Warning: Run Away from These 7 “Online Businesses”!

I’ve come across many people who think online business is a hoax — all because they’ve tried out one or more online money-making ventures, but didn’t make any money. But on probing further into their experiences, I discovered that they didn’t venture into online business in the first place.

Most decriers of online business don’t understand what an online business really means. They think everything that fetches money over the Internet passes for a real online business. So, they plunge into any online activity that promise to fetch them money. But in the end, they failed because they missed it right from the start.

Get this clearly: A real online business is one that you have absolute control over, and that has the potential to fetch you a full-time income for as long as you wish. Blogging, affiliate marketing, information marketing, and freelancing are all in line with this definition.

But then, there are some other online activities that fetch people money, but are usually timewasters and risky ventures. And you must avoid them at all cost because, in reality, they are not businesses — in that you have little or control over them and income they bring, if any.

scam alert

Here are seven such businesses:

1. Forex trading

This was seen as the hottest business opportunity in Nigeria a couple of years back. Many people, including myself, quickly jumped on the bandwagon of Forex trading with the aim of making quick bucks from the foreign exchange market. But we soon got burnt due to the high-risk nature of forex trading.

While I admit that some people are making good money from forex trading, I still cannot stomach the fact that losing money as a forex trader is inevitable, no matter how experienced you are. That, to me, makes it more of a gamble thing.

In addition, most forex trading experts will tell you to separate emotion from your buying and selling decisions. But that’s almost impossible. We’re humans, and we can’t totally suppress our emotions. So, I think forex trading is only requesting the impossible.

Although forex trading is done over the Internet, and it involves investing and fetching profits, just as with any other business, it still doesn’t pass for a real business. And I’d advise you to stay clear of it because you’ll lose nit just your money, but also lose your sanity.

Imagine losing a whopping $500 within 10 minutes due to a miscalculated buying or selling decision. Some people won’t survive it, you know?

2. Online surveys

Online survey websites offer to reward you in cash or coupons for completing surveys online. While most of these websites are legitimate, they usually aren’t targeted at Nigerians, since most of the companies sponsoring the surveys aren’t serving a Nigerian audience. So you won’t find enough surveys to complete because Nigerians aren’t eligible for most surveys.

Redeeming your earnings is another issue. Most survey websites pay cash earnings via PayPal or Wire Transfer, which means you’ll have problems getting your money. And most coupons and gift certificates offered in place of cash cannot be redeemed within or from Nigeria.

Don’t get me wrong. Many people make a decent monthly income by completing surveys, but they’re definitely not Nigerians. And if you insist on making money by completing surveys online, just bear in mind that you’ll only get crumbs.

3. Click referrals

Many novices plunge into this notorious time-waster. Click referral programs tell you that all you have to do to make money is to slap up some ugly-looking links in blogs comments, social media discussions, and forum posts, and you’ll get paid each time someone clicks on those links. And once your earnings reach a specified threshold, you can request your payment.

That’s why you see those stupid links flying around everywhere people are having discussions online. Everyone wants to make money through the easiest means possible!

Interestingly, each time someone clicks your link, you’ll see your earnings rise. And you’ll be glad. (Why won’t you? After all, you’re “making money online” from the comfort of your home, and you’re on the way to start making five to six figures online every month.)

But the bitter truth is, your earnings will never leave your screen. So, if your goal is to earn hundreds to thousands of on-the-screen dollars so you can have some mouth-watering screenshots to show your friends, this option is what you’re looking for!

4. Get-paid-to schemes

Some websites promise to pay you for reading emails, surfing the web, or completing other tasks. Though some of these websites are legitimate, most of them are scams. Unfortunately, many Nigerians novices fall victim of these scams due to the huge payouts promised.

Back in 2005, I registered with a website that promises to pay between $10 and $25 for each email I read. I didn’t really have to read each email; all I needed to do was to just click a link embedded within the email — and my account would be credited. But the caveat was that I cannot request to withdraw my earnings until they reach $5,000. That was cool with me, since that website sent at least 20 emails per day.

I swung into action, going for overnight browsing for several days in a row. Some of my friends thought I’ve joined the “Yahoo-yahoo” league, but I dismissed that. I told them I’m into another form of “online business” — a legal one. And I assured them that I would soon “hammer”. Back then, I never stopped fantasizing about how I’ll spend my $5,000 after withdrawing it.

