Should you diversify in Network Marketing? Find out in this Prosperity Tip!
Should You Diversify in Network Marketing?
When you invest in something and it goes out of business, (like Enron), then you lose that income. The entire asset is annihilated. So, you’ve been told that you need to diversify your investments so that you don’t lose all of your money.
People, myself included, started adopting this philosophy into the MLM and Network Marketing industry. So, now there are people out there saying to diversify your income by building multiple biz ops together.
Should you diversify in Network Marketing? I want to dispel this myth and give you a different perspective and something to think about.
In the investment world, if the company goes out of business you lose everything.
In Network Marketing, the real asset is NOT the income stream itself or the multiple income streams. The real asset is your following. The people who join you, trust you, and follow you on a day to day basis are your assets.
Should You Diversify in Network Marketing? – Example
Try this on for size. This will help you realize that you really don’t need diversification in Network Marketing. You can have one company.
Let’s say you have multiple companies and you start jumping from thing to thing. What is that going to do to your following? Your following is going to invest maybe once, twice or three times with you. Then, they are going to decide that they need to find a new mentor. You lose your following. Then, if your company goes out of business, you have lost all credibility.
Instead, let’s say you build one solid company. You make a ton of money with that company, then they go out of business. You have built a rock solid following and built that company up.
Because you were true to the company and faithful to your following and served them, here is what is going to happen…
Whatever company you decide to go with, your following is going to see how committed you were and that you stuck to it. They are going to go where you are going. Your income will be back in one day. That is the power of Network Marketing.
You can ride the company that you are with until they go out of business. If they don’t ever go out of business, then great – you have a solid income. If they ever do go out of business, your following will do whatever you do. They will follow you until the end of time.
The asset is the following.
Should you diversify in Network Marketing? No. You don’t need diversification in the biz op world. Can you have multiple income streams like tools? Sure, if they are congruent, but I wouldn’t do two biz ops. It confuses your following.
One example of this is a mentor of mine, David Wood. He was building iLearningGlobal. David was so focused and his following loved him. Then, when that company dropped the Network Marketing arm, he had his income back in one day because he was faithful and people trusted him and they followed him.
Should you diversify? I don’t think that diversification applies in the Network Marketing industry.
If you agree with me, comment below. If you don’t agree with me, comment below! I look forward to seeing your feedback.
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