Let me tell you the truth about MLM (Multi Level Marketing) and network marketing– most people who get involved in the business fail at it. The common figures tossed about on the Internet these days say that 95% of the people involved in MLM fail. I will argue that figure later, but for now, let’s just say maybe 9 out of every 10 people in network marketing will fail.
There are many reasons people fail in MLM. They may have gotten involved in a bad company with a poor compensation plan. The Products may not be top quality or anything special, so there is no demand for them. They may have received little training, poor training, or even no training at all. They might have been abandoned by their sponsor. They may have had the wrong expectations– thinking that the money will come pouring in without any effort on their part. But the biggest reason for MLM and network marketing failure is giving up!
On the other hand, compare this to traditional entrepreneurship, which has its problems, too. I am a college business professor, and I’ve had traditional businesses of my own, so I know the odd of success in starting up a traditional business are that 9 out of 10 new business will fail the first year. And then there is another 4 in 5 chance that those businesses who survived the first year will fail to make it to the fifth year.
Wow, when you consider the amount of money spent and/or borrowed to get those businesses running, that’s pretty scary! Add to that the time involved in running a small business. Often people put in 60+ hours a week, for less income than a job would give them. I’ve often seen dreamers who started their own traditional business find themselves crashing and burning with reality as they lost their credit, their homes, and in some cases marriages and families. Ouch!
I believe in entrepreneurship! I believe in the dream of having your own business– no boss, no time card. Freedom to set your own hours, work where you want, live where you want, spend time with your family, travel and take time off whenever you want. Freedom. That’s what its all about! And it’s not traditional business that brings this freedom, it’s network marketing.
I’ll take the odds in MLM and network marketing any day! I’ll tell you why. If the 95% failure figure is correct, then it’s including all the people who just sign up to try the product, or decide for whatever reason they don’t want to work the business.
The truth is, for those who really want to work at this business, 95% of all people who stay with their network marketing company for 10 years will reach the highest level of their company’s compensation plan, which is usually at least $500,000 annually. And the income needed to start and run a network marketing business is nominal compared to a traditional business!
I’ll take those odds any day! You see, all you need to do is:
1) Find the best network marketing company you can. 2) Commit to learning and working your business. 3) And don’t quit.
Success in MLM and network marketing is a choice. Choose to do it!
I can do that. How about you?
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More topics: Mlm, Network Marketing, Multi Level Marketing