At last, I was able to reach the $5,000 threshold. And just as the company promised, the “Withdraw” button has appeared on my account dashboard. The sight of that fine blue button alone made me feel that I’ve finally arrived. I clicked the button and requested my payment. It’s going to ten years now, and I’m still awaiting my $5,000.

After realizing that I’d been scammed, I shortly registered with another website that I learnt was really paying people back then. But that website paid between $0.05 to $0.10 per email. And you can’t withdraw until your earnings reach $10. That was fine with me, since all I had to do was just read emails. And because the website has been proven to be credible, I was ready to go ahead.

I soon realized that the company sends me just two emails per week, each paying $0.05. I did my calculation, and I figured I’d need to read 200 emails to earn up to $10. That would take 100 weeks! I needed nobody to tell me to quit.

5. High-yield investment programs (HYIPs)

These are online investment programs that pay you a fixed percentage profit on your investments at specified intervals. As with other online schemes, there are legitimate HYIPs and there are tons of scams.

In 2006, a friend introduced a credible HYIP website to me. This website required a $10 minimum investment, and you’ll earn a profit of 20 percent every three days. I was able to withdraw my base investment and profits anytime I wished, but e-gold was the only payment option supported.

My spell with the website was fine. I started with $10 and they credited my account with 20 percent profit every three days. I would withdraw my total funds (to be sure all was well) and then reinvest everything again. Steadily, my funds increased.

But some weeks later, I stumbled on another HYIP opportunity. This newly discovered website promised to pay a whopping 200 percent profits. On learning about the huge returns, my common sense flew out of the window. And I didn’t think twice before transferring my funds from the credible website I’d been fine with to the “money-spinner” I juts discovered.

Just as the new website promised, my investment multiplied, but I was never able to withdraw anything. I’ve been punished for being foolish!

HYIPs websites are no longer popular as before. But even if there are still some legitimate ones, they won’t be worth your time.

6. Multi-level marketing (MLM)/ network marketing

You’ve probably heard of GNLD, Tianshi, and other similar bullshit schemes. There are many online “wealth creation opportunities” that operate in a similar fashion, the only difference being the use of the Internet.

These schemes are only interested in recruiting as much as possible people into their fold with the aim of enriching the few people at the top of the pyramid. To make some cash, you’ll be required to recruit certain number of individuals, who will in turn be required to do the same. And you’ll be rewarded for your growing downline. But you will reach a certain point where you get stuck — your earnings will stop because your downline isn’t growing.

I laugh whenever I see overzealous newbies running around and trying to recruit other people, so they can start growing their own downline. To achieve their aim, they resort to various tactics, such as advertising fake job vacancies and “millionaire mentoring” schemes.

No matter how rosy they might seem, multi-level marketing and network marketing schemes are closed-end tunnels that will lead you nowhere. You can ask those who have been into the “business” for years, and you’ll get answers that will drive home my point.

7. Social media “blogging”

This is more like blogging, but it’s done on social media. I mean, when you decide to use a Facebook page or Twitter profile as your own blog, posting updates at regular intervals, and trying to generate traffic to it, just as you would to a blog.

While the whole concept seems brilliant, the way social media works will most likely sabotage your efforts and jeopardize your chances of making money.

Each time you publish a post on a Facebook page, for instance, very few people will get to read it because your followers will see the post sandwiched among other topics and pictures posted by their friends and groups. And for those who have many active friends and groups, they’ll miss most of your posts because those posts get pushed down their feed very quickly. However, that doesn’t happen with a blog.

In addition, people get on social media to catch fun, so they’re not likely to take your piece of information that seriously, especially if it’s one you’re trying to use to gain their loyalty. That’s why many people ignore some good posts on social media.

Moreover, without a blog, nobody considers you as someone who is serious about making money online. That’s why all those make-money-on-Facebook type of strategies don’t work.

Bottom line

If you’ve been wasting your time on any of these online ventures, I advise you to stop because you’re in for great disappointment.

I’ve been into many of these things, and I can tell you emphatically that they don’t work. So, don’t waste your precious time and money!

Your turn

Have you ever tried out any of these businesses, or are you presently involved in any? Do you know other online ventures that are nothing but time and money wasters? Or do you have other questions? Share your thoughts by leaving a comment.

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Abass Toriola

I'm a seasoned freelance writer, internet marketing strategist, and online business coach. And I'm a university graduate, doctor-in-training, husband, and father.

