In network marketing, substantial wealth is created only after you have achieved momentum. This momentum can be thought as very similar to the doubling effect of compound interest. Compound interest is “Interest which is calculated not only on the initial principal but also the accumulated interest of prior periods.” In the case of your network marketing efforts your initial principal is your initial effort. Your accumulated interest is that of your sponsors, who, with your proper coaching, carry on your efforts to effectively set your momentum in motion. Your sponsors follow your lead by growing your downline and finding new […]
Residual income can be hard to understand in the beginning. The majority of individuals are used-to making a per-hour wage based upon the concept that they earn money for the hours they work. Residual income is an extremely different idea, and one of the perceived benefits of Network Marketing.
Residual income is where a person makes money over-and-over for something they do one time. If your Network Marketing company provides recurring commissions whenever a person you recruited makes a purchase, that’s one way a residual income is earned. In other words, recruiting a customer who makes a purchase every month, and you are paid each time they purchase. So, instead of needing to put in hours-and-hours to make money from ongoing customer commissions, residual income is based on the concept of doing something once (recruiting) and making earnings off that work for long after it is completed. Of course, the greatest benefit will come as you continually recruit and build your sales organization.
Usually, residual income opportunities are based upon an automated system. Network Marketing companies will often highlight their automated systems to recruit additional marketers to their organization. There has to be some system in place that permits the earnings to be earned without the person needing to do anything.
The obvious draw is this provides the best atmosphere for building a residual income. The internet provides a great tool in building an automated recruiting and sales system. There are many different ways to earn a residual income through the internet.
This report is part of a series that will start giving some insight into the process of building a nice income with a home-based business. Specifically, this report will be about Network Marketing.
You may want to share this report with others you recruit, as you most-likely will be bringing people into your opportunity who have never been involved with the Network Marketing industry. It is important that you train and equip them so that they can be successful.
I’ll start right off and sound “negative”. I’m certainly not trying to be negative, but I do want to give you the REALITY- and sometimes reality is tough.
The vast majority of people will fail with ANY opportunity they work. Obviously, there are some obvious reasons for that, many of which do NOT even involve the company or product they are working. Think about it like this… there were likely some people who started the very first day with Microsoft, but left the company because they didn’t “see” the potential. They got discouraged with the workload, or perhaps didn’t like having to learn something new. Imagine where they would be financially today if they had endured those first difficult days?
There are some things that you will need to understand and accept – so that you avoid becoming one of the statistics. The choice of whether you will succeed or fail, is entirely up to you
I’ve found that when people fail, the first thing many will do is complain that the opportunity was a failure. I’ve heard the complaint so many times… “this deal don’t work”. It drives me crazy when I hear that whining. The reality is… the opportunity didn’t fail – the person failed the opportunity.