The majority of people I come across immediately want to start making at least $10K per month.  The question becomes: How do I make $10K per month fast?  I have the answer but a better question is “How do I cover all my monthly expenses and how long will that take?”  One of the reasons people get so discouraged and ultimately fail is because they don’t get the results they want fast.  We live in a society where the internet rules parts of our lives.  We want an answer and we turn to the internet for the solution.  Results are obtained in a matter of seconds to minutes not hours, days, or months.  If you want a solution for this Click Here and I’ll show you a way to better and faster results.  However, you need to a solution to help you run your network marketing business like an actually business.  You will need to breakdown your income goals into manageable chunks.  In a previous posting I wrote about understanding your compensation plan and you can’t properly plan if you don’t understand it

Let’s assume your monthly housing and business expenses are $3,000 per month.  If your primary business pays you $100 per new sponsored representative you could calculate that you need 30 new representatives per month.  If you built your business only by bringing new representatives then this would be true.  However, the reality is that in any MLM or Network Marketing opportunity, the income you desire is built in depth.  Sponsoring the world is great but if your new sponsors can’t duplicate your system, once you stop sponsoring your income dries up. Follow these 5 steps to proper financial planning:

  • Step 1 – Eliminating Bad Spending
    • Breakdown all of your monthly expenses and I mean everything
    • Use at least 3 months of statements from your bank, credit cards, and utilities
      • Separate every item into either business or personal expenses by month
      • Further separate into categories like groceries, dining out, internet, telephone, etc.
      • You will start noticing a spending pattern (don’t get upset and deal with the reality)
    • Eliminate all unnecessary expenses.  They are killing your ability to stay in business longer and develop a reliable income stream
    • General Rule – If your spending doesn’t feed you, provide a roof over your head, promote your business, or enhance your personal development then it must be cut out
      • Junkie spending withdrawals will disappear within 3 months
    • By the way, stop paying with cash!  Use your debit card, credit card or check book to keep records of your purchases
  • Step 2 – Forecasting Marketing Expenses
    • If you are going after a two prong approach as I recommend, you will need to estimate in the beginning how much it will cost you to bring in a new sponsored representative in the online and offline world
    • Online advertising will run between $2 and $5 per lead.  Do you want to know how to generate free leads and get paid for each one you receive?  Then click here and discover the secret formula.
    • Offline advertising depends on what methods you are going to implement
      • Business Cards – $75 per 1000 cards
      • Flyers – $.10 to $.50 per flyer depending on quality
      • Mailers – $.40 to $.55 per piece including bulk rate postage
      • Any other method you can think of
  • Step 3 – Inputting Information
    • Input all your data into an excel spreadsheet and calculate all your monthly and estimated expenses
      • Color code actual and estimated expenses differently.  When estimated expenses become actual expenses change the font color again to keep your sheet organized
      • I’m providing MY EXCEL SPREADSHEET that I created with all the formulas to you for FREE by simply entering your name and email address into the form in the upper right.  Save days of work and start creating your future
  • Step 4 – Forecast Income
    • You have determined your expenses and now you know how much you will have to make in order to breakeven
    • If you are seriously going to run with your opportunity and have the determination to succeed then forecast at least 3 to 4 months to breakeven on your monthly expenses
    • Leveraging your human assets and driving depth is the only way to achieve stability and create wealth
      • Calculate the minimum new sponsorship that your team has to create on a monthly basis and the income potential to you from your combined efforts
  • Step 5 – Analyzing Your Results
    • Determine if you can eliminate or reduce additional expenses
    • Where and how can you increase your income to reach your goals faster?
    • Are you being realistic, overly optimistic, or too conservative?
    • How many people are you going to have to talk to on the phone or in person to achieve your goals?
    • Go beyond your perception of reality and shatter the barriers to your success!

Want to learn the Secrets of Attraction Marketing and Create Massive Income with Network Marketing?  Do you want to Conquer Your Niche and Become A Star?  Want to learn the Financial Secrets of the Super Wealthy and Create Wealth for yourself and family?  I’ll show you the Secret Formula that Creates Wealth for the Top 1% of all Network Marketers by Clicking Here!

Filed under: Compensation Plan • Network Marketing • goal setting

Like this post? Subscribe to my RSS feed and get loads more!