I’m sure you’ve heard of it before from some of the wealthiest people in the world:
MSI – ‘Multiple Streams of Income’
Robert Allen even wrote an entire book dedicated to this subject and the importance it should have in our lives.
We’ve also heard the term ‘Don’t put all your eggs in one basket’ OR ‘Diversify or die’.
Essentially, it is to have many different sources of income coming to us in various forms for various things, and for the most part: the majority of these sources on a passive basis.
The real question I am addressing here today is this:
Why do most network marketers build their businesses WITHOUT adhering to this philosophy?
I know that if you work very hard and build your network marketing business to a significant level; you can make a great deal of money from just that one source.
However, most people think that their primary mlm company will always be around and don’t really consider what other situations could play out that could drastically alter their entire networking career.
As a consultant, I’ve seen and heard it all too often:
A supposedly great company goes bankrupt, gets raided by the FDA, gets shuts down by the government, changes their comp plan, makes a goofy business decision, sells the company, changes volume requirements, switches to an affiliate structure, decides to market products at retail chains, gives control of the company to stock holders, the owner decides he doesn’t like this industry anymore, etc.
Just like they say to not have all your retirement income held up in only the stock market, but to diversify and find several investment vehicles because what if the market crashes right when you are ready to retire!
What if your network marketing company is the next ‘Enron of MLM’?
No way, you say ‘not my company – they are the best and will be around forever’!
If you are not the actual owner of the company, you can never know anything for sure.
I’m not trying to be a Chicken Little here; rather I am trying to impress upon the fact that it may not be a wise business or financial decision to solely rely on your primary network marketing business to take you all the way and think that it will always be around.
As my team and I teach, one of the most effective ways to work this business is to promote yourself first and get people attached to you, so that no matter what happens, they’ll go where you lead.
Secondly, if people are attracted to you first, and not your sales messages about your company; you can gain more credibility with your prospects and have lifetime customer value:
Meaning that if all you do is offer prospects your main mlm opportunity; if they say ‘No’, then that’s all the exposure you will have with them. You’re done. They don’t need you anymore.
On the other hand, if they receive helpful educational information or content from you FIRST; even if they don’t join your primary networking business, they will still be open to other things you have to offer and still be connected with you.
Then arises another question: What else can I offer besides my business opportunity?
Actually, there are endless possibilities on this subject. I recommend to focus on a particular subject matter or niche market that falls in line with what you are doing with your main business.
I personally use an advanced marketing system that allows me to market a highly effective educational information product that I get paid on each time someone purchases this material; AND this system has over 30 different streams of income that are marketed on my behalf just by properly marketing the educational content.
I also have my own newsletter and have other streams of income I receive through that, plus my blog, other websites, and then of course my primary networking business. There are many ways to diversify.
The point is, that you want to have money coming in from all over the place all month long with hardly any additional work on your part other than what you would normally be doing to promote your main opportunity. Plus, you want to be able to provide that for your team members as well, right?
I don’t know where we got off track thinking that the particular company we represent should be our sole focus and everything revolves around it. That’s a scary situation that usually ends up in people developing that ‘cult-mentality’ mlmer’s are known for. After all, we are here to make money and help people, so if there is a better or more effective way to do so while in this industry, then why not look into it?
Like myself, and probably you; many people start building a network marketing business because they want to make more (or a big) income and want to help others.
Can you truly say that by solely providing just ONE source of income for yourself and for your team and only having one answer for people’s financial issues; that you are fully taking advantage of making the money that is available, or actually really helping others in more ways than just one?
When you open your mind and begin to examine why you are in this business and the actual effectiveness of making money in this industry; you can begin to see the world around you expand and can possibly realize that your main network marketing opportunity can just be one of MANY streams of great income for you and those you come in contact with!
You can ride your ‘one horse’ and hope he makes it to the finish line AND that the prize is still there when you get there, OR you can educate yourself on effective ways to make money and help others in this industry and assist others in doing the same.
If you learn one of the most needed skill sets in this business – marketing – then you can make money in virtually any company, and do it over and over, and expand your offerings to your prospects.