Lately I have heard so many people reporting that network marketing, as a business model, is frustrating and a total waste of time!
Most complain about the vast amount of money they lost in a process to find solutions to yield more positive results and a return on their time investments.
I went to investigate to see if there is any validity in these reports. Do people really have a reason for not succeeding in network marketing as a business opportunity?
My findings were a very surprising confirmation that most people that do start a network marketing business will never be successful.
Here are the five main reasons for a network marketing business failure:
- Network marketing as a business model requires a strategy coupled with daily processes and money making activities. Most people enter their network marketing businesses with absolutely no idea what they are trying to achieve and with no method of daily work.
- There is a total misconception that results and successes will be achieved quickly. Network marketing as a business needs time, like any other business, to develop and grow. You cannot expect to have $Billion home based business overnight. It takes at least 3-5 years of total dedication and effort to establish your network marketing business.
- Lack of daily money making activities is very common. To build a network marketing business you need to embark on sales and marketing activities daily and build momentum. The idea of getting a team that will do all the work for you is the nail in the coffin of most network marketing business. Building momentum is critical; you cannot stop your daily activities just because you gained one new customer or a team member today. You need to continue relentlessly in building your customer base and increasing you team, for as long as your network marketing business exist.
- Any business needs some form of automation to ensure that the main activities in the business can continue regardless of unexpected interruptions. In other words the process of customer acquisition, nurturing and follow up as well as new team training, coaching and building efforts should never interfere with or even stop the daily sales and marketing activities. Too often people will take-on a new client or enroll a new team member and stop all activities to focus on the new client or team member. This is a typical practice in a network marketing business with no strategy or clearly defined processes and daily methods of work.
- Lack of skill is one of the major stumbling blocks for the newly established network marketing business owner. Just because the entry cost to start a network marketing business is ridiculously low it still requires entrepreneurial skills that most network marketers do not have. But for most investing in their own business development and skill is not an option as they perceive network marketing not as a business but as a ‘get rich quick scheme’ Without the necessary skill your network marketing business will fail and you cannot expect your upline or downline to foot the failure bill.
In conclusion when you enter into a network marketing business, be fully aware that you are starting a business, entering the entrepreneurial world and can absolutely be successful – with the right attitude! Then learn how to do it…..