Are you in the multi level marketing business? Or you are considering to sign up with a MLM company? Do you want to succeed as a network marketing entrepreneur? Then i advice you read on as you have a lot to learn from a MLM failure like me.
Humans by nature are inspired by success stories but I love failure stories more because that’s where the true lesson and business opportunity is. I believe you learn more and build your experience from failures. Success stories sometimes attract fools and lazy bums but failure stories attract serious minded people that have the ability to learn from the mistakes of the failure.
I have been in the network marketing industry; a multi billion dollar industry with lots of potential. The company I signed up with as an independent distributor was great; the products were excellent, the compensation plan was superb and the management behind the company was good.
The network marketing company has a track record of success and successful entrepreneurs (distributors) to show for it. Despite all the potentials of the industry and the business opportunity; I failed to breakthrough.
“There are no bad business or investment opportunities. What we have are bad entrepreneurs and investors.” – Robert Kiyosaki
In 2006, I was approached by a relation of mine (Maurice) with a network marketing business opportunity. The network marketing company was Golden Neo Life Diamite International (GNLD). After hearing his pitch and reading the company’s brochure; I felt it was worth giving a try.
I attended a business presentation organized by the company and I was thrilled by the open possibilities. I checked their records and saw that there were actually people who earn millions of dollars from the system; people who started with nothing and rose to the pinnacle of success. I felt that if these people could make it; I too can. But yet I failed.
The reason I am sharing this story is to make you realize that even in a land flowing with milk and honey, many will still die of hunger. In a land of tremendous opportunities, many will still die poor. I want you to know that for every ten success stories you hear, there are ninety untold failure stories.
When it comes to the network marketing industry, I am among the failures. The fault wasn’t from the company because even after I failed; a lot of other people came from behind me and still found success. Do you want to know why I failed? Then read on.
The reason I am sharing my failure in the network marketing industry with you is because I believe you have a lot to learn from my experience. I am writing this for those who are sweating it out in the multi level marketing industry; I am writing this for those who are on the verge of quitting. I want you to know that you are not alone; I have been through the same ordeal and I want you to learn from my mistakes.
6 Reasons Why I Failed to Build a Network Marketing Business
1. I wasn’t prepared
The first reason why I failed to succeed in the network marketing industry was lack of preparation. I wasn’t prepared for the hassles of the business. One requisite of building a successful network marketing business is your investment of time equity.
Network marketing is a business that requires your time more than your money and I hadn’t such time. Maybe it was due to the initial low startup capital invested. I felt I had other businesses with huge capital already invested, so I didn’t give my network marketing business the time it deserves and that was where my failure began.
2. I had the wrong perception
Most people are already failures from the first day they set out to build a network marketing business because they started with the wrong perception. I was sold on the information that it was a stress free business; no selling and no risk, all you have to do is recruit more distributors.
I think this perception is one of the major reasons why most network marketers fail to breakthrough. So if you want to succeed as a network marketer, you must bear in mind that network marketing is a business. It has an accounting, sales and management process; you can’t ignore any of these.
3. I lacked sales skills
When I signed up as a distributor for the multi level marketing business; it didn’t occur to me that I would have to do a lot of selling on a one on one level. As at that time, I was more inclined to marketing and I hated selling. The difference between marketing and sales is that marketing is done through a system while sales is done on a personal level.
I failed to succeed in the network marketing business because I couldn’t sell. I found it boring knocking on doors; trying to convince them to join my network or buy products from me. Selling was one of my weaknesses and I didn’t realize that until I joined the network marketing industry. My experience in the MLM industry revealed my weakness and made me see the need to strengthen it. Today, selling is one of my strengths.
4. I was afraid of rejection
Another reason I failed was because I feared being rejected. In fact, this is one of the major reasons for the high failure rate in the network marketing industry. Before signing up for a networking business, I was already an entrepreneur. I could pitch people and raise the capital I needed in no time but I couldn’t imagine myself begging people to buy nutritional pills. I would rather be turned down on a million dollar project than be turned down on a $25 health product; and this perception led to my failure.
Years later, I came to understand that little things actually make great differences. Selling that $25 nutritional product back then would have added millions of dollars to my income portfolio but I allowed my fear and ego stop me. Don’t make this same mistake. Fight your fears to a stand still. Rejection is not going to kill you; in fact, you are going to be rejected anyway but it’s up to you to learn how to make a success out of that rejection.
5. I lacked leadership skills
Lack of leadership skills is the reason why many people fail in business; it also caused my failure in the network marketing industry. Network marketing is a type of business where you recruit average people and turn then into great leaders and entrepreneurs.
It’s a business where you maintain a personal relationship with your down line distributors. It’s a business that involves teaching and helping others replicate your success strategies. All this boils down to leadership and unfortunately, I had no time for such then. This was another reason why I failed.
6. I gave up too soon
After spending almost a year in the networking marketing business; I re-evaluated myself and realized that I wasn’t making headway. Instead of sharpening my skills and investing more time, instead of seeking counsel from successful multi level marketers; I took the easy route. I quit the process. Today, I feel a sting in my heart whenever I remembered that moment. I know deep down in me that I opted out of a multi million dollar business. I had no reason to; no excuse whatsoever.
I have seen people who started out just like me but they later went on to become multi millionaire network marketers because they did not quit. I have made and I still make millions in income but it irks me that I failed to add a multi million dollar passive income stream to my portfolio.
In conclusion, these are the six reasons why I failed to build a network marketing business. To be honest with you; these reasons are worthless. In fact, I deserve to be whipped for opting out of network marketing business opportunity.
But all the same, I learned from my mistakes and I also picked up some vital business tips while in the network marketing industry. And with these tips and lessons; I have moved on to become a more successful entrepreneur.