Many of my clients get their first taste of business ownership in multi-level marketing companies. Unfortunately, this type of business model often gets a bad rap because so many aspiring entrepreneurs have absolutely no idea how to succeed in multi-level marketing and fail miserably. You can absolutely succeed in a multi-level marketing (MLM) business and do so pretty quickly as long as you have the 4 P’s of Profit in place, which I often discuss infor aspiring entrepreneurs and small business owners.
Succeed in Multi-Level Marketing with the 4 P’s of Profit
- Passion – This is the number one reason why multi-level marketers fail. You sign up because you see the glitz and the glam of the promised wealthy lifestyle rather than actually being passionate about the products and services you offer. You have to have passion to start any business, multi-level marketing included. The bottom line is entrepreneurship is difficult and especially in the very beginning while you’re building your business. There is no magic bullet that will make you rich quick but there are proven steps that you can implement to help you succeed in multi-level marketing faster. Make sure that whatever venture you are embarking on is driven by your passion for the products and services you offer or no amount of education nor processes will help you succeed.
- Purpose – You have to have a why, whether this is a personal mission or a business mission. Your passion is the what you do but your purpose is the why you do it. What do you hope to accomplish as a result of your hard work. What is the end game? What is your vision? What impact do you want to have? Starting a business without a clear purpose in mind, even an already set-up business such as multi-level marketing, will leave you drowning in mindless activity. It’s like getting in a car without knowing where you want to go. If you don’t have a clue where you’re going, how can you plan for gas, driving time, budget needed, rest stops, etc.? You will succeed in multi-level marketing if you have a purpose to focus you.
- Partners – These are the people who will support you and your business. This is everyone including your upline, downline, immediate family and best friends (who by the way are not always your customers), business consultants and coaches like myself, accountants, attorneys and other service providers. This also includes your customers who not only buy your products and services but also clue you in on their needs and interests so you can serve them better. You cannot succeed in multi-level marketing without a solid team around you.
- Processes – These are the tried and true, proven best practices, automated tools and duplicable activities that you strategically and intentionally implement to build and sustain your business. The more efficient your operations, the easier and faster you will earn money. I also sometimes refer to this P as “Productivity” because with adequate processes in place, you will be more productive.
Incorporate the 4 P’s of Profit into your marketing plan and you absolutely will be successful in multi-level marketing. For more information about how to succeed in multi-level marketing businesses, check out my book,. You will find out how to avoid many of the pitfalls most multi-level marketers make that keep them broke and broken.
Have you found success in network marketing? If so, tell us how you did it in the comments below and, if you found this post helpful, please share it to your networks.