How then to survive that first year?
Financial Planning
Do not expect a positive cash flow from your business for at least the first six months. That means you need a budget for your business that will let you meet all of your other financial responsibilities for at least that long. Planning for a year is even more conservative.
You can substantially reduce your “burn rate” and even shorten your time to positive cash flow by incorporating a funded proposal into your selling system. Joining a company with large front end commissions ($500 or more) will also help.
However you chose to structure your business, it is critical not to overspend if you are going to survive your first year in network marketing.
Become a Learning Machine
Consider the first year to be all about on-the-job training. Hopefully, it will be an earn while you learn proposition. But even if your income is minimal there are skills you’ll need to learn. And don’t forget to spend some time on personal development.
Have a Dream
You probably already have a dream about what having your own business will let you do that you can’t do now. As your business expands, so must your dream.
Most people start with a dream that largely involves only them and their family. As your business grows, your dream will also have to grow to include the dreams of everyone in your organization.
Mind Set
Beyond your dream, it is important to have a positive mind set. In part, that’s where the personal development stuff comes in. But it also means you have to have reasonable expectations about your business and what it takes to be a success.
Maybe second only to running out of money, the thing that knocks most people out of the business during their first year is the massive rejection that can come from traditional marketing techniques. Trying to build a business by cold calling strangers is tough and you have to be just as tough to make it.
Most people can’t pull that off and still keep a positive mindset. As a result, many turn to prospecting on the Internet and attraction marketing. That can be a good choice, but it also means another set of skills that have to be learned.
In sum, if you are able to put together a realistic financial plan, invest in yourself through education and personal development, stay focused on your dream, and maintain a positive mind set, there is no reason that you can’t survive, maybe even flourish, during your first year in network marketing. After that, it just keeps getting better …
For more information on how to not only survive but flourish during your first year in network marketing, enroll in my free, cutting edge “7-Day Internet Marketing Bootcamp.” Just fill out the simple form at the top of the right hand column on this page and I’ll send you your first day’s information right away.
It’s good to see someone telling prospects that there is patience and hard work involved.
http://homebasedbusinessplrarticles.com
Great job on keeping it real! To many network marketers try to recruit with the promises of fast wealth which goes against the natural flow of things. Any business requires hard work and dedication and more importantly stick to-it-ness.
Thanks, Guys. I appreciate your comments. There does seem to be a welcomed trend in the industry toward telling prospects the truth and setting realistic expectations. Unfortunately, there’s still a bunch of hype around the “something for nothing” mentality.
The truth in network marketing is that you can make a bunch or money pretty darn fast. But it takes a clear focus and consistent action to make it happen.
Make it a great day!
- Dave
Great article! Thanks for sharing! Too many people have a something for nothing attitude. Having the right tools and leadership in place makes success attainable in any network marketing business.
Much Success,
2K MLM Training
2kin10days.com/blog
Hi Dave
“Beyond your dream, it is important to have a positive mind set. In part, that’s where the personal development stuff comes in. But it also means you have to have reasonable expectations about your business and what it takes to be a success.”
I agree it is important to have reasonable expectations.
Doug
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