If you’ve already read my About James Verniquet page, you know that I’ve been looking for a way to make money online for 21 years. I have tried many different methods, from MLMs (Multi-Level Marketing), Affiliate Marketing, creating 3D models, Stock Market trading, Spread Betting, Drop Shipping, Copy Writing, Private Label Rights (PLR’s) and even snail-mail marketing. However, to date, none of the methods I tried worked for me in terms of all the time, money and effort I put in to these ventures, but it has been a learning experience. Today’s blog entry is going to detail my experiences with MLM’s or Pyramid Schemes.
Multi-Level Marketing. Difficult to pronounce, especially after a few drinks, and in my experience even harder to do successfully! The premise of MLMs is very simple – you sell Product/Service X to people. These people then become your Minions, and they sell Product X to other people. You get commissions for all the sales you make to people. You also get a smaller commission from people who have bought from your Minions. Of course, if your Minions Minions also make sales, you could get a cut from them too, etc etc, ad lib, ad nauseum. If this sounds very much like a Ponzi scheme, I agree! It’s great if you’re at the top of the pyramid, but a total bummer if you’re right at the bottom, in an already saturated market that is sick to death of Product/Service X. Is it expensive? Usually! Don’t forget that Product/Service X needs to have recurring billing, otherwise all those hungry Minion mouths in the pyramid won’t get fed. It may not seem that expensive to start with, but remember, usually it is billed monthly, and you will also have to find customers yourself – whether you can do this with free/paid traffic is a whole other story. I have tried several MLM’s over the years, and the only one I was nearly successful with was Success University. Having been a teacher for 15 years, I can still see why I found Success University appealing. Unfortunately, what was not appealing was the cost of PPC’s in Google Adwords and other Traffic Generation schemes. My mentor was very helpful, but in the end I couldn’t justify the expense and I had to leave.
You’d be surprised at how many people emailed me claiming I was spamming them with unsolicited emails, when in fact I only ever used legitimate traffic sources with a clear opt-in page. It did give me training in how to use GetResponse, which was useful, and for a while it was quite nice doing their courses and printing certificates. However, the certificates are not accredited, and are probably not valued by anyone.
According to Wikipedia, about 88% of its members make losses and apparently Namibia declared Success University illegal in 2008.
Let’s just say this isn’t going on my CV…
If you have any comments or questions, please feel free to add a comment below.