Top Homebased Business Idea?

The Realities of Network Marketing — Is It Right for You?

Network Marketing has been called one of the 21st century's top homebased business ideas, made popular for its low start up cost, potential for high income, and the simplicity of working from home part time.

Hundreds of thousands of network marketing distributors earn income from their network marketing business... but is it the right career choice for you?

I wish someone had told me some of the realities of network marketing when I first got started in the industry! Here are some important and key facts you need to know to assess whether you have what it takes to succeed in network marketing, which truly is a top homebased business idea — for the right people!

If you've attended network marketing opportunity meetings or conference calls, you will hear certain selling points mentioned about the business that may not be totally accurate. Here are three common myths that are often perpetuated in the industry...

Myth #1 — Anyone Can Do This Business

The reality is, about 5% of all network marketers succeed in their business. That means in turn that 95% of all Network Marketers fail! This might be hard to believe, but this number is similar to the success statistics of top homebased business ideas in other industries and in traditional businesses.

If you spend time with successful and six figure income earning network marketing professionals, you'll quickly learn from their example what traits you need in order to be successful. In addition to the excellent work habits that would make any business successful, to become a successful network marketer you must be extroverted, positive, and unfazed by rejection. You must be profoundly persistent, since the majority of people you recruit into the business will not be successful, though they may stay on as customers of your products.

Myth #2 — Build Residual Income

The reality is, when you build a network marketing organization, there will always be attrition... people dropping out of the business, customers who stop ordering, and so on. It's just the way it is.

Most six figure income earners that I have worked with work full time to keep their income growing, to keep their organizations active. When you stop working, your income drops. You are at a very advanced stage of the business when you were able to mentor and train at least 5 leaders in your organization to take the reins so you can retire.

Additionally, network marketing as a top homebased business idea is subject to the same global economic changes facing all businesses. Companies come and go, and in some cases your entire six figure income can be wiped out overnight if your company unexpectedly goes under.

Still, the network marketing professionals I know have said that even with these downsides they would rather work from home and take the whole summer off, and choose their own work schedule, rather than be subject to the confines and limitations of a regular 9-5 job.

Myth #3 — It's A Simple Business

Yes, the mechanics of building a network marketing business are simple. Talk to at least 5, preferably 10 new people about your business each day. Quality them, sort, don't sell. Share information about your opportunity using some kind of tool... a Web site, tape, or opportunity meeting. Do a three way call, or meeting with your upline to get a decision from them. Help your new recruits do the same, and repeat. Sounds simple enough doesn't it? Well, why do so many people fail?

The reason most people fail in network marketing, a top homebased business idea that seems so simple, is that they either don't do the above steps enough, or they don't do them well enough! Most people don't have the emotional energy to reach out with enthusiasm to share their products and opportunity consistently like this, every day. Those that do have the chutzpah, often lack the relationship skills needed to master the delicate psychology of network marketing. You're sorting, not selling. "Posture", which is how you hold yourself, is everything, and how you communicate, and even more important, who you choose to communicate with, is everything.

The psychology of network marketing can only be learned by experience, working with a mentor who can teach you. Because human beings are complex and mysterious. The psychology and interpersonal dynamics of network marketing are complex. Some people pick up the skills quickly, others do not. Some people are not a good fit for this type of communication. And some people, due to their nature, will never have the necessary belief in themseves, and in network marketing as a top homebased business idea.

Another reality in network marketing is that, if your goal is to build a large organization, your circle of influence must be full of successful, high powered, entrepreneurial minded people who have the same passion and drive to succeed that you do! These are the people you want in your network marketing organization, who will work with you, through thick and thin, through all obstacles, to attain their goals.

On the other hand, if your goal is to build a large customer base, you'll have to acquire customers around the clock. The time you stop acquiring new customers is the time your income drops. Hard to believe sometimes but so true.

Is It For You?

There you have it, the three myths of network marketing that are used to sell the business as a top homebased business idea, and the realities of a network marketing business. Can you overcome the odds to be among the 5% of homebased network marketers who succeed?

If you say "YES!" then you may be destined for success in the industry. Now that you know the truth, go out there and get some experience, choose your top homebased business idea (i.e. company and team), learn the skills you need, and make sure to use the right tools.

Go for it!

 

To your success,

 

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