Network marketing has created a lot of wealthy people around the world but how much can you make from network market marketing? We’ve all seen the grand income claims on our social media walls of people far and wide and sometimes very close to home claiming to be making money with MLM.
If these were to be believed, MLM is the surest way to getting rich and seemingly overnight. How much though, do people earn with MLM? That’s the question we seek to answer in this article.
Can Network Marketing Make You Rich?
The first question that begs to answer is whether or not network marketing can make you rich. Les Brown, one of the better known motivational speakers on the planet stated that Network Marketing or MLM has created the most millionaires in the world.
There are people who agree with that and some who disagree with it but I would like to believe that Les’s assertions are not too far off the mark.
In 2017, the Multi-Level Marketing company Usana reported that they had 400 USD millionaires in their company. That’s a staggering feat if you ask me and I’m sure you’ll agree. The question then is, are these lofty heights achievable for everyone?
Network Marketing Income Statistics
Let’s look at some figures now. Independent research showed that the average income in the MLM industry ranged from $2,400 per year to around $300,000 per year. There are others who make more than that some ranging in the millions but they are the exception to the rule.
In fact, less than 2% of people who get into MLM make the big money. The remaining 98% make up the rest of the earnings. These figures look depressing but that all really depends on how you look at things.
Those percentages are really a reflection of the state of the world at large. About 3% of people make 97% of the world’s wealth. This is not likely to change soon. The reason that a lot of people fail at MLM is that they approach it the same way they approach life.
What do I mean? Indulge me for a moment and let’s assume that life is a game. When you play a game, you ideally want to play to win and not lose. In fact, if you ask most people they would say that they don’t want to lose.
2 outcomes are possible. The first outcome is winning and the other is losing. There is also a third middle ground and unfortunately, most people play there. This middle ground is playing not to lose. They are not going out to win. They are doing just enough to not lose.
When you see them, they look good, have a decent job, drive a decent car and have a decent, average life but they are not winning. They aren’t losing either, they are in the middle ground.
That’s why only 2% make it in MLM. The rest are comfortable in the middle of the park simply playing not to lose.
Unfortunately, this is a script that has been drilled into us through our school system. Go to school, get good grades and get a good job. Work for 40 years then retire. We give up the best years of our lives to working for someone else and miss the most important things in our lives.
You can’t take this approach and expect to make it in life. It’s the same thing with Network Marketing. You need to play to win.
How to Make it in MLM
Now that we’ve established that we need to play to win, let’s look at how we can actually do that. There are a few rules that we need to follow.
- Do your research and join the right company. MLM companies are a dime a dozen. Some are good and others not so good. You need to do your due diligence and join a good MLM company.
- Make sure that you follow the recommended guidelines when it comes to recruiting. Every good MLM company will have training on recruiting.
- Attend meetings regularly. If your company has meetings in your area, make sure to attend them so you learn from fellow network marketers. Most modern companies also hold regular Zoom meetings or webinars that you can also attend.
- Go all out in recruiting. Set yourself a target for recruiting and go all out to meet that target and surpass it.
How Much Can You Realistically Earn From Network Marketing?
How much you earn depends on the company you are promoting and how much you are committed to winning. Realistically, you can earn anywhere from $500 to $10,000 per month if you apply yourself aggressively.
Network marketing is a great industry that can give you a realistic regular pay if you take the time to apply yourself consistently. The onus is really on you to make this work. Work the business and it will work for you.