When you first start out in network marketing or any other business you’ll read a lot of information on the internet maybe a few books etc…
I know I did and I’m sure you have as well. If there is one thing we’ve learned from the past couple of years in this crappy economy, it is where and how we spend our money.
Something that we never really gave much thought to. We followed that advice that in order to make money you’ve got to spend money…
…In our case a marketing budget for our business! Yet, following the advice we’ve found we end up running out of money long before most of us ever make a profit.
Some of the dumb things that we do in network marketing.
- Failure to explore more than one opportunity that offers products and services that we have an interest in.
- Fail to see if there is actually a market for those products and services (are they unique, is there lots of competition?)
- Rushing out and getting a new business phone line complete with a toll-free number. So our prospects will have the impression that our business is bigger than it really is.
- Getting nice new business cards imprinted with our new toll-free number to hand out to random strangers we meet locally.
- Incorporating our network marketing business after consulting with an attorney that specializes in that area.
- Purchasing new computers, faxes, printers etc… before we’ve made any profit. (sure these are tax deductions.)
- Building a website or purchasing one, yet we don’t even know at this point if we’ll still be in this business 6 months to a year from now.
- Tying into an expensive lead generation system to go with our new website so we’ll have the leads we need to grow our business. Yet, we don’t know how to properly qualify a prospect yet.
- Buying leads and just blindly calling them to pitch our latest money making endeavor.
- Assuming just because your up-line is successful or your company has an endorsement from a famous celebrity, that your success is guaranteed.
This is just a short list of some of the more common mistakes we’ve all made in network marketing. I’m sure we can make this list much longer.
So tell me what our your thoughts, what advice would you give to your down-line?