May 9, 2008

Practical Insights To Growing Your Thriving, Successful MLM Business

People first starting a home business, often are very excited about the about the compensation plan and the thought of being their own boss. Being in control of their paycheck, the idea of working their own hours and the lifestyle that we see others enjoying are all good reasons for starting a MLM business. Hearing all the success stories about Network Marketing inspires them to pursue a business of their own.

Once the excitement of all the great possibilities of owning a network marketing business of your own wears off, then it is time to really get educated about what success in this business really means, and really takes. It takes a driving desire and an education and while it is simple, it is not as easy as most new people trying to recruit you make it sound.

The time you invest in your business will pay off for you in the future. It is not something that will pay you like a paycheck will. In other words, we cannot take a look back after the first month in business and make a decision right then based on how much we have spent in time and money, and how much we have earned in profit. Right now it seems like it is just money going out and not as much money coming in.

How many months does it take to sell a house after listing it? How long does it take a book writer to get published and get their books on the shelf after it is written? Success in a network marketing career means moving beyond the employee mindset of expecting a paycheck at the end of the week based on hours contributed. That is not how it works.

Take wine for example. We take it for granted that we can walk into any store and buy a bottle of wine from all parts of the world, but it did not grow on the store shelf. Someone took the time to learn about growing grapes, preparing the soil and picking the right varieties for the local climate, then tending to the plants for three to seven years before they ever had a single grape. In addition, they had to learn to bottle and age it. After the wine was ready, a whole other process of finding buyers and shipping the bottle had to be build or outsourced. But, once they understood the difference in "linear income" vs. "passive income" They knew they had to continue pursuing their dream.

Successful network marketing or multi-level marketing is similar to growing grapes. People need to take some time to understand they are investing in their future. They need to nurture not only themselves, but also others. Much like a grape-vine growing needs to be pruned and trellised , someone looking to build a network marketing business need to learn, tend to and cultivate their MLM business daily for a reward in the future.

So, why do they go through all that trouble? Because they understand the difference between “Linear Income” and “Residual Income” Linear income is familiar to most people, work 1 hour, get paid for 1 hour. Residual income, on the other hand, can create continuing pay on that 1 hour worked a long time ago. When , people ask me what I made in this business my very first month. The answer is – "I don't know, I am still getting paid on those efforts."

My first month in business I signed up 13 people and they all told me they wanted residual income. Guess what? All of them quit but two. They stuck with it and today we are making money from something we did years ago just because we didn’t quit. Now if we had based our decision to keep going with our MLM or not on the amount of our first paycheck that first month, compared to the hours and money we put into the business that first month, I can assure you the answer would have been NO!

You see, the winners in this world of network marketing are the people who have committed themselves to learning the ins and outs of building a profitable business. The same can be said about any business, hobbies or craft as well. It should not come as a surprise that to get good at any business takes a dedicated effort to learn and apply what you have learned. It is not and has never been a get rich quick scheme. It is slow and steady.

People who succeed have fallen in love with the process and the effort it takes to build their business as much as the dream of being their own boss and having the freedom of time and money that growing a successful MLM business provides. It takes many hours of effort to reap many hours of freedom and it is foolish to believe otherwise. When you plant a tree you don’t expect to pick fruit in a month or two, do you?

If you are just starting out in MLM and have just planted some seeds by talking to some friends and family about the exciting opportunity that you are part of and think that once they sign up your money trouble are over, think again. Just like plants, people need to be nourished too. Some will take in the mental food you feed them and some will not and will need to be pruned. Pruning is just as important to the health of your business as growing it is, in fact, it is part of growing a successful MLM business. It keeps the rest of your business healthy.

So what makes some people motivated to do what it takes to build a thriving business? Think about it. Why did you join? Most likely, someone painted a picture of success, money and time freedom that others just like you enjoy because of the power of time leverage that MLM offers. It was the dream you had that made you imagine you could do it too. But as the reality of all the effort it will take sinks in, the doubts begin to overshadow the dream to the point of the death. That is one of the reasons that having a strong dream or reason “Why” is so important to succeeding in an MLM business. If your “Why” is big enough and strong enough the “How” will work itself out.

Knowing your reason for building a business is only a part of the puzzle though. Realizing that to succeed you need to commit to growing yourself first and then others in your organization on a daily basis, is another part that needs to be put in to practice. That is why falling in love with the process of building relationships first, building yourself second and finally building your business, is a critical reason why some succeed and some fail.

To all of the people who think they do not need to build a business at all because they are doing just fine working their nine to five job, please consider this. Most people at some point in their lives have needed some extra income and in some cases a small amount coming in would have made a big difference if they had it at the time it was needed. Put another way, it is better to dig a well before you need the water.

You possess everything inside of you already that you need to be successful. Discover the deep seated reasons why you want to be in business, commit to learning what successful business builders do and commit to taking action.

The rewards are indescribable and liberating and include not stressing over money, lack of stress in general and rich relationships with positive, goal-oriented people.
Copyright © Frank Tocco 2008
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2 comments:

James said...

This is an excellent article (or blog I suppose I should say)Frank. Thank you for writing it.

In fact, I will even go so far to say that I think Everyone who is even remotely interested in MLM, Network marketing,having an online business or even just being self employed should read this article! It might save a lot of people who fall for some of those 'Get Rich Quick!' ads and programs which are in abundance out there (yes I am including myself ;-) a lot of time, money and frustration.

Your blog is very well written and your examples and imagery are simple and clear yet powerful. You sum up very well both the effort needed and the rewards to be reaped by going into business for one's self.

Again, I thank you.

Sincerely,

James D

Frank Tocco said...

Thanks James. Is there anything in particular that you would like to read about in future posts?

Let me know.
Frank Tocco