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Updated: December 29, 2014 — 12:10 pm


Add a Comment
  1. I have been following your write ups and I have been impressed. All your imformations are impeccable. It is through one of your write ups that made me start a blog on my niche of interest and it is doing fine. However, your write up on forex trading is not encouraging. Yes when you plunge into forex trading without much knowledge and technical know-how you lose money at the slightest mistake. I have a website on forex trading and I have trading forex for over a decade and it has been a steady means of income for me. When I started forex trading it wasn’t easy because everytime I trade I lose money but after I found the tricks behind it, I can emphatically assure anyone interested that they will surely be making steady income from forex trading as part time or full time traders. This is 80 per cent assurance as there is no such thing as 100 percent. Best Regards

    1. Friday,

      You might as well be one of the “few people” who, as I stated in the post, are making money from Forex trading. But going by what I know of the business, I’d advise people to stay clear of it because they’ll most likely be unable to make unbiased decisions — since there’s this innate desperation to make money in most people.

      1. Thank you for your reply. I appreciate. I just want to bring to your notice and others that might be interested that forex trading has evolved also that you can make money from trading forex without. Making biased decisions that can drain your money. You make money just like the way you make money in shares and stocks without giving yourself hypertension.

        1. i love your post and i think you re doing a great job here. thanks for those useful information. but i totally disagree with you on the issue of network marketing. i can tell that you have a lopsided view about this wonderful business model as i believe it has the potential of changing the world. its a business that is changing the lives of millions of people across the globe. its so important and powerful that robert kiyosaki wrote a book about it titled “the business of the 21st century”. and coauthored another book on it with donald trump titled “the business school for those that love helping people”. Am sure you know those two guys enough to know that they wont involve themselves in anything shady businesses or atleast we never heard they did.or have you? what we need in this country is lots of financial education and exposure. and may be a little bit of open mindedness. there are things we will never understand when we keep a closed mind. network marketing is great for anyone that is ready to learn and make new discoveries not for the closed-minds and those who are unwilling to change. i will advice that you read “the business of the 21st century” by robert kiyosaki.note that, people do fail and succeed in any business and network marketing shoudn’t be an exception. with the right education and training and the right company any dummy can succeed with mlm. atleast i believe mlm is still better than working for straight salary. once again thanks for your posts, they have been very helpful. sam.

    2. Please do you know anything about binary options and will you be willing to help coach someone sir?

      1. John,

        Sorry, I don’t know anything about binary options.

  2. thank you boss@yalevel for these wonderful tips… you have safe a soul from wasting time and energy on surveys, I will focus on my blog and I will do well to monetize it.

    what can you say about FIVERR?

    you have any idea about it?

    please let me know.

    thank you.

    1. Christian,

      Thanks for reading the post, and for leaving a comment. I’d advise you to focus on your blog and forget about online surveys because … they suck!

      As for fiverr, it’s a very good place to make money online provided you have a fast-selling service to offer.

  3. For me i have been a victim of data entry online and did not earn a dime in realty only on screen. Tot i was alone, not knowing u too was once a victim

    1. Mike,

      Most data entry jobs are scams, too. However, there are legitimate offers on reputable outsourcing sites like Elance and Freelancer.

  4. This is a very nice and informative post but I don’t agree with your comments on point #1: Forex Trading.

    I’ve traded forex, and I made & lost money there. If you say Forex is not a business, you may be wrong. But I know it is an investment business (by that I mean you don’t sell a good or service directly, but you invest in the currency/country of someone who sells a good or service). Except you’re prepared to say that the world’s stock exchange markets (which are a major component of the FX market) are not businesses, you shouldn’t be so forward yet.

    Typically, you won’t invest in a company that pays its staff below the minimum wage, so also you won’t invest in a currency/country with a GDP below unity, for example.

    Granted, Forex has a gambling feel to it (for a certain reason), but unlike gambling, nothing happens in Forex by chance: ABSOLUTELY NOTHING! The rules of Forex are so straight-forward that we only lose money there because of greed or fear: traits which are just as detrimental to any other business on the face of the earth.

