In order to build a long term residual income in MLM you need 5 key things:
1. A goal setting system
2. A tracking system
3. An inviting system
4. A presentation system
5. A training system
So here is the key question:
Do you want to build an MLM team to earn residual income? If you answered YES, then write down the answers to the 5 things above. What do you do for goal setting, how do you track your prospects, how do you invite them, what do you present with, and finally how you train them?
1. A Goal Setting System: Find out what you really want. (Hint: It’s not money!) Money is simply what you need to buy what you really want! When you write down “money”, WHY do you want that (specific amount of) money.
When I was starting out in MLM 20 year ago, I wanted $10K per month so badly I could taste it. Having $10K per month meant financial freedom to me. But when I got to $10K I found that it wasn’t the financial freedom I thought it was. However, getting past $10K to another bigger goal was more believable, and so I rewrote my goals and worked to achieve them. Today my financial goals are far more than $10K per month, but that was my starting point… without that starting point, I would not have made it in MLM!
2. A Tracking System. I have always used a simple system. I use a large spiral notebook with a name, a date, phone number etc. I track the calls made, the conversations direction, etc. I can then use the notebook to go back to either close the prospect or re-call them later (I have called leads that were over 10 years old!)
3. An Inviting System: For me, it’s simple: “Are you open to other ways of making money?” What is your inviting system? You need to have one!
4. A Presentation System: Depending upon your business, it could be a company video presentation or web site. As a distributor, you should have a weekly meeting going because I KNOW that is KEY to achieving success in MLM. I would invite my prospects to my weekly meeting… but NOT until they reviewed my initial material such as viewing a video in order to qualify them.
5. A Training System. If you have a training manual, get it to them so they can get started right away. If there is some other training material or system, get your new prospects plugged into it so that they can begin to generate income quickly. This will get them excited and keep them in action.
How to become successful in MLM by following the 4 Step Formula
1. Follow the course of someone who is making the kind of money you want to make.
When I decided to earn at least $10K per month in MLM I needed to go “upline or sideline.” My sponsor did not make that kind of money and I needed guidance from those that did. I called upline until I found two distributors above my sponsor who were earning $7,000 and $14,000 per month respectively. I decided that either of these incomes would put me in a better financial position than I was in without MLM. I called them and asked them to mentor me.
They gave me “the rules” and told me these were non-negotiable. I listened to the rules and started working them… but not with full conviction… and I tested my own ideas while doing what my upline told us to do. Luckily I decided about 1 year later that I had better give my upline 100% of my attention and get away from my own ideas. The reason? I was not growing at the level our upline was… although while I was now at several thousand per month, my upline was now earning over $100,000 per month!
That year of not listening cost me thousands upon thousands of dollars!!!
I was told by my upline leaders and eventually our sideline leaders (those I met at conferences) that to earn a living in MLM you need to devote 99% of your time on recruiting new members. They told me that retail would happen during the recruiting stages. What they meant was that every time I asked someone to look at our business the overwhelming majority would not enroll after seeing the opportunity video, or the live meeting. But of those who did not get involved many would end up purchasing products from me, which would create my retail market. Under no circumstances was I to offer the “sale” before the opportunity.
2. Live meetings.
My uplines and sidelines told me that the only way to build a solid long-term business is with live meetings. Trust me when I say that has not changed today. If you are not doing or attending a live meeting weekly you are not 100% involved in your MLM Business Opportunity. That may seem like a harsh thing to say..but it is something that is not negotiable! Either set up and do a live meeting each week, or decide that MLM will not be your full-time business.
3 Follow the successful game plan.
Every successful MLM company that is run by those who spent a lot of time being successful in MLM before taking on ownership will have the benefit of owners who KNOW how to make it happen the right way in MLM. They will give you a roadmap to success in the form of a getting started manual. Either you are using this for success or ignoring it for less success. It is a roadmap designed by people who made or are making money in MLM. It was not created by a few well-intentioned people who were not successful in MLM… therefore you need to have read it, understood it and be teaching it. If not, you are not following a roadmap that will help you and your team successful.
4. Mindset Work.
You need to be working on YOU every day. You need to start writing your goals down on paper. NO excuses. You need to read a motivational beneficial book or article daily… and absorb it into your mind through belief and positive mental focus. L earning to incorporate this “mind stuff” into your business and life is the most important thing you will ever do for your life!
Charlie Umphred is an owner of Scent-Sations, Inc., a direct sales and network marketing company located in Northeast Pennsylvania. Scent-Sations manufactures and sells Mia Bella Natural Wax Candles, Dermal Renu anti-aging skin care and Bella Beauty Mineral Cosmetics to independent sales consultants throughout the United States and Canada and has been in business since 2002.