In 2005, Robert Kiyosaki wrote a book titled “Before You Quit Your Job!”, which as its title suggests is about the successful transition from being an employee to being an entrepreneur.
There is much more significance to the 5 words “Before You Quit Your Job” than meets the eye. It directly implies that a successful business is conceived and built in your spare time, while you still have a full time job.
In my opinion, this is a very sensible, because building a business requires resources – cash being one of them, although you don’t need a lot to make a lot.
Do You “OWN” Your Income?
Today, entrepreneurship is more important than ever. The industrial age days of job security are pretty much dead. If you lose your job in your mid 50′s, then you are pretty much unemployable – unless you’re prepared to work for pennies.
So “owning” your income is a concept many people will be forced to become familiar with. And in the current economic conditions, people are looking for ways to secure their financial future.
Many will choose network marketing as their way to becoming financially independent. And that’s great news for the network marketing industry.
Get To The Point!
The point I want to make with this post is that network marketing is a vehicle for building long term wealth. It is NOT a solution to money problems.
Which is why you should build it “Before You Quit Your Job!”
If you have a maxed out credit cards, MLM is not the answer to that problem, it will only make it worse initially. If you have a substantial mortgage to pay, MLM is won’t fix that problem in the short term either.
Basically, if you need money right now, desperately, then don’t start a business. Get a JOB!
Why? Because it takes time for you to make a network marketing business work. There are skills to learn, mistakes to make and personal philosophies to change. It may be 2, 3 or 4 years before any sign of success occurs.
On a training call I was on a short time ago, there was talk about a gentleman who said…
“I’ve just lost my job, I need to make this work!”
Well, it’s not going to work out for 99% of people. If you need to make it work, then you’re coming from a mindset of lack, rather than abundance.
You are under pressure and now you have an agenda to recruit whoever you can into the business. People can sense that desperation. And because of that, you will likely attract the wrong people, who are equally desperate, in lack and cannot afford to be in business.
Besides, if the purpose for you being in business is just to solve a temporary money issue, what are you going to do with it once the problem is solved? There’d be no need for it…
The Dark Side of MLM…
The dark side of our industry is the marketing noise, the hype and illegal income claims made by affiliates of mostly illegal pyramid schemes as my friend Dwayne Huggins eluded to in a recent post.
“Make $15,000 – You only need to sponsor 2 people!” was the catchphrase of one travel scheme that’s now in serious hot water with the authorities.
Who’s going to believe that? Desperate people who are going to have their hearts broken, that’s who. And then they’re are going to tell everybody how much of a scam network marketing is.
The bottom line is…
Network marketing is about building wealth over time, through building relationships with like minded people. It’s NOT get rich quick.
Work this business without financial pressure and TIME will work in your favor. Work with an agenda and TIME will work against you, it’s that simple.
To your MLM success,
Wayne Wu
P.S. I would love your input! If you have an opinion that would contribute to this discussion, please leave me a comment below.
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{ 29 comments… read them below or add one }
Hey Wayne
Thanks for the mention.
There should be a warning at all NM hotel meetings and Prep Rallies.
“By Signing Today You Won’t Make Money Tomorrow. Still Want To Join?”
This will force the question of “When will I get my money?”. Once what is required is explained, some will sign (the determined, future stars) and some will walk away (bye, bye).
There will be less foolish claims, less bad press, and more real network marketers.
Dwayne
.-= Dwayne Huggins´s last blog ..MLM Vs GPT Revisited =-.
Hey Dwayne,
Spot on Man! Sort out the lookey-loos from those that are serious right from the outset, and as you say, we end up with more REAL network marketers.
Hey Wayne,
Glad to see you’re one of the leaders telling it how it is.
Its about building a future not making a fast dollar.
Thanks,
Matt
.-= Matthew Pedler´s last blog ..Going Fast And Getting Nowhere? 5 Things That Slow You Down =-.
Hey Matt,
Thanks mate. If only there was more of us to tell everybody the truth, people would be a lot more successful.
Hey Wayne,
You have to treat any business like a business regardless if it’s MLM, Network Marketing, or Direct Sales. You need to have some $$$$ to run it. Just like you said if you need money right now! Get a J.O.B.
Have a great weekend…
Josh
.-= Josh Garcia´s last blog ..4 Ways To Create That Successful Blogging Community Experience =-.
Hey Josh,
Well said, my friend. It needs to be treated like a business, not a hobby and you’re going to have to have cash to fund it. And more importantly, cash that you can afford to spend on it.
Hey Wayne,
I love the thing about coming from necessity vs. coming from a mindset of abundance. Desperate people often come off just like that and never end up helping their situations.
Great post,
Eric
Hey Eric,
That’s a big one. People, just like animals can sense your state of mind from a mile away. And people intuitively know that those who are desperate can’t help them.
Hey Wayne,
Good advice, it is a lot smarter to stay at work until you have more than enough to live on, to the point where people ask – “why are you still working”?
Great post my friend.
Wayne Vassell, signing out…
.-= Wayne Vassell´s last blog ..Is FaceBook PPC The New Magic Pill For Your MLM Business Plan? =-.
Hey Wayne,
Haha… no, seriously that is a good plan. Work until you have enough to fire the boss and then go to his office, put your feet up on his desk and dig in some scuff marks with your heels and say “I can’t fit you in my schedule anymore!”
Hi Wayne,
Great post!
And so true!