    Even a gambler has complete control over his money, yes! (“You got to know when to hold/Know when to fold up/Know when to walk away/Know when to run…I’m humming Kenny Rogers’ The Gambler. ) When folks stay their noses glued onto their PC screen while coaxing the chart to bear or bull in their favour, why won’t they lose their sanity & burn their money? More important than making money on Forex is Forex Education, but how many people want to make the cheddar without reading the manual? I believe you know the numbers!

    I don’t want to come across as a Forex guru, for I’m not, but I also want people to get the right information about Forex and not write it off altogether as you’ve done and are encouraging your readers to do. Come to think of it, you mentioned all the other businesses as having genuine & fake ones, why didn’t you say the same of Forex? That’s because there’s only ONE Forex market in the world, and it has been there for decades and will remain for centuries to come if our Lord tarries.

    Finally, one thing I want to leave here is that to trade forex, you need to be well capitalized. If you ever forayed into Forex with anything less than $500 (some say $1,000), you were kidding to the highest heavens! Also, every business has a risk, whether poultry farming or blogging, just because you don’t stake so much money on some businesses makes us judge them as low risk. But the thing with Forex is that every risk before you open a trade can be calculated to the nearest 2 decimal places.

    1. Hello Philips,

      I know what Forex trading entails. I studied it extensively for months before pluging in and out of it back then. I claimed it’s not a real business because you have little or no control over the whole thing. You’re at the mercy of the market. And you admitted in your comment that forex trading involves a tinge of gambling. So, who regards gambling as a real business?

      Yes, you have control over your money when it’s still in your hands, not after you’ve invested it. That makes it the high-risk venture that I called it.

      I stated clearly in my post that some people are really making money from forex trading, but that’s just a handful in a million. Most people fail at it. Yes, more than 90 percent fail at it. Most people — even including those who clained to make good bucks from it in the past — have left it now.

      And finally, the forex market cannot be compared with the stock market. Stocks are far less volatile and more predictable. And the factors that influence stock prices can easily be controlled, unlike forex trading.

      I agree with you that I might be wrong. But I still hold that forex trading isn’t just worth it for most people.

      Above all, I greatly appreciate your comment. It’s so long, it could make a post it itself. Thanks for taking your time to read the post and typing the comment. You rock!

  5. thanks for advice to stop patronize 7 wasteful biz.can you tell me which online business that is good to do right now.can we go for betting?

    1. Adomu,

      Please don’t ever consider betting. That’s just a euphemism for gambling! Consider starting a blog for Adsense monetization, freelancing, affiliate marketing, info marketing, or consulting.

    2. Betting?!…Of all the ”businesses” in this world?

      -Even it isn’t a business but gamble, a gamble that really sucks!

      -Just stay away please.

      – And to the Admin, name-sake. Thanks for the wonderful and timeserving piece. It helps.

  6. This is just the bitter truth and this post has challenged potential readers for a turnaround! I ‘m not in a hurry to forget my hard earned money lost to HYIP programs as a result of the seizure of LR. To be candid, this post portrays real life experience in the online business world. I agree with the aforementioned real online businessess, though required some efforts but with determination and focus, success is guaranteed. Freelancing is however recommended as a good start for newbee. Some freelancing services you ‘ll need for your online business

    1. Lukmon,

      Thank for taking your time to read the post, and for your comment. I greatly appreciate.

  7. Sir Abass, if some one runing a paid membership program website on the internet where member pay to register into the program at the same time get some commission for referring or inviting their friends to register under them without the downline stuff and each members get qualiity training on how to start and run a successful online Business on the site, can it be said that such Network or membership program is a Scam.

    1. Omyema,

      It depends on what they are paying you for. If they are paying you for promoting their program and making more sales, then that seems more like affiliate marketing, and there’s nothing wrong with that.

      But there’s a red flag: affiliate marketing programs don’t require a signup fee. I’m guess you’ve either been scammed already or you’re on your way to getting scammed.

  8. You re absolutely right, I was with GNLD for 7 years busy winning souls for them, later I realized dat they are nothing but brain washers so I had to quit. I really don’t want to go into details on what I went through there.

    1. Ebube,

      Sorry about that. It’s even better you quitted after 7 years. Some have spent longer and are still wasting their time, hoping to “hammer” soon.

  9. What can you say about Perfect Money sir?

    1. Lolade,

      Unfortunately, I don’t know anything about them. But if they’re very much reliable, we would have heard about them all over the place (my thoughts, though).

