When people first join the Network Marketing Industry they can often become confused about the compensation plan or pay plan. Often they hear from their upline or sponsor that it’s most important they get out and speak to people and not to worry about the compensation plan, that over time they will get to understand it.
In my opinion knowing the compensation plan is a vital part of your business and something you need to know right from the start
Imagine if you applied for a job and the person interviewing you said, that you had the opportunity of earning more than just the average hourly rate, and when you asked what you would need to do to make that extra money or how it was structured? their reply was oh I don’t know all about that yet I haven’t been working here long enough to know!
What would you think? Would you feel confident or even excited about the prospect of joining this business, when the person you are talking to doesn’t even know how the extra money is made? It’s pretty obvious that they aren’t making extra isn’t it or they would know how it all worked.
Don’t most people who look at your business opportunity want to make more money? Of course they do, then doesn’t it make sense to be armed with the information to tell them what they want they need to know to make that money?
Knowing the compensation plan will also play an important part of the goal setting you do, for you and for the people who join your team. It will help you help others stay on track when you know what they want and you know how their business needs to be structured to get it.
Learning your compensation plan is not that difficult if you break it down into small sections, by simply investing about 20-30 mins a day into learning it you will be an expert on your compensation plan in no time. Don’t try and absorb it all in one hit, just take your time and learn one part at a time.
It will really speed up your learning if you go through the compensation plan with your upline or sponsor and get them to give you feed back on how you talk about it and what you know about it.
One word of warning DO NOT tell a new prospect the ins and outs of the entire plan you will absolutely do their head in, I know I have done this and I turned a great prospect into a deer in the headlights and lost them, so DO NOT overload them with the detail, just give them a basic overview, and answer their specific questions.
To start learning the plan, my recommendation is that you establish what your company guarantees as the pay back percentage. How often are the payments made, and how are the various levels are achieved. So that you know exactly what you need to do to earn a cheque and what anyone who joins you needs to do. The quicker you help others earn money the more successful you will be.
Most companies provide a full break down of their pay plans download it and go through it section by section you will be amazed how quickly you will learn it, they really aren’t that hard they are just different to most traditional businesses.
If you are like most people in the Network Marketing Industry your aim is to sponsor people who are business builders, well if you are really serious about that a serious business builder is going to want to know how they are going to make money so you must be able to give them an informed answer, so learn your compensation plan.
Learning your compensation plan will also add to your confidence level so the sooner you learn it the better you will feel and the better your results will be.
Yours in Success