Image: Pickawood
Since the start of the pandemic, I’m hearing from a rapidly increasing number of people, who’ve been ripped off by what I’m going to call, the 7 figure business scam.
Here’s a quick look at what it is and how it works.
When we hear someone say that they’ve built a 7 figure business (and can help you build one), the assumption is that the business has been valued at a minimum of $1,000,000 and a maximum of $9,999,999. And that’s what you can expect.
Sounds impressive, right? That’s because it’s supposed to.
That 7 figure business claim, tends to be used widely by success gurus / get rich quick artists. And they have an excellent reason to use it. It’s extremely misleading. It sounds impressive and means almost nothing.
Beware of the pennies
Some of these scammers include the pennies in their 7 figures. So their 7 figure business claim, can be as low as $10,000,01.
They use this trickery to justify their ‘promise’, that their course, book, program, success system or whatever bullshit they’re offering can “help business owners build a 7 figure business”. They know that the massive majority of victims will already have a business worth more than 10 grand.
It’s intentionally, totally misleading.
Beware of biased valuations
Some use the 7 figures claim as a way to boost their credibility. This is extremely common online.
They’ll say they’ve built their own 7 figure business, with the valuation based on what they personally feel their business is worth.
The actual, independently, expertly assessed commercial value could be as low as zero. Or less, if there’s debt attached. However, by suggesting their business is a roaring success, they have a powerfully convincing (totally misleading) marketing tool at their disposal.
The 7 figure business scams are just one common example of things to look out for. The key is to request clarification of claims made and figures quoted, before you part with your money.
I hope you’ve found this useful. If you have, please share it with your friends.