Financial Freedom is something we love to sell in the Network Marketing industry. But let’s face facts – most of the people trying to sell you freedom are struggling to make anything. And just as often – the people standing on stage preaching residual income and freedom, they might have a good income – but they don’t actually have freedom.
There is no better way to enter the path to Financial Freedom than joining a good Network Marketing company and getting to work – but it’s only part of the story. We love to sell that part, but we’re not telling people the whole story. And that casts a major shadow over our industry. Selling Financial Freedom when you’re just starting – it’s hype. It’s deceptive. Really – it’s lying. And preaching Financial Freedom when you’re juggling massive debts from over-leveraging on a massive house and shiny cars – that’s not much better.
If we want to improve our industry – we need to tell the full story. We need to teach people how to make money AND how to keep it.
Overall – we need to give people a road map. Because the difference between hype and hope – is a road map.
So – here’s mine. My 7 Step Road Map to Creating Financial Freedom Through Network Marketing;
- Create Your Story – This is the foundation of your business. The very first step in your freedom quest. People don’t care about your products, the ingredients, the awards, the trophies. They want to know if you can help them solve a problem in their life. They care about their struggles, because they are stuck in them every day. Creating a short and enticing story, that shows how you used your company’s product / service / compensation plan to solve a problem in your life, and then it can possibly help them too – that is the fundamental skill in MLM / Network Marketing. It’s so fundamental, that most people don’t bother to practice it. Then – they go out and verbally vomit all over people, or spam their social media walls, and then quit.
- Talk to your Warm Network – Your warm network are the people you already know. Your friends and family, work colleagues and social connections. These are people who will notice your weight loss, notice your energy changes, see your skin improvements. And they will want to know what’s going on. These are the people we generally start building our business with. Some will, most won’t – but if you share your story with enough of them, your business will get off the ground.
- Talk to your Cold Network – Once you’re off the ground, we want to keep the momentum going. And that means we need to create a funnel of people to talk to. Often known as Attraction Marketing these days, or niche marketing in older terms – social media especially allows us to create a personal brand, an Avatar, and talk to more and more people about our product / service / company. Your warm network will help you start, but if you want to build a strong Network Marketing business – you will need to create a strong and consistent funnel of people to talk to. You’ll need to meet new people and share your story with them too.
- Teach People How to Make Money – If you’ve followed the first 3 steps, you should be starting to earn a good income in your Network Marketing business. Now it’s time to help others do the same. Most people will join as customers, but some will want to grow a side-hustle / extra income too. Show them the steps. Plug them into your team’s systems. Help them create their story, and teach them how to go out and share their story. Eric Worre says it best – Whoever trains their team best, wins.
- Treat this Like a Business – This is where things start to get interesting. People are forever saying ‘Treat this like a business and you’ll get paid like a business’. But very few people actually know how to treat this like a business. They’ve never run a business before – so they need to learn some basic business skills. Network Marketing allows us to come in, without large amounts of money, and create a business from our phones straight away. That’s one of our greatest strengths. It also means – many people come in without business experience and struggle to get past this point. Treating this like a business means boring things – like having a budget, showing up consistently, investing back into your business, training staff to run the business themselves. They’re all quite boring – but they all pay VERY VERY VERY well. And that’s where the residual income comes in.
- Create Wealth not Money – Speaking of residual income, this is where things get really interesting. Residual income is exciting, making more money is very attractive. But it’s not wealth or freedom. They are measured in time, not dollars. Freedom is about earning an income – whether you show up or not. We need to train this as an industry. We need to teach financial skills and mindset. We need to show that Network Marketing is the greatest stepping stone on the path to financial freedom. Build an income, then build wealth. We need to teach the difference, and then our industry will be respected more.
- Build Multiple Streams of Income – The final step, and the essential one in ‘Freedom’, is creating passive income through investing. Turning our hustle into residual, and then into passive, by making smart, long term, financial choices with our money. Not just short-term YOLO style purchases of flashy toys. Let’s created generational wealth, freedom – a legacy, and put some money away into assets. So we don’t just change our life, but the lives of generations after us.
Follow these steps, and teach these steps. Stay focussed and create great business and financial habits. And you never know – you may just have enough money to buy a small island in the Caribbean.
If you would like more training on the above 7 steps – grab your free copy of my book ‘The Way Out’ – your 7 Steps to Financial Freedom through Network Marketing at www.andrewlogan.net/free
Andrew Logan is a Network Marketing Author, Coach and Mentor.
For your Free 7 Step Guide to Financial Freedom Through Network Marketing, click here.