Have you started a home business doing network marketing that you are trying to build, but you don't have a tremendously large budget with which to work? If this sounds like you, you are not alone. In fact, you are in the majority.
So you want to avoid wasting money (or spending money you don't need to spend) as you're working to build the business. When I say "wasting" money, I don't mean that you are spending money frivolously. I mean that without knowing some of the 'insider ins and outs' of online marketing, you can be misled into thinking you need to spend money on things certain things to build your business that you don't.
I call these "money-sucking mistakes." They are things that drain your bank account without doing anything to build your business. If you can avoid these mistakes, you can avoid the fate of so many home business owners in network marketing, i.e., that you go broke before your business can get off the ground.
So here are some money-sucking mistakes you want to avoid.
When it comes to home business network marketing, your strategy should be to not invest too much money into your business until you're making some money. I know this sounds either a bit silly or a bit confusing to many. If you're not investing into your business, how can you build it? Let me elaborate on this...
As your profits go up, you can invest more money into your home business and your network marketing business. Until then, start conservatively. It defeats the purpose of starting the business to put yourself into debt "building" your business.
So let's go through some of these money-sucking mistakes...
Money-Sucking Mistake #1: First, and this is a BIG money-sucking mistake, do not think you need to buy ANYTHING from your company in order to build a home business in network marketing.
Your upline or your company may assure you that you need to buy t-shirts, business cards, DVDs, brochures, flip charts, product samples, and on and on. Your upline or your company may assure you that you need to buy all sorts and amounts of training materials or that you need to attend training seminars.
These are money-suckers! And you don't need them (I'll tell you why in a minute).
By the time you've bought all of this stuff -- if indeed you even have the extra available resources to be able to buy all of this -- you won't be able to even think about how much profit you're going to make in your home business network marketing business because you will have to worry about whether you can earn enough to repay yourself for all the money you spent trying to get the business started.
Money-Sucking Mistake #2: Another top money-sucking mistake is to think you need to buy your leads (and your traffic) when you're first building your home business / network marketing business. Many people, in fact, will be told by their companies or their uplines that they need to buy leads in order to build their business. Once you've bought all of the company "stuff" you are told to buy, you might then be told that you need to buy leads in order to get quality prospects.
Let me first differentiate between paid TRAFFIC and paid leads. When I'm speaking of buying leads for your home business / network marketing business, I am speaking about buying lead lists.
When you are trying to build a home based business in network marketing, buying lead lists is a big mistake . . . and a big money-sucking mistake at that. Paid leads, even if money were no object, are things you never want to use. Those leads typically cost $5 - $20 per lead, and they are an absolute WASTE of money! A true money-sucker...
Not only that, but these are not always the "quality" of lead they purport to be. Many times you are getting a prospect who was heavily incentivized and they were promised a $25 gift card at Home Depot or something just for filling out there information in the form.
Money-Sucking Mistake #3: The last top money-sucking mistake is to delve into the world of paid traffic until you really understand how it works. There are plenty of great free sources of traffic that you should start with in a home business (especially in network marketing). Do some article marketing, some blogging, video marketing, or maybe some press releases. Get some traffic and some income momentum before you delve into paid traffic.
While you're doing that, take the time to learn how PPC and other paid traffic sources work. Delving into the PPC waters without understanding it can be one of the biggest, and most unnecessary, money-suckers a home business in network marketing can experience. You can bleed THOUSANDS of dollars before you can blink. Once you have some profits you can use to invest in paid traffic, start slow and reinvest as you build.
voiding all of these money-sucking traps will help your home business in network marketing to stay alive and to flourish in the long-term.
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