If you’ve ever wanted to become a financially successful entrepreneur and start your very own online business, you’re not alone. Being your own boss, or earning a living from investing or to generate a "passive" stream of income seems very appealing to vast number of people nowadays. Mostly the young give in to the hype and they find scams disguised as legitimate business offers, coaching programs, and "unique" investment opportunities that were put out by peers, very often the same young age as their customers.
When looking up at the websites of the self-made gurus, they often turn out to be around 21 years old and claim to have years of professional experience. This obviously does not set alarm bells ringing in the victims, but instead fuels the hope of getting rich quickly, just like the role models with their boastful self-promotion. Scammers and dream sellers know very well how to exploit the potential of emotional and personal appeal in social media.
How can you tell it´s a rip-off?
Here you will find some recommendations for action. We urgently warn against cost traps amounting to several thousand euros! If the guru promises a guaranteed income, high returns or a "proven system", it is probably a scam. Even if the as-if coach or mentor claims his "system" is cost-effective and will help you start your business, it can quickly turn out to be a financial bottomless pit. The bills for a mentoring programme run into hundreds to thousands of euros, and the empty promises to grow your business can lead you into heavy debt. The offers pretend to be expensive because the revenue would be worth it and because the mentoring would be exclusive. Neither is the case!
Testimonials from staff and edited customer reviews with 5-star ratings leave a misleading impression on potential customers who do not have a thorough look. We get calls every day from several aggrieved parties of a particular mentor, but the reviews on Trustpilot are spotless, not a single complaint. It doesn't add up at all.
What do they sell and how do they do it?
One word - promises - and mostly hot air. New customers respond to ads they see on social platforms and register on a landing page. They receive a call from a so-called "closer" - an employee or affiliate of the mentor behind the system who receives a bonus for "closing" the deal with a new "partner".
The business model that is in the foreground can consist of a bunch of different things accompanied by euphonious terms from business jargon. There is never much about the actual business in the descriptions. If doubted, the usual reply would be that the skills taught in master classes are secret knowledge. People who seek help from us point out that they are disappointed with the material provided or the promised insider support. Almost all participants fail to reach the business goals promissed by the gurus. Afterwards they are told to not have invested enough money or time or to just be incapable. It´s all their own fault.
Participants were promised that they would receive advice during the months of their mentoring subscription. After signing up, most of the guidance and help in the form of videos or a few webmeetings is general knowledge or vague personal advice. Clients could often have obtained these from free online sources. In any case, such materials or tutoring sessions are not worth the amounts paid at all.
The business models or rather traps that are reported to us are constantly changing. In recent weeks, however, many of them are about selling domains, crypto currencies, reselling sneakers or clothing (dropshipping), becoming a dating coach, fixing one´s business mindset or even becoming a coach who trains coaches or "closers" in a pyramid system. The websites you come across always point out incredible income and don't tell you much about the actual business you would be running.
Before you get in - ask yourself:
- What would I be selling or doing?
- What are the total costs I would invest in the complete mentoring?
- How and why would customers find and use my website or service?
- How would the business generate income?
- What would my specific expenses be? Can I afford it?
- When would I expect to turn a profit?
Don´t rely on the gurus to give you satisfying answers to these questions!