How Long Before You Make Money?
With the exception of some not for profit organizations most people go into business in
order to produce revenue (income) and profit. Unfortunately, when it
comes to a home business, and especially network marketing, many
people forget this important point.
In a traditional business, whether a small local store, or a large franchise store
like McDonald’s, business owners know how to watch their cash flow. A
business must make a profit in order to survive and, if it doesn’t,
adjustments must be made accordingly.
One of the reasons for the high failure rate in small businesses, home businesses, and MLM
(network marketing), is due to the low entry costs and requirements
people often don’t treat them like, “real businesses.”
Two things commonly happen:
1) Many people have the attitude that since they didn’t have to invest much to begin with they
really don’t have to be too concerned about whether they make money or not, or how soon. Of course, that often ends up being a self-fulfilling prophecy. It’s not just that way with a business,
but with many things in life. If you come to own something that cost a great deal or required a lot of effort to acquire you tend to appreciate it more than something of lesser perceived value.
When you consider that network marketing has made some people just as much
if not more money than many other traditional kinds of businesses,
with incomes of as much as $1 million a month or more being achieved,
treating a MLM as if it isn’t a serious or real business is a huge mistake!
2) Because the entry cost can be so low people overlook the cost of not making money, and also have a tendency not to pay attention to how much their other expenses associated with
their business (such as trips, conventions, and/or buying extra
products or services over and above what you really need) add up over time.
For example, let’s say that you spend $500 to sign up for a new business. Not a lot of money at all, maybe the price of a cup of coffee a day and some change.
Weeks go by, and then months, maybe even years, and you still aren’t making any money.
Perhaps you don’t think much of it because, you think to yourself,
“I only spent $500 to get started in this business anyway.”
But what is the true cost? Let’s say that in addition to your start-up
cost you have also been spending $150 each and every month on buying
your company’s products and services. (Perfectly OK if you enjoy
and use all the products you buy; not OK if you are buying more
than you need simply to qualify for a certain level with your
company!) And let’s also assume that you are spending $50 a month
on meetings, conventions, or seminars (many people spend much more).
So, even though you really haven’t paid much attention because you only invested $500 to begin with, if your business hasn’t yet started making you money then you are really spending AND LOSING
$2,400 a year, in this hypothetical example. And, here again, in reality many people often end up spending much, much more. So pay attention to the many ways to make money online and the way you have chosen.
Going back to the example at the beginning of this article about a traditional business, like a McDonald’s. Those kinds of businesses often have much higher costs associated with them, such as a store
lease or mortgage, equipment leases, payroll, etc. It isn’t uncommon for a traditional business to have to operate for months or years before making a profit.
In contrast, — though networking marketing is NOT designed necessarily to make you a very
large amount of money overnight — you can and should be able to generate an ever-increasing residual income for yourself over time, and starting in relatively short order.
Everyone approaches a new home business differently when presented with a make money online opportunity. Some people prefer to roll their sleeves up and dig right in, expecting to start making money almost immediately. While others prefer to first spend time learning more about their new business, and/or obtaining any available training. So it’s acceptable, if you choose, to take a few weeks or even a month to “prepare” for your new business. However, especially if it is your goal to start making money right away, it is entirely realistic with most networking businesses to start earning viable amounts of
money within as little as 30 days.
Certainly within 90 days you will want to start seeing some kind of payoff in return for your
efforts. And no more than 6 months should go by without positively
starting to see income coming in. In fact, ideally, you should try
whenever possible to not only earn enough money to cover your
original start-up costs, but you absolutely should be making a profit
(in other words, extra money) within this time.
If after 30 to 90 days, 6 months maximum, you are not making a profit, you should
seriously re-evaluate and consider signing up with a good training company.
Bye for now,
Irvine
Email: support@successatwealthyaffiliate.com
Website: successatwealthyaffiliate.com
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