  10. Thanks for the replay, but sir what is your own opinion as regard to paid membership program like the following bloggers problogger.net, ejinsider.com and a lot more like that. I still need more clerification on the referral area where the member of the same paid program get commission for inviting their friends to join the membership program, can it be seen or regarded as a scam?. I am really sorry sir for asking too many question but it just that I need to fully understanding on this to know where I stand.

    1. Omyema,

      I’d advise you to search the web for as much information as you need. Most of the information packaged into courses by these people are available online for free. They’re only selling their personalities most of the time. So, you don’t have to spend your money on such courses for now.

      If such programs promise to pay you to refer others to their course, then that’s not a scam. It’s just an arrangement to encourage participants to further promote the program.

      Feel free to ask any questions you have. I’m ready to help you get it right from the start because that’s the most important thing.

      If you want to invest your money in anything right now, that should be a hosting account for your blog — I don’t know your plans, though.

  11. Tnks alot dis is highly informative,u re God sent cuz am on d verge of investing my money on one of d afforementioned point, even dou i have indulged seriously in to survey program and others, i ve over 7000 email msgs asking me to invest or sign up to series of busines online. Pls update me with step by step to create blog and how to make money from it, regard me as a novist. And other means to generate additional income. Tnks

    1. Pemi,

      You’re welcome. Thanks for taking your time to read the post and to leave a comment. As for your 7000 emails, just trash them ASAP!

      As for a step by step guide on how to create a blog, read the following posts:



      But, if you don’t mind, call me on 08062357604. I need to ask some questions and put you through the basics within a few minutes.

  12. Sir u are God sent to me. I worked with GNLD for two years but both come out.I want go into writing ebook but I don’t know how profitable it’s, so enlight me sir. Secondly I want to know more about blogging. Thanks.

    1. Francis,

      Information marketing is a very lucrative online business model. But you need to really understand how it works, especially here in Nigeria, before taking a plunge. It all starts with identifying a niche in which there are ready and desperate buyers.

  13. what about webnetnaira.com remenkcomputers.com, netcontacts.com that are nigerian referral services ar they a scam too
    plz i need your reply

    1. Victor,

      I don’t knwo anything about these services you listed. But if you’ve not seen anyone making money with them, I’d advise you to stay clear of them.

  14. Thanks Abass for this illuminating post. It will help people gropping in the dark online.

  15. Ikechukwu Chenimuya

    thank you very much for the timely warning. I would have fallen a victim if not for this wonderful post,

  16. wonderful post. well as for me i make money with expired domain names. it all involves buying an expired domain with traffic park it for free and the parking company place ads on it. whenever a visitor visits and click on an ad, you make money. you can equally sell that domain name when the right price comes or whenever you want. for example last year Ebola.Com was sold for $200,000 by it’s owner. i have a blog concerning this business and it’s at http://www.jelinco.com

    1. How cheap is a moderate expired domain?

  17. This is one of the most straight-forward online advice I ve ever red. Thank you

  18. please tell me more about GNLD and Referrals Links, you mean the are not working? cus i am into the both now. please tell me something.

    1. Patrick, yes, I meant what I said when I referred to both ventures as time wasters. Have you started making money from them?

      1. I do make money from Network Marketing because I study the industry and saw its actually the business of the 21st Century rightly put by Robert Kiyosaki. Do proper research before you go into anything. If you have a Legitimate Product or Services you are offering by your Company leverage on the Value and build a SYSTEM around it. Don’t take advice from someone who has not succeed in the stuff you want to do but from those that have succeeded. If I may ask how people spent 5 years studying Engineering in school but graduated and never used the degree does that mean the schools are scams. Truth be told learn the required skills for you to be successful in anything and with focus and positive association you will get to the top. Now this does not mean there are no Pyramid Schemes out there that’s why I said study and research very well before you venture into anything. If you are scared of failure or taking risk better be comfortable in your broke zoin cos no wealthy man got to the top being scared of taking risks. I love the points cos they are eye opener but please do proper research before you might discourage people from doing what might help them later.

        1. Kiki,

          Let me start by thanking you for taking your time to read this post and for leaving an in-depth and thought-challenging comment.

          Your comment left me wondering if you read this post at all. Is there any business on the that you won’t find advocates for? I mean, people who would go to any length to preach it because they’ve succeeded at it themselves? No!

          But do they meet my definition of a “real business”? No!

