when you are not. If you have a family, make sure they understand that when you are in your office, you're working and are not to be disturbed except for an emergency. That way you will be able to focus without constant interruptions.
Tip #3: Introduce your business to at least one new person every day.
It could be someone you know (from your warm market list) or someone you meet. If you do this 6 days a week (take Sunday off) and 50 weeks (take 2 off for vacation), you will prospect 300 new people each year. With just a 10% closing ratio, you would add 30 new people to your team each year. Now, imagine if they all did the same. It's as easy as saying, "Say, would you be interested in making some extra money, if it didn't jeopardize what you are doing now?" OR "You seem like a sharp person, do you keep your eyes open for ways to make extra income outside of what you do now for a living?" The key is to find a question that works for you and ask someone new every day.
Tip #4: Do What Business Owners Do
When you join an MLM / Network Marketing company, you are in business, so do what every other business owner does - create a business entity (sole proprietorship, partnership, LLC, corporation) and get licensed in your state. Get an EIN (Employer Identification Number) from the IRS and then set up a separate bank account. All your MLM income and costs should flow through that account. This will keep you legit with the IRS and will give you the right business mindset to achieve success.
Tip #5: Find a coach.
Every athletic team has a coach and every top network marketer had/has a coach. The best coach is an upline leader who has already achieved success in your company. Ask them to devote time each week to coaching you. The key is to do what they say. They've been there, done that, got the t-shirts, so all you have to do is listen and follow. If you join my MLM Tip of the Day list and community on Facebook, you can be part of my exclusive Group Coaching program. Go to www.DailyMLMTips.com and subscribe to the free list or find the MLM Tip of the Day group on Facebook and join or do both.
There you go. Remember, it's one thing to just read through these 5 MLM / Network Marketing success tips and think about them and it's another thing to put them into action in your business. So, I hope you will study them and then become a doer!
Tuesday, September 24, 2013
Tuesday, July 30, 2013
Tuesday, July 23, 2013
Leads, Leads, Leads
In a recent query of my MLM Tip of the Day list (www.DailyMLMTips.com) I found that one of the biggest challenges network marketers are facing is finding people to sponsor into their business. Not a big shock, as during my 34 years in MLM, this has always been one of the biggest challenges. Now, unlike all the gurus out there, I don't claim to have all the answers or some magical system that produces an unending supply of leads. However, I can give you some time-proven, field-tested ideas that have worked for me and other top income earners. Here we go:
1. The best leads are always people you know, so start there. If you were opening a restaurant or a retail store, you would certainly tell all your family members and friends, wouldn't you? So, why wouldn't you want to tell them about your network marketing business? Particularly when it could completely transform their lives. You are really doing them a disservice by not giving them the opportunity to look and make their own, educated decision, about your business. AND, don't worry about what they are going to say or think, because what you are worrying about very, very rarely ever happens. You are just the messenger, so deliver the message and if they aren't interested, that's okay, move on.
2. The next best leads are people your friends and family know, so make sure you are always asking for referrals. Learn to ask, "who do you know that is highly motivated and would like to make very serious money in the coming years?" If they don't come up with anyone, you can push it a little, "Really, you don't know anyone who would like to make some big time money and save thousands on their annual taxes each year?" "How about some of your friends? Relatives? Business associates? People you go to church with?" If you push a little (not too much or they will get irritated), they will generally come up with someone. Then just ask them to introduce you by phone, text, or email, so you can contact them. If you keep asking the "who do you know" question, you will have a never ending supply of leads. AND that's the truth!
3. The third best leads are people you meet in your local community, so make sure you are always alert to good prospects. You are looking for people who are good workers, have a positive attitude, and relate with other people well. You can find them at restaurants, drive-through windows, banks, grocery stores, department stores, the post office or other shippers, copy centers, office products stores, cellular stores, computer stores, and anywhere else you go. All you have to do is compliment and ask: "You are an excellent worker, would you be open to earning money outside of what you are doing here, if it didn't jeopardize your job?" If "yes" get their name, email, and phone and promise to email info and call to answer questions.
I also encourage you to become a networker. Go to www.MeetUp.com and find meet-up groups in your local area that would be attended by the kind of people you would like to have in your business. If there aren't any, start one. Also, check the internet for lead exchange and networking groups in your local area. The Chamber of Commerce mixers are a great place to meet motivated business people who might want to diversify their income. Finally, look for local seminars, classes, conferences, and trade-shows where you could meet motivated business or salespeople.