Similar to what Dwayne said, if companies expounded this point of view then people would be able to manage their expectations and make a better decision about their financial future.
Best,
Lavinia
Hey Lavinia,
Welcome to my home on the internet. It’s great to have you here.
You made a great point, it sounds like a corporate term but we really do need to manage people’s expectations when they come into the business. Most of us have been trained to make people expect too much, and then they quit because those expectations aren’t met.
Hi Wayne,
You made a very powerful statement above ….
“network marketing is a vehicle for building long term wealth. It is NOT a solution to money problems”
That’s what many people just starting in network marketing forget. It is VITAL for your success to keep your job until the money you make in network marketing exceeds your current paycheck.
Great article!
Have a safe and fun Memorial Day weekend!
Ilka
.-= Ilka Flood´s last blog ..Blogging For Business? | Always Put Out Quality Content =-.
Hey Ilka,
Thanks for the highlight…
Yes, it’s no good building this business with financial pressure because it will put you under more financial pressure, making you focus more on lack, rather than abundance. Abundance is key to success!
And same to you, have a great memorial day weekend.
I love this post and so true! Its all about having a big enough “why” it has to be bigger than just money.
.-= Michael´s last blog ..MLM: Whos Getting rich—Whos Not by Tim Sales =-.
Hey Michael,
You’ve brought up a very important point here. Your “WHY” is so critical to you staying in the game and persisting until you succeed. Your REAL “WHY” is always beyond money – simply because money is NOT REAL!
Great post Wayne. What you say about enticement is right on. One very well established and old company makes great play about presenting cheques to distributors at their conventions, publicising the exact amount. I have seen how badly this backfires and ultimately destroys people who might have done OK without this misleading hype.
Hey Charlie,
Business models drive the behaviour in the field, my friend! Corrupt business practices lead to corrupt behaviour amongst the distributors. It’s as simple as that!
Totally agree with you Wayne..
Money doesn’t care about desperation or your needs.. The only way to increase money is to increase the value you provide to the marketplace.. (..learned that one from Jim Rohn..) – and people in NEED of money are more focused on ‘taking’ than on ‘giving’
thanks for sharing bro
talk soon
Hector
.-= Hector Cuevas´s last blog ..Quick SEO Tips To Getting Higher Search Engine Rankings =-.
Hey Hector,
Mmm… great point! The only way to increase money is to increase the value you provide to the marketplace.
Great post! You are right that we need to have the right mindset in order to have success. If we come off as desperate then we will attract the wrong kinds of people, but if we have the mindset of abundance then we will attract the right kind of people!
.-= Stacy´s last blog ..Who Are You Becoming? =-.
Hey Stacy,
Yes, that’s a big one. We tend to attract the same people that we are on the inside, and it’s no coincidence. It’s a universal law.
Hi Wayne,
I think a lot of it has to do with how comfortable you are working on commission.
The job I had before I quit to do Network Marketing full-time was selling landscape design/construction. I sold jobs anywhere from $5,000 to $80,000…
And I didn’t make jack unless I got a sale!
Despite that pressure, I was able to demonstrate value and close deals (and I was able to make more money than most jobs).
Higher risk = higher reward.
.-= Derek Alvarez´s last blog ..Talking SEO and playing video games with Eric McMillan =-.
Hey Derek,
Demonstrating value was a huge key to your success in that arena and I imagine you were recommended by your clients based on that.
Well, I don’t consider network marketing a risk and reward game per se. We build wealth through building strong relationships over time.
If you treat this as a sales business and close people into an MLM deal, you have to close them every time to get them to do something. That’s not what I would want to do personally.
Good points, Wayne.
What I mean by “closing” is sealing the deal, making the sale, getting someone started, etc. (and not necessarily “hard-selling” or “closing” techniques).
The best way to do that is to help them come to their own conclusion that buying from you (or joining you) is in their best interests.
There is an element of screening people that needs to take place at the beginning, which I do now and also when I sold landscapes, but sometimes people need that little nudge that will “seal the deal.”
After I sold landscapes, I was expected to take care of their concerns with how the job was going, etc. and it’s not much different after I sign someone up in my downline.
.-= Derek Alvarez´s last blog ..News Update: Facebook Ad Picture Makes Peacock Jealous =-.
Hey
really great point im in a coaching course im learning how to build and run an online business not just how to make a quick bit of cash its how to have A sucessful online business for years to come while providen value what i have learned is dont think how you can make money from people online think why people spend money online see what they want get lots of feedback provide them with value thanks again
Davy
Hey Davy,
Thanks for stopping by. That definitely is the right philosophy to have in my view.
Hey Wayne,
Up until now, I have managed to build my marketing business and partner with some of the top names in internet marketing all while working as much as 80 hours a week. I have built this business from my car while traveling from state to state, sometimes working in three states per week. I think my business partner, Eric McMillan is happier than I am that our projects have finally got to the point where I have to drop the job.
I don’t recommend to anyone to quit their job to do this. Work this until you can’t manage both, and then the money will be there. Otherwise you are setting yourself up for failure.
Great post Wayne, I love the way you are giving to the newbies straight. They need to hear this stuff.
.-= Chris Owen´s last blog ..Starting a Business Continued…Keyword Research and SEO Silo Architecture =-.
Hey Chris,
I’m just honored to hear you say that. That’s just an amazing level of commitment. And a key point there is management, being able to juggle a full time job and build a business at the same time can really sharpen one’s focus and skills in that area.
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