Show Notes & Episode Guide
[00:00 — 2:10] — The guys open up the discussion about business scams that you have to watch out for. There are many scams in the side hustle space on social media space and we’re here to warn you about what to watch out for. How do you distinguish between what’s legit and what’s a scam?
[2:11 — 9:13] — What defines a scam? We started off by looking at the fitness industry and useless supplements. If you don’t understand what you’re selling, it may be a scam. There are more fitness supplements with esoteric terms that you simply don’t understand. These supplements promise you rapid results. If something seems too good to be true, it normally is. The guys talk about fitness companies that reach out to random people to become “brand ambassadors.” You should look out for companies that want you to spend money in order to be affiliated with the company. You should especially be nervous if a company wants you to hold inventory. You’re just going to fill your home up with crap. If you do have a good following, you should be paid fairly instead of hoping that people sign up.
[9:14 – 12:37] — The guys share a quick description of affiliate marketing and how it works if you’re looking to make money by promoting products that you believe in. Don’t risk your reputation for pennies. Don’t be selling to your friends and family. The guys talk about how to get started.
[12:38 – 16:45] — Should you be promoting to your friends and family? We share a story of a buddy who got dragged into a scam and how it damaged his reputation. The discussion then turns to where you draw the line. How do you promote a business? How do you get noticed? The biggest issue with many schemes is that you have no control over the product. When you have no control, you could end up promoting a shitty product.
[16:46 – 21:06] — How do you ask a friend or family member for support? The discussion turns to vague ideas and why you should avoid ideas that you don’t understand at all costs. You have to know how you’re going to get paid. The guys then talk about how these programs drag you into masterminds and events where they want you to spend more money.
[21:07 – 22:30] — Sahil talks about how he travels for work and helps other gym owners. He had to invest money into his business until he was able to get paid for consulting.
[22:31 – 27:31] — Martin brings up a controversial point about how you have to look at the source of the information. Who’s sharing this income source with you? Does this person have the results that you want? Is this someone that you want to be like? Sahil brings up why he respects Gary Vee and his story. You need to be taking advice from people who are in the game.
[27:32 – 30:04] –The conversation goes towards communication and how the company gets their message across. What’s the communication like? Do they have support? Is it easy to reach someone? It’s also important to research the company/the product/the system for making money.
[30:05 – 32:00] — What if you find out that people in this company are making money? Does this mean that you’ll also make money too? Should you jump in? We look at the math and how to figure out if you can make the big bucks.
[32:01 – Finish] — The most important thing is to find someone in real life who’s making money through this right way. You need to find real people who are doing this to make money. It’s easy to get caught up in the hype, but it’s important to stay focused on the task. We then finish up by talking about what to do if you did get caught up in a scheme to wrap up the podcast.