For some solo-entrepreneurs, the idea of prospecting can be one of the most intimidating parts of our business. In fact, the very idea of approaching someone about an opportunity, keeps a large majority of networkers from ever fully engaging in their business. If this you are experiencing this as a team leader, then the question you should be asking is, how can I help others move past these fears and begin to see things from a different perspective?
The magic formula of $500 might help!
Let’s say you have a stone cold, frightened, new distributor in front of you. They are paralyzed by their fear and going nowhere fast! (Sound familiar)
Try this simple exercise out:
First, ask your prospect if they would feel the same way “if” you offered to pay them $500 for every person they talked to about their business. (This will likely get their attention.) Next, ask them if they were paid that kind of money, would they somehow find a way to move past their fear/doubts? (In most cases the answer will be an absolute “Yes”.) Finally, ask how many people they would invite, to look at their opportunity, under those circumstances. The answers will vary, but the number they come up with will almost always be a substantial one.
Great! Now you have their attention, have them pull out a pen, paper and write down the magic formula.
Explain that If they talk to two people per day, five days per week, taking the the weekends OFF, that would be a total of ten people per week they would have talked to about their business. (Have them write down the number 10) Out of those ten, ask if they think it’s probable that three would agree to listen to a presentation? (Don’t answer for them let they come to the conclusion themselves.) Explain that statistics have shown that one in three join will join your business in some form or fashion. Point out that would be one new person per week joining their business.
Now, If they keep up the “2x per day/10 in play” each week, somewhere around week eight, they would be the top recruiter in their business. *At this point they are doing more than 99% of the people in their company! That’s 50 new sponsors in your business in year one alone! If they can do this for two years and then fan the flame, it’s realistic they will now have a SIX FIGURE RESIDUAL INCOME.
Note: Financial experts say that you would need to save $2,000,000 in savings to generate a $10,000 monthly residual income off your investment. (Side note: How many people do you know that will save $2,000,000 in savings?) Traditionally, a business evaluation is based on 5x the net income. Which in this case would be approximately $500,000.00. And after two years, in total, they will have invited 1,000 people to look at their business.
Have them Divide $500,000.00 by 1000 people and ask what they came up with?
The answer is $500.00!!
The final question to ask your new promoter, “Are you willing to do the work, for the next two years, to declare your Financial Freedom Day?” And I am sure you can take it from here….;)
Remember the ‘Magic Formula of $500’ the next time you find a new promoter struggling in their business.
In the spirit of success,