After 10’s of thousands of requests and numerous conversations with Network Marketers from many different companies, this is probably one of the questions that I’m asked the most.
How Much money can I realistically make in Network Marketing!
Ok how much money do you want to make and how quickly do you want to make it? It’s at this point that some but not all will give me a figure. Ok so now we have a figure of income that we want to make within a certain time period, now we can start building this model backwards. You can also begin building your income projections.
First you’ll need to establish some parameters.
1) How is your companies pay plan structured and I don’t mean recruiting bonuses. What I’m talking about here is when you generate a customer for your products what is the percentage of profit you make from each sale. Is this a monthly consumable product.
Is your companies pay plan structured so that for customers the payout is highest for customers you’ve directly acquired? Ok by now your probably thinking “YEAH” but what about my downline? If you want to make realistic projections YOU NEED TO FOCUS on what you can do. Anything that your downline does is just a bonus to your projected income.
Now that you’ve have a good grasp on what you will make for each customer acquired it is easy to figure out how many customers you would need to build that residual income your after.
2) We know how many customers we will need for our product but how long will it take to acquire them? How many customers did you close this week, last week or last month? If your not Tracking Your Business Results how will you know when you’ll reach that income goal.
3) How many new prospective customers / prospects are you talking to each day? Please understand that massive action talking to everyone within arms reach is not the answer.
It’s all about Quality, not Quantity when it comes to marketing. This is where effective follow up and follow through will come into play. Turning what I like to call a Suspect into a Prospect for our product or service.
Tracking plays such a very important part in prospecting, without it how can YOU and I see where your deficiencies are. Once we know where in this sales process your failing at I can then recommend a course of action.
4) How large is your marketing budget? How many hours a day can you put into working your business? These are a few more factors that have to be factored in to determine how quickly you will reach your income goals.
These are just some of the parameters you have to consider when your trying to answer that question, how much and how quickly can I create the income I want.
Remember Base everything you do on Realistic Expectations, not the hype found throughout the Industry!
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