Create Multiple Sources of Income

Network marketing businesses are a fantastic potential stream of residual income and are one business model that I know from experience works and pays well, as long as you know from the outset how to tackle them. They should never though, be the sole source of income or the sole business that you pursue to the detriment of all other business models or opportunities for a number of reasons, including industry volatility and often the encouragement of the use of poor or even amateurish marketing strategies.

In order to ensure the long term stability of your network marketing business, you’ll need to diversify, you’ll need to create multiple sources of income online. Your mlm business should not be your only source of income, if it is your business will likely fail to grow due to a severe lack of funds.

The way in which network marketing company pay plans are structured, you will, along with the vast majority of people involved in the business, not see any significant money in the short or medium term, it’s set up that way, you need to recognise this from the outset and develop a strategy accordingly.

Most people don’t tackle network marketing the right way they follow ineffective and expensive ‘old school’ marketing practices. Don’t under any circumstances be tempted or even cajoled by your up line or leadership into spending your way into growth by buying low quality leads, trust me it won’t work, it will likely put you in debt to the tune of thousands of dollars or more.

You need to try and step back and think for a moment, the fact is you need to get yourself into profit, not in debt as fast as possible. As I said earlier, the solution is to aim to create multiple sources of income to fuel and fund the growth of your network marketing business. This income will help you to advertise your business and to pay for any necessary tools and services to help further promote your online marketing efforts.

The key is to begin to monetize the lead building process itself and to appeal to a far wider audience than those willing to just buy into your new mlm business, I would guess that out of every one hundred people who look at any given advertisement you put up about your ‘new mlm opportunity’ that ninety seven to ninety nine aren’t interested.

They are however likely looking for some kind of solution within your chosen market, maybe they want to know how to generate more leads on-line themselves or they’re looking for another marketing or business solution that you could provide like, ‘how do I better track my ROI in PPC?’ You can promote various other services, tools, books and courses that would solve this ‘markets’ potential problems, literally by diversifying the solutions you provide you will appeal to far more people than those potentially just interested in your network marketing business.

As you can hopefully see, it makes much more sense and is potentially far more lucrative to appeal to the majority of people in your market, or on your list, than to the one to three percent or less who ‘maybe interested’ in your business, so creating a stream of income from your list building efforts in order to create a long term residual income with your network marketing business will help you to ultimately build your new network marketing business and put you in profit as fast as possible.

So in summary diversify, create multiple sources of income by providing multiple solutions to a much larger proportion of your target market.

Comments

  1. @kevinkennethlau Thanks for the RT Kevin, have a great weekend. #followfriday #Marketing

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