While it’s true that the world of multi-level marketing offers more opportunities to entrepreneurs than ever before, and while it’s true that top earners can make a significant sum, many who enter the network marketing field will never become top earners.
But why is that? There are plenty of different reasons, from failing to understand the steps they should take to simply giving up before they reach their first goal to just not putting forth the effort required. However, there are a few key factors that often stand out as the main reasons that one will fail to reach top earner status. Here are two of the main ones you should be aware of.
One – Running Out Of Your Warm Market And Not Moving Forwards
The “Warm Market” refers to your initial group of contacts. This is everyone you know when you begin the journey into the world of network marketing:
- Friends
- Family
- Co-workers
- Neighbors
- Facebook friends
Essentially, your warm market is anyone that you interact with regularly. This is where most network marketers start perfecting their marketing pitch, and where they try to make sales and attract team members.
But eventually, you’re going to run out of contacts in your warm market. And when you do, what’s next? Here is where most falter. If you don’t solid plan in place for reaching your goals, you’ll end up struggling to achieve top earner status. You’ll need to begin by figuring out how to start generating leads and prospects before you run out of warm market contacts. In other words, by the time that you’ve exhausted your warm leads, you should have a list of new leads ready to target.
If you can’t clear the warm market hurdle, you’ll struggle to find success. Be aware of this, plan for it, and you’ll be able to keep moving towards your goals.
Two – The Worker’s Mentality
Within network marketing, people often don’t approach the process of starting their business with the right mentality. As an average worker, we’re used to a quick turnaround – you work for a number of hours and then get a paycheck based on your workweek.
But with network marketing, you’ve become a business owner. You’re not an hourly or even a salaried employee anymore, and as such it can take longer for you to reach the goals you’ve set – and even for you just to start turning a solid profit.
Here’s what happens: A network marketer starts putting forth a tremendous amount of energy and effort into their business, and at the end of the first year they take a look at their income level only to find that they haven’t reached the level they expected to be in. Then…they give up. That’s it, the end of the line.
The problem here is that ‘worker mentality’. Instead of approaching things from the mindset that they’re a business owner, they still stick with that ‘I worked this long, I should make this much’ thought process. In network marketing, it can take much longer to start really earning big money and turning a major profit.
You need to be focused on the big picture here – the long game. If you do, you’ll be able to avoid this worker’s mentality and fall into this trap that keeps people from becoming a top earner in their field.
Final Thoughts
You’ll face plenty of challenges in your network marketing career, but the two obstacles above are the most difficult to move past. If you know about them ahead of time you should be able to plan out your strategy and avoid falling victim to them.