          Again, I placed all the businesses listed against my definition: “A real online business is one that you have absolute control over, and that has the potential to fetch you a full-time income for as long as you wish.”

          Now, how does Network Marketing fit into that definition? Do you have control over it? Can you continue making money for as long as you wish? No! If the company that runs the programs folds up today, then it’s over for you! You’re always at the mercy of that company! And that’s why it’s not a real business. And that’s one of the many problems I have with it.

          The fact that people are making money from it doesn’t make it a business. People are making money from gambling. Does that make it a business? No.

          And as for your argument: If I may ask how people spent 5 years studying Engineering in school but graduated and never used the degree does that mean the schools are scams. It’s weak one because it’s the student’s decision whether to use the degree or not. The school has done its part and fulfilled its promise, which is to teach the student what he needs. And that’s what schools have been doing since time immemorial. Have you ever heard an Engineering student lament that all he learned in school were lies and were not what he needed to be an engineer? Only then can you regard schools as scams.

          Another thing about a real business is that it’s transferrable. I can decide to hand over my blog to my son. And I can decide to sell my blog in return for a fortune. (If you know the stories of blogs like Huffington Post, you’ll know what I’m talking about.) Can I do the same for network marketing?

          And if you think I didn’t do research before labelling network marketing as such, search Google for “why network marketing is bad” or “why you should avoid network marketing”. And read what experts all over the world have said about the business. If you read with a plain mind, then you’ll be better enlightened.

          Again network marketing might be paying some people. Such people are just like employees working for the founders of the scheme. They might be making money, but they are not into real business!

          1. Mr Abass
            Thanks for your reply but if your definition of real business is a business of that you have total control over then I bet you got it all wrong. Name one business (not self employed as what you do cos there is no SYSTEM around it its only your continuos effort and presents that brings result. If you die today how can your blogging be bringing money for your family? not saying you are going to die o, just an illustration that you are self employed) that you are 100% in control of, even the blogging you are doing, its all dependent on some factors too. Network marketing is not like traditional businesses my friend but a real business and those who built it as a business don’t take long before they start generating income. Secondly if people actually learn the skills they will have improve themselves and their capacity cos its more of Personal Development perfectly disguise as business. Thirdly if you take Network marketing as a place to invest money and not do anything you will loose. Fourthly the only way a true network marketing professional can fail is if you quit. You talking about company folding don’t you know that 95% of new traditional businesses fails after 5 years and another 95% of the remaining fail after another 5 years. Is it that their businesses are not real business? No but people go into entrepreneurship without wanting to learn what it takes to be an entrepreneur and build a SYSTEM for themselves that will bring financial freedom, Network Marketing is no different. And Warren Buffet won’t invest in the industry and call it the best investment he has ever made if it was a scheme. And for the School issue I use that illustration to tell you that when people fail in life don’t blame the vehicle blame the individual driving that’s what it means to be Proactive and not Reactive, think of why you failed and see how to improve you and your capacity. Thomas Edison if was reactive would have given up on the 5 or 10th trial to invent the light bulb but its the 101 trail that gave the light bulb or is it 1001 trail. My point is network marketing as a vehicle is real and serious business as endorse by the US court as a legal business. If network marketing isn’t real business then franchise is also not a real business cos its the same concept just that network marketing you don’t need an office to build your business.
            If you are making a million naire monthly in profit or have a way to achieve that teach me how but if not do proper study of the industry and stop talking from your experience. Information sharing shouldn’t be coming from your experience only but from research, that’s when you are adding value to your readers.
            Read the book: “The Business of the 21st Century” by Robert Kiyosaki. Now there so many books written by people in industry who are earning over six figure and seven figures monthly in dollars and has helped enough people achieve the same. If you need them I can recommend them for you.
            Also read this article showing Forbes recognize the industry as one of the best way or plan for retirement

            Please don’t feel am here to contest with you, just that it feels bad when people don’t do proper research or has not succeeded in something and write what ever they like or from their bad experience to attract traffic instead from a neutral point for the benefit of their readers which should be the main point of blogging.
            Also am also not saying that every network marketing company is genuine cos there many fake or scammers out there and don’t be greedy you will loose your money but check if the company has a legitimate product or services that is solving people needs cos you make profit by pointing people in need of help to the right direction not by turning into sales persons. Its the company job to sell the product you are just a referral. Also check if the company is DSA registered. The Learn the 7 core skills it takes to be professionals in the business.

