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Avoid Falling for Classic Money Making Tricks

Avoid Falling for Classic Money Making Tricks

02-2018

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By: Andrew Erk

Avoid Falling for Classic Money Making Tricks

If you are looking to start a new business or work from home, you may be enticed by business opportunities that claim to allow you to earn six figures in 90 days or less. Seems too good to be true, right? These opportunities usually promise a lot but don’t tend to deliver on those promises. Recently, the FTC obtained a court order to stop one such scheme that the FTC alleges took more than $14 million from consumers.

According to the FTC, the operation “misrepresented that its purported business coaching program would enable consumers to earn substantial income;” however, the consumers actually only given ‘training’ videos, a few PDF documents, and ‘coaching’ sessions that were ultimately sales pitches designed to get more money from consumers.

The FTC claims that most people made little or no money and those who did make money didn’t make enough to even cover the required membership and monthly dues and only got paid when they recruited new members.

The operation used social media ads and videos to peak people’s interests and get them to buy memberships.

Here are some classic tricks that these types of schemes usually use to trick people into a bogus business opportunity:

  1. Outrageous claims
  2. Deceptive testimonials
  3. High-pressure upselling
  4. Free trial periods aren’t as they seem

Always use caution when considering a business opportunity that seems too good to be true. Always research a company and ensure to check that everything is sincere before choosing to do business with anyone.

If you feel that you or someone has fallen victim to one of these scams, you may submit a complaint to the FTC through FTC.gov/complaint.

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Andy

Andrew Erk is our Trade Practice Assistant. He writes about business trends and consumer news and is also our social media, graphic design and digital guru.