So many people get started in this industry with huge financial goals in mind. Almost inevitably if you ask someone how much they want to make, they’ll give you a big dollar amount per month. Often more than they’ve made previously. So many people say ten thousand dollars/month. I don’t know why? Because it’s a round number?
I remember a woman way down in my organization that someone brought to me for training. She was so excited and ready to set the world on fire. She told me that she’d had a dream that she would be making $250,000 her first year and she was ready to do whatever it took to make that a reality. I encouraged her, taught her some basics, helped her formulate a plan. The next week when we had our follow up call she told me she was quitting. When I asked her why she said, ‘well, my sister-in-law really thinks this isn’t going to work and I’m just not interested anymore’. I suspect the number was too big and the whole thing just wasn’t real to her.
Ten thousand/month is $120,000 per year. Less than 2% of the U.S. population earns that kind of income, so it’s a big number to strive for. I was talking to a chiropractor one time, who was also a network marketer. He loves the industry, and has built various network businesses over the years.
Our conversation was about this very phenomenon. I thought his insight was particularly interesting. He said he spent 4 years in undergrad and then 4 years getting his advanced degree. He started by working in someone else’s practice, and eventually felt confident enough and had enough capital to open his own practice. He did and it took time to get into profit and build up his practice. And chiropractors have somewhat of a revolving door – some patients who come in for regular ‘tune-ups’, but many of their patients come in after accidents or injuries and once they get well, or insurance is no longer covering their visits, they don’t come back, at least not with any regularity.
This particular chiropractor, in addition to his overhead – employees, rent, utilities, insurance, etc. was spending money on marketing to keep his practice flourishing. He had paid back his student loans –an expensive investment in his career– fulfilling that old adage: you have to spend money to make money….
After about ten years he was earning a personal income just over $100 thousand/year. It took 8 years of school, some time working in another practice, and then years of building his own practice to earn that income. That’s a lot of time, a lot of commitment, a lot of learning.
He had a long term vision when he started and never expected to be earning huge money immediately. His point was how much time, effort and resources went into building his income over time.
He loves the residual and leverage that his networking business provided him, but we were scratching our heads at why people don’t expect to put in the kind of time and effort that one would expect to put into any profession with such high income earning potential. The beauty here of course, is that you can build a significant business part-time without it costing the proverbial arm and a leg, but it still takes effort!
Even on a new job – even if it’s a lateral move – the same job in a different company for example, there’s a learning curve. A new career? Often you need to go back to school, study, pass exams, really get a solid grounding in your new profession.
Why wouldn’t you put the same kind of effort into building your own business? Why wouldn’t you assume that there were skills to master, concepts to learn, and that it would take some time to make that happen? Yes, here you can do it on your own time schedule, and the courses and resources might not be laid out for you the way they might be in a college program. But, all the resources are available and it’s up to each individual to take that responsibility.
So, the big money comes, but it takes commitment, it takes perseverance and building a knowledge base and skill set. All positive things that benefit you in the long run. It’s good to know, I think that it doesn’t have to necessarily be easy, it just has to be worth it. If you go into it with that attitude, I really think you’ll get more out of it, personally and financially. It really IS do-able!