Success in Business – The Myth Of Network Marketing
The Myth of Network Marketing is that the failure rate is quite high. Are you finding success in business or are you struggling in your business? Many struggle, many fail, It has been said that over 90% of all new business fail in the first several years. Why is that?
Do a google search on the failure rate for new business and the first few headlines that surface are
- 90% Of Startups Fail: Here's What You Need To Know About The 10%
- Five Reasons 8 Out Of 10 Businesses Fail – Forbes
- Why 96 Percent of Businesses Fail Within 10 Years | Inc.com
Business is risky no matter how you cut it and many people are not cutout for business. A successful business requires many things but at the core is a product that people want and use and customers who want and use that product. So I have an idea.
The Myth of Network Marketing
It is often said that 95% fail in network marketing. Really? Let’s examine that myth but 1st let’s define the word “fail”. So I have some questions.
- If someone joins a little league then quits, did they fail?
- If someone joins a little league and does not make it to the majors, did they fail?
- My son was an excellent skier when he was a teenager but he did not go to the Olympics, did he fail?
- If someone goes to college and cannot find a job in their field of study, did they fail?
- If someone works for a company for 40 years, but hates their job, did they fail?
My list of possible questions is endless. The challenge is to define what it means to fail. Let’s examine network marketing as an industry.
The Rise Of The False Expectation
Sadly, many people join a network marketing company when they are already financially destitute. With a prayer of making a quick buck and saving themselves from financial ruin, they harass their friends and neighbors. Soon they experience what we know as “warm market burnout”. Simply put, they have no friends and neighbors left. That is a recipe for disaster. These people rarely succeed and thus the “failure” rate seems high.
Let’s look at two numbers that are extremely telling. Of the people who join a network marketing opportunity
- 50% -60% do not take business action.
- 10% -15% work the business.
So I have another question. If you opened a McDonald's on a busy, popular corner but did not work the business, how long would you expect to stay in business? Probably not long!
And so it is with network marketing. It takes work, dedicated, unadulterated effort. It takes what was called “sweat equity” in the real estate industry. There are no free rides. The bottom line is this: The purported high failure rate of those who join an MLM is the myth of network marketing. The success rate is really quite high for those who stay and work the business. Perseverance is key.
Millionaires Are Made, Not Born
If you consider that only 10% to 15% of the people who join an MLM actually work the business, then you will find that the failure rate is quite low. In fact, if you stay with (and work) a network marketing company for 10 years, you have a 90% chance of being among the top income earners in that company. That should make you a millionaire.
The only industry that has made more millionaires than network marketing is real estate. That should give you some confidence. But, once again, it takes time and effort to succeed.
Easy In Easy Out
The average cost of starting a franchise is $35,000 but depending on who you believe and how you calculated it, the failure rate is still very high. Compare that to the average cost of getting into a network marketing company of typically less than $500. Easy in, easy out! The low entry price means a lot of people can get started, do little, lose a little and quit thus becoming one of those statistics.
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