If you’re entrepreneurial in nature, or seeking alternative ways to supplement your income, you’re also likely to be scammed of your hard earned money. This is because budding entrepreneurs have a tendency to take chances with their money in the hopes that they’ll get a handsome reward.
For many, this reward could be as simple as an extra $1-$3k monthly, while for others, it can be a successful business that they could leave their current 9-5 for. Unfortunately, many are getting ripped off.
Estimates show that over 60 percent of Americans have been scammed at some point in their lives –that’s more than 3 out of 5 Americans. If you don’t want to become a statistic, take the advice in this post.
Do Your Due Diligence
Where is the business’ headquarters? Is there a physical office where you can reach them? What about their management team? Is there one? Can you reach them if you want to? Do they have a real product or is their entire business model based on speculations? Is there verifiable proof that their claims actually work?
These are some of the questions you need to ask to make sure that you’re not being scammed. If you or the person selling you the business idea can’t answer these questions, walk away.
Analyze the Business Models
For example, if you’re interested in multi-level marketing (MLM) but aren’t sure if it’s a pyramid scheme, a thorough MLM vs pyramid scheme assessment will show you that the MLM likely has solid products, while the pyramid scheme doesn’t. Although, you also need to be wary of multi-level marketing business opportunities as many of them aren’t worthwhile.
Take Your Time and Vet the Opportunity
One of the tactics of scam salesmen is something called pressure selling. They’ll tell something along the lines of “you need to act now –or within the next few minutes– or miss out on the opportunity of a lifetime”.
They’ll tell you this without actually showing you real proof that their products or services work. In many instances, they won’t even show you the product. This tactic is means to pressure you into parting with your money.
Remember, a wise man once said “a fool and his money are easily parted”. Take your time, analyze the business idea, and seek second or even third learned and professional opinions. Remember: if it’s a good business opportunity, it’ll be here tomorrow or next year. And, you’ll be able to join or invest in it.
Conclusion
Most people were negatively impacted by the coronavirus lockdown. People lost their jobs and had to seek financial recourse. Many have taken to the internet in a bid to find business opportunities that can protect them from being that vulnerable again.
And scammers have taken advantage of this real need. Protect yourself and your loved ones by being extra careful. If you’re ever in doubt, seek legitimate online moneymaking opportunities that have been around for a long time. They work and can help you become financially free in time.