Or for that matter, can anyone...
Starting A Home Business Make It In MLM?
Starting a home business with a MLM company is easy, fast and you can do it on a “shoestring.” What’s not to like about that? Thousands are lured every day into this most popular way to earn money from home.
There are some great MLM companies out there and they all have their success stories.
Their opportunity presentations are polished, compelling and professional. Their distributors are nice people, outgoing, friendly… the kind of people you would like to hang out with.
Most of them seem to have an opportunity that can’t miss.
But there is a statistic that haunts the MLM industry… only about 3% of their distributors are successful.
Some say it’s less than that.
In an article, The Likelihood of MLM Success by Mindy Lilyquist, she reports the findings of research by Jon M. Taylor, Ph.D, who reports:
In the first year of operation, a minimum of 50% of representatives drop-out.
After five years of operation, a minimum of 90% of representatives have left the company.
By year 10, only those at or near the top have not dropped out – making it safe to say at least 95% of representatives have dropped out.
Further as to the question of making money (profit) from MLM she reports:
After finishing all of his analysis and research on various MLM data, Jon Taylor concluded, “In every case, using the analytical framework described, the loss rate for all these MLMs ranged from 99.05% to 99.99%, with an average of 99.71% of participants losing money in an MLM. On average, one in 545 are likely to have profited after subtracting expenses and 997 out of 1,000 individuals involved with an MLM lose money (not including time invested)."
These numbers are scary even to an extravert. You can imagine the terror it strikes in the heart of a card-carrying introvert.
So what about the few who succeed? Are they all smooth-talking extroverts… silver-tongued devils?
Does a mild-mannered, sometimes-shy introvert have a chance?
Well, if you’re not intimidated after all of this and think you’re the exception that can be one of the few… more power to you!
Your biggest challenge in MLM is finding people to talk to (leads). Introverts don’t particularly like talking to people. Rachel Embry, Director of Marketing for First Class MLM Tools, has this warning for introverts who think they can build a downline without talking to people:
By nature, network marketing is a people business. So, even if you’re an introvert, you have to be willing to talk to people, train people and work with a team.
If you’re so introverted that even the thought of talking to an interested prospect sends chills up your spine, then perhaps network marketing isn’t for you. It’s a hard thing to say or admit, but the honest truth is you’ve got to be willing to at least talk to some people.
OK, if you are still with me and still considering starting a home business using the MLM business model, I’m going to recommend you read Rachel’s article, Network Marketing for Introverts, in its entirety.
She begins by putting the introvert at ease by saying,
“There’s nothing wrong with you because you’re introverted. It’s not something you’ve got to ‘get over’ or push yourself out of. It’s not a social handicap.”
Whew, that’s a relief.
You just have to find ways to find prospects and ways to present your business that don’t take you too far outside your comfort zone. Rachel has some great tips on how to do that.
For more on network marketing for introverts you may want to read: Networking for People Who Hate Networking: A Field Guide for Introverts, the Overwhelmed, and the Underconnected by Devora Zack. Here is our affiliate link:
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P. S. Introverts and extroverts are welcome at Small Biz Incubator. Visit the Work With Us page.