Is network marketing a get rich quick scheme or does it require consistent hard work to earn good money?

The answer is both. However for most people the later is more likely. Although it is possible to earn money quickly in the network marketing industry there are only a few members in the get rich quick club. These people have been in the industry a long time and generally knew what they are doing. The majority of people who earn millions in the network marketing industry are those who have done so through consistent hard work. Just like the CEO of any big company you also need to work for your money in a network marketing business. The main difference is that when you retire as a CEO you stop getting paid. In network marketing, however, your business continues to pay you regardless of whether you choose to retire.

When people first join the network marketing industry they often do so with the belief that all they have to do is find their frontline distributors and from then on in everything seems to happen automatically. They get rich quick and continue to earn millions of dollars and earn a lifetime of financial freedom. Although in theory it is possible to get rich quick, in reality it rarely happens.

The good news is that for most people, consistent part-time work does pay off. Is network marketing a get rich quick business? It depends how you define “quick”. It won’t happen overnight but from what we’ve seen those network marketers who work a consistent part-time effort are generally earning enough residual income to quit their fulltime work after about 2-3 years.

Why do so many network markers give up within the first 6 months?

Think of network marketing just like any other investment, it takes time to grow. The reason why people give up after just 6 months is generally because they are impatient and were expecting to get rich quick and not have to work for the money. Again, this is possible, and yes there are a few people in network marketing that do get rich quick, but just like any other investment portfolio, generally good things come to those who wait.

The way in which residual income works in the network marketing industry is that in the beginning you are seriously underpaid for the work you do. For example, initially it may take you 10hrs of work to make a $50 profit which works out to only be $5 per hour. This is not even the minimum wage and this is where many people will give up. What you need to realise is that as your organisation grows the opposite is also true. You become seriously overpaid. Not only are you earning a profit on the work you do but also from the work of members in your organisation where now you could easily be earning $500/hr.

When you first join a network marketing business you should not fall into the trap of thinking you’ll get rich quick. Instead think of it as an investment where realistically for the first 3 to 4 months you can probably expect to make little profit or barely break even. The good news is that through consistent part-time efforts, in the long-term you will earn this back many times over.

When you go to university it normally takes at least 3 years to get a degree, which costs a significant amount of money. Why do people do it? Because they see it as an investment for their future, not a cost. Network marketing is the same. Just like any other investment - real estate, shares, education - the reward is in the years that follow, not the first couple of months.

I remember the turning point of my network marketing career. I had been in the industry for about 6 months and wasn’t really treating it all that seriously as I had a full-time job that I really enjoyed. After going to one of the company’s social events I made a commitment to put in a little more effort the following week, working 1 hour a day on my network marketing business. Shortly after I received a cheque in the mail for $1990.00 for a week in which I worked 7 hours. I’ve never looked back. For people in the industry this is often referred to as the turning point, or the tipping point, where things start to grow exponentially.

I now fully understand and appreciate the concept of residual income and the power of leverage. If you are looking to join network marketing to get rich quick, there is a good chance it will not happen and I’d be cautious of anyone who is trying to tell you otherwise. But if you see network marketing as a long-term investment, you see the whole picture and are willing to sacrifice some of your time in the short-term such that in years to come you too can enjoy financial freedom, we’re here to support you all the way.

Author's Bio: 

James is one of a group of network marketers that have joined forces to create the Network Marketing Business School website which was established to help provide education and training for anyone looking to join the network marketing industry.