Making money in network marketing
You’re in network marketing, why would you need multiple streams of income? You can sell your products, recruit people into your business and get an override on the products that your downline sells and from the recruits your downline sponsors. That’s about all of the ways that you can make money in network marketing. What’s wrong with that?
Again, I ask, why would you need multiple streams of income?
I was never a big believer in having more than one stream of income, that one stream being your network marketing business. However, I have changed my mind. I think that adding at least one more way of making money is very prudent.
What caused me to change my mind? There are three reasons that I changed my mind.
The first is that so few people actually make a profit in network marketing. I would say that 4% or less of all network marketers will ever be profitable in their business. Does this mean that you will never make money? If you have other ways to make money while you are running your network marketing business, then you have a chance to be profitable, that way. Having the ability to generate income from another source might just give you the time to develop a profitable business.
The second is that your company could go out of business or terminate you. Yes, network marketing companies do go out of business. I found that out the hard way. You can read about that on My Bio page. Probably almost as often as going out of business, a company can terminate a distributor. Even a top earning distributor. I’ve read stories about this. Who knows who was in the wrong, but either way, the distributor lost everything that they had built when they were terminated.
The third reason to have more than one stream of income is to help give you some extra money to invest into your business. If you have a strong desire to build your network marketing business, then you might want to spend some money on advertising it. If you are counting on physically prospecting new people, then you are in for a long, hard road. A better way to find people who want to buy your products and join you opportunity is to spend money on advertising. You can run ads offline and locally or you could find places online to run ads.
Of the three, having money to invest in your business is probably the most important.
You’ll notice that most of the top earners, in network marketing, end up selling their own products and training. I’ve resented the gurus for selling their methods. They tend to use them up before turning them into a product that probably won’t work anymore. Yes, I know of gurus who have admitted to doing just that.
If you have a blog, you can use the traffic you get to try to sell your own products and training. You might feel uncomfortable doing that. Especially if you are new to the industry. You can always find a product, that you personally use, and sell it as an affiliate. You can run Google Adsense on your blog.
Most network marketers have a job when they join, but if all else fails, you can get a part time or weekend job to offset your business expenses. This may not be the most ideal solution because it costs you so much of your time, but it just might be a short term fix for your income problems.
Eventually, when you find success in your network marketing business, you’ll be able to create products and training of your own and make millions of dollars, just like the gurus!
I’ve read that most gurus make more money from their training businesses than they make from their network marketing business. Go figure.
Please share this article with your downline! It might help them!
If you liked this article called, Multiple streams of income in network marketing, please Like it below for Facebook and be part of the conversation by leaving a comment below.
There is also code in the box below, if you want to link to this article. Just copy and paste it onto your blog or site. Thank you!
Link to this post using the following HTML: