Leadership Mistakes

5 Costly Mistakes I Made Starting a Network Marketing Home Based Business

William Winch asked:

For the first 12 years of my Network Marketing career, I tried everything my company told me to do to generate sales and build a solid network marketing team. As customers and distributors came and went, I found myself constantly breaking even and going out of my way to make sure I didn’t go into debt. None of the techniques I was trained on worked, so what was I doing wrong?

When I decided to change my way of thinking, I found a training program that taught me how to market properly. Not only did it provide me with techniques that actually helped get my business moving, it allowed me to look back at what I did and realize why I failed for so many years. If you want to stop spinning your wheels in your network marketing business, learn from the following mistakes I made and avoid yourself a lot of wasted time and money.

Mistake #1: Attending Company-Sponsored Trainings

The first thing your company will tell you to do is make a committment to attend their monthly trainings. The more people you invite, the more who will show up and the bigger your business will be. Sounds logical, right? Maybe so, but it doesn’t work. All monthly trainings are good for is inspiration. Although it will get your spirits up to be around your colleagues, you need to find an education program outside of your company if you want to build a solid business.

First of all, only about 10% of the people you spend all month inviting to your meeting will actually show up. Secondly, the techniques they teach you are for the good of the overall company, not you as an independent business owner. After 12 years of attending trainings and never missing one, I found myself with three people committed enough to attend every month in my team…and they weren’t building their businesses either!

Mistake #2: Falling For The Latest Fad To Generate Leads

Every time I turned around, someone somewhere was coming up with a new way of getting tons of customers. Whether it was holding home parties, distributing samples, holding weight loss challenges, starting a club, or spending tons of money on a fancy website system, I tried them all. None of them ever worked for me like it did for the person who “started” it. In fact, I never really met anyone I worked with that had success following these fads either.

The reason these things don’t work is because they don’t follow the basic principles of marketing. They approach doing business the same way, but underneath a different facade. The only way to get qualified prospects is to know who your target audience is and use techniques to get them coming to you. These people have a want, need and desire for what you have to offer. Putting up a website and buying expensive leads will do nothing but drain your bank account.

Mistake #3: Depending On Others To Follow Through

How many times have you hung up the telephone excited that someone said they were going to buy your product or sign up into your business when you call them back, but when the time comes nothing happens? It happened to me on a daily basis. After a while it really gets on your nerves and you begin doubting yourself.

I saved a ton of time and money when I stopped doing call-backs. I realized that if people want what I have to offer, they are going to sign up with me before I hang up the telephone. If not, it is up to them to call me back…not the other way around. If you spend all your time chasing after people, you’ll never grow a successful home-based business.

Mistake #4: Talking To My Friends & Family

This technique worked for people 30 years ago before the world became over-saturated with everyone and their brother trying to get rich quick. Companies still teach this because it gets their message out faster. All it will do for you is either get you one or two customers, or get you blackballed from the next family reunion. Either way, it will not help you grow a business. Long after you have quit, though, your company will probably still be making a profit off your friend who committed to buying their product on a monthly basis.

Mistake #5: Being A Follower Instead Of A Leader

Following my company’s plan of action molded me into a follower. In order to be a success in Network Marketing, you must develop the mindset of a leader. The minute I decided to step away from the traditional way of doing business, I disassociated myself with the 96% of people who fail in this industry. Not only did I begin to build my business, but I can now help other people turn their businesses around as well. That’s something a leader does, not a follower.

If you find yourself following any of these techniques and getting nowhere with your home-based business, learn from my mistakes and change your way of thinking by getting proper marketing education to turn your business around.

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