Many of us have heard of, experienced or even directly been involved in network marketing. Network marketing as a definition is a type of business opportunity that is popular with people looking for part-time, flexible businesses that can be set up directly from home. In 2015 network marketing sales reached 183.7 billion dollars in sales with 40% (73.4 billion) of that being handed out as commissions. Some of the best-known companies in America, including Avon, Amway and Herbalife all have their foothold in the world thanks to network marketing.
Like any other industry some will succeed and some will not. One man who has become a star within this rapidly growing industry is Romacio Fulcher.
Fulcher who has just turned 40 who is a college dropout who only one year ago was living month to month, struggling to make ends meet. Today tells us a very different story. In his first 11 months, Fulcher earned over 2.2 M dollars within multi-level marketing and this formula has been replicated by dozens of others that have worked with Fulcher.
From broke to self-made multi-millionaire, Fulcher has shared his insights on what it took to scale his business in such a small amount of time.
1. Self Awareness & The Desire To Succeed
99% of people live inside the boundaries of what is normal. They’re scared to break the status quo and as a result they don’t actually realize how bad things are. Just under half of all Americans are living week to week. If you’re reading this and your financial situation is precarious you’re going to have one of two reactions. ”I’m okay with living on the edge like this OR I’m not okay with it.”
Once you’ve hit this point of knowing and being transparent with yourself and you know internally that you’re not happy just living check to check this is what creates the reality to find success.
“Success comes from desperation and knowing I cannot live my life like this, this is where I knew that I couldn’t continue the way I was. Knowing you can be more and becoming aware of where you actually are how bad things really are is the pivot point to find that internal drive” said Fulcher.
This is where anyone can find their determination to work hard by looking in the mirror and seeing yourself for what you truly are. This insight is the fuel that lights the fire and creates the internal conversation as to whether or not you’re prepared to forgo the social nights, friends that are holding you back and put in the work to try anything and everything.
2. Finding the Right Mentor
You don’t know what you don’t know and as Fulcher shared “Mentorship is wisdom without waiting”.
Mentorship has brought some of the greatest minds to the world; Steve Jobs, Jeff Bezos, Oprah Winfrey and many more have all been profoundly impacted and grown to the heights of their success through mentorship. Fulcher shared how you can find your own mentor in any field.
“You need to start by identifying the top players in the field or industry you’re wanting to enter. This can easily be done by a quick google search with ‘best (profession) in your country’ . You need to make sure this person needs to be someone who is in the top ten of their arena and you simply ask them this one question.
What would I need to do to make it worth your while to teach me what you know?
This will drastically reduce your time to mastering the skills needed in your chosen industry without going through the same errors everyone else makes when they’re starting out,” shared Fulcher.
With the right mentor on your side you have a wealth of information at your disposal to help you through the pitfalls that would end most peoples careers when they’re starting out.
3. Timing is Everything
If you were to enter into the world of social media right now you would find it very difficult. Facebook, Instagram, Snapchat, Pinterest and dozens of others already saturate the field and you would quickly find that it’s difficult to start.
Fulcher said “You need to recognize whether or not you are in a growing industry or dying industry. Home based businesses are growing faster than the global economy right now so it makes sense that network marketing is a field you should enter into.”
If you’re looking to enter into the world of door to door phone book sales you’re going to find that your timing is severely off. Know your industry and know you’re entering at the right time.
4. Be Prepared to Grind
Like any endeavour it requires blood, sweat and tears to make the most of the opportunity. People attend trainings, watch videos, read and drink from a hose of inspiration but rarely do they go and out throw everything at the wall to see what sticks.
543,000 new business come into existence every month. Do you know how many still exist at the end of the first year? Only 20%. “You must apply what you learn and do the work that’s why it is called netWORK marketing, the difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will,” said Fulcher. You have to be willing to work hard to achieve success in anything. In multi-level marketing you earn commissions from sharing information about a opportunity with others. So you must be willing to share the information either online or offline with others consistently to find success.
5. Work With The Right Company
When you’re entering into network marketing Fulcher identified the top questions you need to ask yourself and of the company you’re wanting to work with:
- Is this company led by the type of people you want to work with?
- Is the timing right or are there a multitude of competitors saturating the market?
- Is this a company whose product is affordable, innovative, it must work and does it have third party validation?
- Are you being compensated fairly? The right mentor will have the answers to this question.
- Does the company's SYSTEM allow you to duplicate and grow your own team? If you don’t duplicate you will not elevate
This is the checklist to find the right situation to begin heading toward a future with a six-figure a month income.
Fulcher is now leading the charge to empower 75 other aspiring entrepreneurs to grow their own multi-level marketing business in 2018. To connect personally with Romacio and learn from his experiences you can find him here.