“Fool Proof Strategies on How to Succeed in Marketing
and Build Your Own Cash Pipeline!”
Recurring Income Explained
Recurring Income is another term for residual income. In a nutshell, there are
three (3) types of income streams that you may have coming into your business.
1. If you do a one-time job, sale or perform a contract, you get paid once
and the income stops there.
2. If you do a normal 9 to 5 job, you will continue to get paid as long you
continue to work for your employer—often called a linear income. This is
the type of income that the majority of workers “enjoy.” Even if you are a
neurosurgeon, lawyer or engineer, you are only paid as long as you
continue working. You stop working and the bank account dwindles.
3.The third type of income is the recurring income where you are paid
even after you have stopped working. For example, you wrote a book and
as long as your book continues to sell, you will continue to receive royalty
income for a work done once.
5 Main Reasons Network Marketers Fail
Human beings are complex creatures and so it is always a little risky to make
general statements. Over time, however, a pattern emerges and we can get a
very good idea why so many people start this business and then drop out.
Mishandling of rejection from close family members and their warm market.
When someone is first introduced to the concept of Network Marketing
they become very motivated—mainly by the income possibilities—to start
recruiting right away. Most companies will teach you to start with a list of
your warm market and work from there. Even though this is a logical route,
rejection from this group can be very discouraging and most people stop
there. This means that the majority of recruits will give up after speaking
with their spouses for example.
Only lately has Network Marketing become recognized as a viable and
respected profession and many are still quick to cry, “Oh! You mean a
pyramid scheme”. This comes because of the negative press that many
famous companies have received and the general misunderstanding of
the public.
False expectations for too early results with too little effort.
Depending on the way in which the business is presented, one can get the
impression that there is not much effort involved. I mean, just get two who
gets two and you can become rich. When early recruits realize that
considerable networking and marketing is involved in Network Marketing,
disappointment quickly sets in. There is work involved, and any business
that presents a plan to you and says that you don’t have to do anything is
peddling a lie. All successful network marketers worked for their success.
Many marketers do not factor into their planning the cost of advertising
their business. This cost can eat up a good chunk of your investment
especially when you are just launching. The idea here is that you have to
regard this as a normal business and not just a trial run venture.
Lack of focus.
Network marketers have gained a reputation of jumping around and
changing companies like they change clothing. At least this applies to
those who flirt with success but never reach it.
As I mentioned before, those who survive the early years normally go on
to do very well. However, there are many people who are looking for the
‘next big thing’ and keep jumping from opportunity to opportunity. This
normally describes the behavior of those in search of the ever evasive
‘ground-floor opportunity’. The rule of thumb here is that you should
establish yourself in one solid company before venturing off into other
companies. And if you do work more than one opportunity, make them
complementary to each other. A perfect example is working a leads
company which you’ll need anyway to feed your primary Network
Marketing company. In fact, if you find any tools that enhances your
business, why not purchase from a company that has a compensation
plan attached?
Failure to work an easy to duplicate recruiting plan.
With the advent of the Internet and all the new communication means that
it affords, Network Marketing has come a long way from the home
meetings and house to house presentations. Doing these presentations
was very intimidating to many people and so the recruiting chain often
broke along the way. The key here is that if the recruiting machine does
not have a system that anyone can comfortably do, it will come to a
screeching halt. Good trainers know that a simple system must be in place
or the trainer’s efforts will not be properly duplicated. If the impression is
given that a recruit must be turned into an instant public speaker, giving
motivational speeches at the local Hilton, they can be easily scared off.
At the same time, you must take the time to learn the system and become
familiar enough with the products that you can tell a friend about its
benefit. As a user yourself, this should not be difficult. A caution here is to
work the system that has been field tested, rather than trying to invent
your own methods. This doesn’t mean that you shouldn’t be innovative,
but there is no use to reinvent the wheel either, so be teachable.
Baby-sitting of down line members.
Teaching is surely a part of the game of building a strong team. Some
marketers make the mistake of doing too much for their down line
members thinking that if they didn’t their recruits will leave. This often
backfires, however, because the down line members become comfortable
and depend too heavily on their up line and never grow strong enough to
build their own teams. There is only so much you can do for someone and
no more. These spoiled over-dependent down line members can become
a liability instead of an asset to your team. So avoid the temptation to
micromanage your team; you’ll get burnt out. Teach your team members
to fish instead of fishing for them.
Secrets of the “Heavy Hitters”
Now we come to the positive side of the equation. Ninety percent of conquering a
problem is to identify the problem. Even addicts have to first agree that they have
a problem before they can be helped. So if we can quickly review the major
reasons why people fail we can just avoid those pitfalls. Let us take a look at
these pointers:
Be prepared to handle rejection
Be realistic in your expectations.
Once you find a reputable company be prepared to stay for the long haul.
Do not make the business more complicated than it needs to be.
No comments:
Post a Comment