Before you start reading this blog, I want to ask you a question, “Do you have any doubt that Network Marketing is not a practical business to work on?” If you do then first, you need to make yourself aware of what Network Marketing or MLM business is.
Now let’s get started with the topic we have right now. Well, one thing is for sure that NM is one of the most thrilling industries nowadays. Many people have been able to make a good career and create opportunities to earn numerous wealth for themselves and others. But remember, it’s not a cup of tea that can be served to everyone. If you are working in this domain for a long time, then you may have heard many people say, “These businesses don’t work”, or “They tried but it doesn’t work out for them.”
You might get shocked after hearing that only 5% of the network marketers can achieve financial success in their businesses. Well, it is to be expected because people who experience failure usually criticize and blame the industry rather than looking at their actions or lack of knowledge that lead to their failure.
You need to understand that any business, job industry, requires work if you want it to work. Well today, we’ll be looking at some of the reasons why people fail in Network Marketing business. So sit tight, and have a look at the following points:
Expecting to get Wealthy Suddenly
Some people come into NM business with impractical anticipations to get overnight. Well, if you are also one of those people then you are simply considering NM as a lottery scheme. With such thinking, you are sure to get dissatisfaction. It’s not a scheme where you run on your luck. MLM is a big industry where you have to work by keeping a long-term vision in mind. Your business is not going to grow until you do some hard work. Be realistic and start working on your objectives if you are choosing it as a career.
Having Doubt that it Can’t be done
“Believe in yourself and your business” is a foundation to build a successful network marketing business. Not having a strong belief in your company’s product, or in the industry itself is sufficient enough to fail in this business. You will not be able to build your team or generate any sales. Not having someone to support your business and your dreams are even worse as your level of belief will go down even more.
To make a strong foothold in network marketing, you must confidence and a strong belief in yourself. No matter what others say, you must confidence in yourself and your business.
Lack of Knowledge
There’s an old saying, “A person with little knowledge is more dangerous than a person with zero knowledge.” Well, you agree on that, right! Most of the time, people join network marketing organizations without doing brief background research on it. The result, the majority of them become the victim of fraud cases and start blaming the industry. Remember, it’s crucial to do proper research on the organization that you are planning to join. Don’t force yourself to become the part of a specific network about which you only heard from your friends or relatives. Many of these might be only concerned about earning their recruitment commissions. You should also take the company’s product or service into account along with the business plan. Most of the time, multi-level marketing companies fail due to their poor business plan and financial management. So, you should aim for a steady, distributor and customer-friendly, revolutionary, and progressive company.
Lack of Dedication
To accomplish something big in life, you have to put an equal or greater amount of work and effort to reap the rewards afterward. And this is where some of us keep lacking, especially when you have just started the business. In the beginning stages of NM business, you have to put in more work before you see the results and rewards of your consistent efforts.
To earn 6 or 7-figures in the business, you should be willing to do ‘Whatever It Takes’ to reach your financial goal. If you lack such type of mindset, then you’re probably going to fail in your business.
Where’s Your BURNING DESIRE?
To achieve success, you need to have a burning desire in yourself. If you want your business to work for you, you have to get break your comfort zone first. You are probably thinking, “What’s that suppose to mean?”
Suppose you are willing to do network marketing business, but you don’t like to talk to people, or are very shy. You have a Burning Desire in your heart that you want to succeed in this industry, but on the other hand, you don’t want to give up on your old habits. And as you know, NM is a business of meeting and connecting with people. But if you don’t talk to people, how you are supposed to build your team? Here, “not willing to meet new people” is your comfort zone. In return, it will eventually kill your burning desire and you will end-up giving-up. So, do whatever you have to do to break through your comfort zone and motivate yourself to give up on your old habits, which were probably not useful to you till now.
Failure in MLM business can happen because of various reasons. The above-mentioned are only a few of such reasons that I was able to cover. Everyone has different circumstances and situations for failing or giving up. I would only suggest that before making any decision, make sure to talk to your senior, up-line, or leader who’s guiding you in this business. Try to read more about this industry from books as they are the best source of knowledge. Don’t decide in hassle, either you are joined to join, or you want to give up in between. Try to find a solution rather than accepting the failure. To earn the time-freedom and financial freedom, you have to be strong, motivated, knowledgeable, and enthusiastic regarding your business.