Most people join MLM companies in the hope of earning a little bit of extra side-money to supplement the income they earn from their full time job. While there is nothing wrong with being in MLM part time and earning additional supplemental income, some people like to take it to the next level by quitting their 9-5 day job and focusing on their MLM efforts full time. While it is possible to make a living using MLM, you should keep in mind that only the top players in each program will ever make it to the top levels of income. Follow the general guidelines below to answer the question of whether you’re ready to quit your day job and go full time in MLM.
Are you earning enough in your MLM company?
Since the entire point of holding down a 9-5 job is to earn enough income to pay your bills, cover unexpected expenses, and maybe build an emergency fund with the leftover money, you have to be making enough money in MLM to even consider quitting your full time job and converting your excess time and energy into your MLM business. While the income needed to survive and sustain a family is different in everybody’s situation, you shouldn’t call it quits on your day job until you are making at least $1000 more per month than your expenses. If you have total expenses of $2500 per month, you will want to hold down your full time job until you’re clearing at least $3500 per month in income from MLM.
Are your Earnings In Your MLM Company Stable Enough?
The common mistake many people make is quitting their day job upon having a very successful month in MLM. This can be a terrible mistake because some months in MLM are good and some are bad. The nature of MLM dictates that your earnings can fluctuate wildly depending upon current market conditions, the reputation of the company you’re in, and how motivated and energized your downline is. Before quitting your full time job you should have at least 4 stable months of income in a row where your income is $1000 above your expenses. You should calculate your income on a post-tax basis, assuming you live in the United States and will have to file income taxes on your earnings at the end of each year.
Do you have a Backup Plan?
While it’s not good to have a failure mentality while working in the MLM field, it’s also not a good idea to be naïve. You should always have a backup plan, even if it’s just a few thoughts in the back of your head, or a plan jotted down on a piece of paper. This plan is used when you switch to MLM full time but then something goes terribly wrong where you aren’t earning the type of money you were in the past. Your backup plan is then anything that allows you to earn money again – it could be going back to your full time job, joining a different MLM network, or something different altogether.