Nobody really fails in network marketing, they just quit. Here's why;
1. Wrong Expectations
This is not a get-rich-quick scheme opportunity!
Having a wrong interpretation of the compensation plan is a very common mistake. At some point, they are trapped in the idea that they don't need to do anything and the will earn a passive income because they are "business pioneers."
This is also not an "investment" opportunity but a business of introducing products to your network.
How much are you paying for the kit? $10, $100 or $1000? Realistically speaking, 8% of $1,000 cannot make you a passive $1000 monthly income instantly.
You make a profit by introducing the products at a retail price to your network yes. It's like buy & sell.
If you can't use the products or you don't believe in the products - ask yourself, can you really sell it to friends or family? If not, better not start or join a network marketing business.
To correct your expectations, it is true that people can make money in network marketing by selling the products they use and believe and teaching their happy customers who are interested to market the products to their own customers.
But it is illegal to earn from recruitment that is based on "investment" rather than product sales.
Another way to help you make your expectations right, the commission you will earn is based on production/output. If you are in the right company, your effort of bringing these customers to the company can potentially pay you a long term income as long as the customers continue to buy and use the products.
Bottom line: If you expect to earn big income, big effort is required.
2. Not Enough Training
Training is the foundation to grow your business.
You buy a franchise, you undergo training.
You work for a job, you undergo training.
You want to be rich, but no training?
This is another mistake. You cannot expect to be the best basketball player by playing only once.
The ironic part, some people are working 10, 20 or even 30 years already without extraordinary income, then they "tried" to be in network marketing hoping to earn exponential income and become millionaires in 6-12 months.
It is not wrong to hope for a good income but you need to be realistic. Do you have the business skills and mastery that is needed to succeed in this business?
TIME is an important ingredient to be successful in network marketing but it requires personal development to get to where you want to be just like any other opportunities.
The advantage of being in network marketing though is that you are part of a team. This team can guide you, train you and provide you resources for FREE.
Though you are part of a team, you do not have a boss requiring you to work fulltime. So you have run the business and study it according to your commitment level.
3. No Action Plan
I am really happy that you are still reading this.
Thank you.
Yes, setting the right expectation is important and learning the business too. But even if you are trained well by the top earner in your company, it does not guarantee your success.
It's like having very hardworking and successful parents, if the child will not make the effort no extraordinary result can be made.
Talk to your leaders and ask them about the action plans to follow.
The more attention and energy you give, the stronger the momentum is created.
4. Lack of System
Do not reinvent the wheel yet. This is a copy business, copy what worked best based on the actual experiences of the successful leaders in your company.
It's like flying an airplane, pilots fly to different destinations but pilots follow the same flying instructions.
Success in network marketing also needs a system.
What worked outside a traditional business might not be exactly the same in network marketing.
5. Questionable Business Practices
Integrity builds success better!
Do not join a network marketing company that has questionable business practices. We were talking about "investments" right? The real investment here is not real money but it's your time, it's your energy and your relationship.
When your integrity is not intact, it can affect your relationship with your family and friends. When your business is ruining your integrity, the time and energy (your real investment) will be wasted.
Whatever is built in the wrong foundation, has no foundation at all.
You can be a pioneer, you can be fast, you can be successful but do it the right way - no shortcut.
Activity Questions:
1. What is/are your expectation(s) in your network marketing business in the next 2-5 years?
2. Do you have the necessary skills relevant to help you grow your network marketing business? How much time are you dedicating every day to improve what you are lacking?
3. Do you have a personal action plan in the next 90 days?
4. Are you reconnect to your team and accessing your team training, resources and activities?
5. And most importantly, is your integrity your guiding values? To be in the best network marketing company - you need to be in the right company that has ethical business practices.