Making money with a home based business is NOT rocket science yet an extremely high percentage of people who decide to start a home based business FAIL. The high failure rate is an indicator that something is broken and what I want to show you are some Barriers To Success that you can avoid some of the pitfalls (they ARE avoidable) and help you to experience success with whatever business you choose. To get caught up, you can see the first part of this series HERE.
Barrier To Success #4: The Hobby Mentality
Let’s face it, the majority of people who start a home business already have a full-time job (at least 1) and, while they are chasing a dream of financial freedom they never plan to put in the time necessary to reach that dream. You see, there’s a difference between a “dream” and a “goal” and most have the dream but not the goal.
There is nothing wrong with this EXCEPT that the income expectation needs to be lowered some. The MLM business model, which is the type of business most people decide to start (this includes matrix, binary, unilevel, straight-line, cycler, coded bonus and any other popular compensation plans) requires almost a full-time focus to be able to recruit the number of people needed to get the business off the ground.
You don’t have to work the business full-time BUT you do have to go at it seriously and with a full-time mentality. Be thinking about it all the time, be introducing it to new people daily, and be knowledgeable about your business. Most people that I’ve encountered just don’t FOCUS intensely enough. Make your business a PRIMARY FOCUS to see improved results.
Barrier To Success #5: Lack of Confidence/Leadership
You absolutely MUST be confident that the business you’re marketing CAN and WILL help others to achieve their goals and dreams. That confidence needs to come across, either in person or over the phone, because people will join people who they feel can lead them and help them. Most home business owners are afraid to speak with prospects and you’ll never get anywhere with that approach sorry to say!
You absolutely MUST position yourself as a leader. This is also known as “posturing”. People want to get started in a home business with someone who can show them HOW to be successful. You need to be that person. The business you are in is secondary to the training and support you can provide. Don’t worry, you can grow into this position but don’t take too long!
How do you do this?
Be the person who gets on the company calls and webinars, knows the products, knows the compensation plan, and can convey this seriousness and knowledge to others. Speak as if you’re the top producer in your company… because you can and will be! Leaders join Leaders and you need to recruit other leaders to have any shot at serious income in network marketing. Put yourself in position to succeed.
Barrier To Success #6: Small Numbers
An extremely high percentage of people who start a home based business don’t speak with enough people or prospects on a daily basis to ever make any significant income. This is an unfortunate fact. You need to be honest with yourself if you’re not making much money – Are You Speaking With At Least 3-5 People Per Day? This means speaking with people who are “somewhat interested”. They are known as “prospects”. If you’re not, then you need to! We are playing a numbers game because the majority of people who we speak with will have no interest.
You can assume that for every 20 people you speak with about your business, 1 will sign up. This can vary somewhat based on your ability, the appeal of your program, and the sales funnel that you use BUT it will typically be in that ballpark. This means if your goal is to sign-up 10 people per month, you need to speak with 200 people per month. It’s pretty simple math but I don’t think anyone ever talks about this. Don’t panic because you can do some of your “speaking” via email with an autoresponder or via social media sites. However you do it, make sure you bring up your numbers to start seeing results!