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Added for You - No More Using Industry Statistics to Sell Business Opportunities
Congratulations! If you’ve found this article, you are already ahead of much of your competition. The medical device sales world is extremely competitive, because it is extremely lucrative. Device reps are known to earn upwards of $500,000 a year in some cases. While that may be the best of the best, the majority are still making $150,000 to $250,000 a year. Therefore, t
Buying a Franchise is a huge step, just like buying any business.The best part about a franchise, though, is that you should expect a great track record and the answers to any and all questions you have, because the franchisor should have been there and done it all before!This article will give you plenty of questions to ask.NB: You may have to sign Non-Disclosure documents and
In the future this tactic of using industry statistics may become illegal and considered fraudulent due to a proposed rule that the Federal Trade Commission is considering which would govern business opportunities. In the rule business opportunity sellers would have to prove and have records to prove that the statistics they use are actual statistics of people who bought their particular business opportunity.
Why is such a rule being considered by the Federal Trade Commission? Well, because there has been fraud in the past uniform of unsubstantiated earnings claims, which has damaged consumers. Below is an excerpt from the rulemaking section report by the Federal Trade Commission on their potential proposed rule;
Proposed section 437.4(c): Industry statistics
“As noted above, proposed section 437.4(c) would address a problem that is prevalent among business opportunity sellers: the use of real or purported industry statistics in the marketing of business opportunity ventures. It is common for vending machine promoters, for example, to tout what are purported to be industry-wide vending sales statistics. A matrix of potential earnings based upon an industry-average sliding scale of “vends per day” is typical. The use of such industry statistics in the promotion of a business opportunity creates the impression that the level of sales or earnings is typical in the i
I can guess that if your are any kind of electrician at all, you can do all the basic trouble-shooting, rewiring, and replacement that any homeowner or business person would require. After all, you are a licensed professional, right? But knowing how to replace a circuit breaker is not what’s going to pay the bills. So what is going to ultimately make you successful? Your accountant, insurance agent,
Why is such a rule being considered by the Federal Trade Commission? Well, because there has been fraud in the past uniform of unsubstantiated earnings claims, which has damaged consumers. Below is an excerpt from the rulemaking section report by the Federal Trade Commission on their potential proposed rule;
Proposed section 437.4(c): Industry statistics
“As noted above, proposed section 437.4(c) would address a problem that is prevalent among business opportunity sellers: the use of real or purported industry statistics in the marketing of business opportunity ventures. It is common for vending machine promoters, for example, to tout what are purported to be industry-wide vending sales statistics. A matrix of potential earnings based upon an industry-average sliding scale of “vends per day” is typical. The use of such industry statistics in the promotion of a business opportunity creates the impression that the level of sales or earnings is typical in the i
Building your brand into a brand leader isn’t easy. There are 2 areas that can really help you grow your brand, passion and consistency. Passion is incredibly important. You have to understand that even if you are a start up or a one-man operation, or are well on your way, you are still a brand. You have to care passionately about the way your brand is nurtured, developed and presented to your targe
Why is such a rule being considered by the Federal Trade Commission? Well, because there has been fraud in the past uniform of unsubstantiated earnings claims, which has damaged consumers. Below is an excerpt from the rulemaking section report by the Federal Trade Commission on their potential proposed rule;
Proposed section 437.4(c): Industry statistics
“As noted above, proposed section 437.4(c) would address a problem that is prevalent among business opportunity sellers: the use of real or purported industry statistics in the marketing of business opportunity ventures. It is common for vending machine promoters, for example, to tout what are purported to be industry-wide vending sales statistics. A matrix of potential earnings based upon an industry-average sliding scale of “vends per day” is typical. The use of such industry statistics in the promotion of a business opportunity creates the impression that the level of sales or earnings is typical in the i
Buying a gift takes an enormous amount of care and patience. As if that is not bad enough, choosing a gift for your boss or an important client can be nerve-wracking and stressful. Naturally, because you are trying to make a good impression, you would like to come up with a gift that exudes professionalism, attitude, and class, and is, at the same time, unique.One of the things that corporate
Proposed section 437.4(c): Industry statistics
“As noted above, proposed section 437.4(c) would address a problem that is prevalent among business opportunity sellers: the use of real or purported industry statistics in the marketing of business opportunity ventures. It is common for vending machine promoters, for example, to tout what are purported to be industry-wide vending sales statistics. A matrix of potential earnings based upon an industry-average sliding scale of “vends per day” is typical. The use of such industry statistics in the promotion of a business opportunity creates the impression that the level of sales or earnings is typical in the i
Why do we read? Well, we read for any number of reasons. I've read books for pure entertainment, to pass time, out of cohersion (school), or to learn about something I was interested in. Last year, however, I discovered a new reason I like to read. In reading Tim Sanders' Love Is the Killer App, a book about love and how it relates to business, Sanders suggests that we read because it allows
To prevent this type of deceptive earnings claim, proposed section 437.4(c) would prohibit the use of industry financial, earnings, or performance information “unless the seller has written substantiation demonstrating that the information reflects the typical or ordinary financial, earnings, or performance experience of purchasers of the business opportunity being offered for sale.” Accordingly, before a seller could use industry statistics, it must be able to measure the performance of existing purchasers and document that the industry statistics reflect the existing purchasers’ typical performance. For example, a start-up business opportunity with no or very limited prior sales would probably not be able to use industry statistics because it would lack a sufficient basis to demonstrate that the industry statistics reflect the typical or ordinary experience of the start-up’s prior purchasers.”
If you are a business opportunity seller perhaps you may wish to contact the Federal Trade Commission on this proposed rule and putt in your own comments. For instance you might state do you think the rule is unfair or that it needs to be slightly modified or to be made fair. Perhaps you believe that legitimate industry associations, which put together data and reports
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