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FIB - Scams 101 - Ye Olde Archives
Posted By: Mel. White In Response To: Chuck Huckaby (MICHAEL(I'M NEW PLEASE BE GENTLE))
Tuesday, 7 June 2005, at 6:23 a.m.
> I was looking at old posts and ran across chucks name-I visited his
> website and I am wondering-- He has several oppurtunities listed, are they
> legit-- I would very much like to have a home business and have run across
> a ton of scams. I am thankful for you "guys" because you have
> saved me an incredible amount of money. Any help on this discussion would
> be greatly appreciated, thanks
Before you go running off on a new venture, you need to sit down and do a little profiling of yourself.
1) Are you getting into this because you're in a real bind for money and need immediate/almost immediate cash?
2) How much time per week do you have to devote to a business (AFTER budgeting in family obligations and sleep and other obligations)
3) What types of selling are you comfortable with?
4) How much capital can you put into this business?
5) List all the jobs you've done and hobbies you've had and service/volunteer work you've done.
6) List all the business type/office friends/church/volunteer/hobby people (contacts) you know.
NOW... biggest bit of advice: Do NOT start into something you know nothing about and have no contacts with. If you're not familiar with vitamins and herbs, this is no time to start marketing them because you won't know a thing about what the BUYERS are like. If you don't know what buyers are like, you won't ever find the market.
#1 -- If the answer to #1 is "NOW!" then quit kidding yourself and get a job. Business startups take a long time and you'll send yourself to an early grave if you try doing a cold start when you're desperate for cash. Well over 99% of the people who start something they don't know about in sheer desperation fail... and lose a lot of money at it.
#2 -- If the answer is "under 4 hours" then consider investing in the stock market with DRIPs instead. Relatively low risk and you don't have to work yourself to death. Too many people lose their most valuable asset -- their family -- when they take on a new business and work obsessively at it, ignoring the people around them.
#3 -- if the answer is "well... putting up a website and selling from that" then you're in for a real rude wakeup call. It can be done, but as Leslie will tell you, it takes years. Again, investing might be a better option. Most websites don't make money unless there's some real offline marketing being done (like those commercials you see on tv, telling you to go to a website and you'll find your perfect business. Someone spent a boatload of money there, but they're driving traffic to the site and making money hand over fist. Their associates probably aren't making a dime, but they are.)
If you love face-to-face selling (like Dennis Bevers and Jim Straw) then you're in a dandy position to go into business!
#4 -- If the answer is "nothing" then you need to consider selling on Ebay and learning Ebay business or auction business. If it's up to $50 as a one-time amount for the year (or until yu get money in), consider investing. If you can afford small amounts each month, then anything you like can be your business.
I did a rock/gem business with a $20/month investment.
#5 -- Let me be blunt: you're most likely to fail (as I said before) at a business you know nothing about. Don't leap into any "business in a box" because it might be oversold in your area -- and you'll never know it. Who would buy shoes from a brand new shoe store if there are 2,000 shoe stores in your neighborhood? Start with what you know. I know computers, so I know what gadgets are compatable, what software's a decent bargain, what hardware goes with which and I know how to find bargains for resale and how computer buyers think and where they go for bargains.
Hence, I know how to sell them and where to sell stuff. But if you made me do cosmetics, well, I don't wear them and I don't really notice them and I have no idea why anyone would want a toner so I can't pick the best markets and best online places to hang out so that buyers would come to my site.
#6 -- very important. Contacts can lead you into new markets and will also open up markets for you. If you're doing something that THEY know you're an expert at, they will help you. If they think you got suckered into something strange (which is the usual reaction if you know everything about video games and suddenly try to start selling, say, romance novels) then they're not likely to give you as much help. In fact, they won't be able to alert you to upcoming opportunities (specialized fairs, etc) for your business.
The one thing I did see that Chuck was promoting was malls (didn't notice his other products.) Online malls tend to be very ineffective. You're better with your own products.
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