4. The fourth best is to generate leads through social media. By posting on Facebook, Linked-In, Twitter, Instagram, and others, you can find people who are interested in starting a home business. The best way to do this is to post beneficial information that relates to a home business - articles about how many people are starting home businesses or about people who have had success in a home business. Also articles about the economy and the need for extra or retirement income. The more value you create, the more people will trust and respect you. When you see people like your posts, private message them to see if they might be interested in a solution (your home business).
5. The fifth best type of lead are those you purchase. You can purchase very highly qualified leads for $3 to $5 each, which might seem like a lot of money per lead, but if they become a solid customer or member of your team, they will be worth a lot more than that and could bring in others with them. I've successfully used this type of lead, but actually I prefer a less expensive lead that I can send into my automated qualification system, which will then produce more highly qualified leads which I can call. There are many lead vendors out there. My preference is MLMLeads.com, as they have great leads and excellent free training.
These are just my favorite 5 ways to generate leads and the methods I have used to build several large networks and a very nice full-time income since 1998. I hope that they will help you do the same. If you have questions, please feel free to contact me. I'm always looking to help other network marketers.
Rod Nichols, www.RodNichols.com
1. The best leads are always people you know, so start there. If you were opening a restaurant or a retail store, you would certainly tell all your family members and friends, wouldn't you? So, why wouldn't you want to tell them about your network marketing business? Particularly when it could completely transform their lives. You are really doing them a disservice by not giving them the opportunity to look and make their own, educated decision, about your business. AND, don't worry about what they are going to say or think, because what you are worrying about very, very rarely ever happens. You are just the messenger, so deliver the message and if they aren't interested, that's okay, move on.
2. The next best leads are people your friends and family know, so make sure you are always asking for referrals. Learn to ask, "who do you know that is highly motivated and would like to make very serious money in the coming years?" If they don't come up with anyone, you can push it a little, "Really, you don't know anyone who would like to make some big time money and save thousands on their annual taxes each year?" "How about some of your friends? Relatives? Business associates? People you go to church with?" If you push a little (not too much or they will get irritated), they will generally come up with someone. Then just ask them to introduce you by phone, text, or email, so you can contact them. If you keep asking the "who do you know" question, you will have a never ending supply of leads. AND that's the truth!
3. The third best leads are people you meet in your local community, so make sure you are always alert to good prospects. You are looking for people who are good workers, have a positive attitude, and relate with other people well. You can find them at restaurants, drive-through windows, banks, grocery stores, department stores, the post office or other shippers, copy centers, office products stores, cellular stores, computer stores, and anywhere else you go. All you have to do is compliment and ask: "You are an excellent worker, would you be open to earning money outside of what you are doing here, if it didn't jeopardize your job?" If "yes" get their name, email, and phone and promise to email info and call to answer questions.
I also encourage you to become a networker. Go to www.MeetUp.com and find meet-up groups in your local area that would be attended by the kind of people you would like to have in your business. If there aren't any, start one. Also, check the internet for lead exchange and networking groups in your local area. The Chamber of Commerce mixers are a great place to meet motivated business people who might want to diversify their income. Finally, look for local seminars, classes, conferences, and trade-shows where you could meet motivated business or salespeople.
4. The fourth best is to generate leads through social media. By posting on Facebook, Linked-In, Twitter, Instagram, and others, you can find people who are interested in starting a home business. The best way to do this is to post beneficial information that relates to a home business - articles about how many people are starting home businesses or about people who have had success in a home business. Also articles about the economy and the need for extra or retirement income. The more value you create, the more people will trust and respect you. When you see people like your posts, private message them to see if they might be interested in a solution (your home business).
5. The fifth best type of lead are those you purchase. You can purchase very highly qualified leads for $3 to $5 each, which might seem like a lot of money per lead, but if they become a solid customer or member of your team, they will be worth a lot more than that and could bring in others with them. I've successfully used this type of lead, but actually I prefer a less expensive lead that I can send into my automated qualification system, which will then produce more highly qualified leads which I can call. There are many lead vendors out there. My preference is MLMLeads.com, as they have great leads and excellent free training.
These are just my favorite 5 ways to generate leads and the methods I have used to build several large networks and a very nice full-time income since 1998. I hope that they will help you do the same. If you have questions, please feel free to contact me. I'm always looking to help other network marketers.
Rod Nichols, www.RodNichols.com
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