There could be many reasons for why people fail in network marketing. People fail in all sorts of business models from car sales to insurance, from travel services to internet marketing. There are wildly incredible success stories and no shortage of stories about someone that failed.
In my own experience, I have experienced both success and failure in network marketing. I’ve been involved full-time in the industry for over 18 years. I’ve experienced some incredibly commission checks, purchased a Mercedes when I qualified for the car bonus, and have been fortunate to travel all over the country with my kids as they grew up.
I love network marketing for a number of reasons. Money? Sure, that is always a good thing. Most of us have our jobs because we need the money. My big motivator was being able to be available to my family.
As I look back at my own history, I see a number of examples of various failures.
Some of the reasons I failed in network marketing include:
Choosing a company based on the pay plan. I was so excited about the money I thought I could make that I skipped over doing any real business analysis to see if the business idea itself had any potential. (It didn’t).
Choosing a company that was offering a dieing product or service. Just like the previous example, I didn’t really look at whether the product we offered was going to last. (It didn’t).
Treating the business like a “spare-time” venture. When I got started, I was told I could just sign up and do a little here and there to make real money. This obviously turned out to be false. Real success in network marketing requires that you treat your business like a business. There is a big difference between part-time and spare time.
Some of the more common reasons I see for why people fail in network marketing include:
Waiting for your sponsor to build your business. It’s great to have a sponsor who is actively building and able to support you along the way. But, ultimately, your success (or failure) in network marketing comes down to you and what you do (or don’t do). The best sponsor I ever had showed me WHAT to do but left it up to me to do the work.
Just not doing the work. Imagine buying a beautiful hammer, a sharp saw, screws, measuring tape, and books on how to build a home, and then … leaving it all in the trunk. This is how far too many people approach building their network marketing business. They sign up. They buy the training. But they never actually apply the training and never actually build a business.
Did these folks actually fail? I believe they simply failed to do the work required to build the business.
Network marketing in and of itself is a great opportunity for the average person to build an amazing lifestyle and business if they are willing to put in the work.
Choose your company based on a few simple principles:
Is the product or service something people are actually looking for?
Does the company have a strong management team in place?
Is there a system in place to help you learn how to build the business?
Are you willing to actually do the work required?
If you can answer these questions with a “yes”, you may be on the right track. The next step is to take action.
Someone recently told me, “Successful people make decisions and then go to work to make sure its was the right decision.”
My translation: Make your best decision then get to work. Learn the system. Take the steps. Make success happen. Then, you can become one of those people that succeed in network marketing.