          2. If you search “Why network marketing is bad”, did you search ” why network marketing is good”?, if you search “why to avoid network marketing”, did you search ” why we should embrace it”? Please and what is your definition of expert cos children and amatures can have blogs and write what like. Also transferring your blog to your child will crumble if he don’t share in your vision or have your skills and selling it, not bad though. Network marketing organizations are transferrable as you can will it and your child don’t need to be an expert to enjoy the benefits of your labour.and organization can be sold too. Have you heard of Tim Sales? He sold his organization for $25million. So like I said do proper research cos if top entrepreneurs endosing Network marketing I think you should understand why. Get the video on YouTube: Rise of the Entrepreneur by Eric worre

          3. Kiki,

            WebIncomePlus can be only thriving on my personal expertise. That’s right. But I have another blog (names withheld for strong reasons) that fetches around $1,000 monthly via Google Adsense. I can’t remember the last time I wrote a post on that blog. I hire writers to write on it. That’s the kind of real business I’m talking about. My wife knows almost everything about it, so if I die today, she can carry on. Why? Because the blog doesn’t need my expertise to thrive. And the only things I contribute to it (supervision and KW research) can be easily done by someone else. Tell me how that’s possible with NM.

            You might as well argue that the site is dwelling on Adsense, which I have no control over. But note that it attracts direct ads as well, which also generate income by the side. It’s also now making money via affiliate marketing. So, it doesn’t run on a one-way income stream.

            That Warren Buffet invests in it is no argument here. Are big investors not investing their money in gambling outfits? Does that mean gambling is a business for gamblers?

            Gambling is a business for the owners of Nairabet, not for bettors. The GNLD scheme is a business for owners of GNLD, not for their marketers. Same runs through for other network marketing schemes. It’s like setting up a supermarket business and hiring marketers who get paid based on how many customers they bring. It’s not a business for the marketers; it’s a job! The business belongs to the owners of the supermarket.

            Now, you’re mixing up making money and having a business. You may be able to make millions from network marketing. Same goes for gambling. But does that make them a business? No–at least not for you. And that’s the point I’m trying to drive home.

            And as for the post you referenced. Did you see the original post written on Forbes that cited the article? The writer only described NM as a way to earn retirement income. He never called it a business.

            I particularly love the part of your comment where you said, “Information sharing shouldn’t be coming from your experience only but from research, that’s when you are adding value to your readers.” Get it right that even my experience was borne out of research. I didn’t have a one-on-one research. Virtually all I know about online business is a product of years of research. So, I think your advice applies more to you and Robert Kiyosaki, who are recommending NM based on their own experience with it, not based on research.

            Did you really take your time to read the posts I recommended you search on Google. You’ll see plain facts, not things like “Forbes believes…” Belief is not fact.

          4. Kiki,

            In all, you’ve made your point. It was in-depth. And I greatly appreciate people like you.

  19. not really but am expecting some money dis week

  20. Your posts are always very enlightening and eye-opener to those who want to succeed in online business. There is no need to waste precious time pursuing some of these online businesses which at the end will make you loose and pursuing shadow. Thank you for coming to rescue many serious minded online business seekers. More grease to your elbow.

  21. Nice one Abass
    But you didn’t answer my question about Franchising. Am also not a distributor for GNLD and I will give a success story about an elderly man in his 70 who built an organisation and fell sick. Now on his sick bed his one time effort was feeding his family very well because as long as the product he is using is awesome and people keep using it and as long as consumers uses the brand as a result of him linking them to the company, the profit from the sales of the product by the company part of it goes to him whether he is available or not, my brother that is residual income. Another mentor of mine here in Nigeria a 26 years old took the business serious and he had an accident but on the bed he was still generation income more than some so called small business owners and that is possible because he was able to introduce the brand to some people and the brand worked for them so you can’t control the number of people they will refer to that brand and he was touching lives even on the sick bed.After 1year and 2months he is generating 2million naira monthly in residual as a result of people using the brand and enjoying the brand and funny he don’t have to be selling them the brand every month because the company is the one doing the selling all he did was to introduce those in need of the brand to the company and get out of the way. And the brand is for everyone. These are possible because these guys didn’t see this as lottery or gambling but took it serious as a business and learnt the 7 skills to be a professional in the business and they have created a SYSTEM around their respective brand which they don’t have to spend billions of dollars researching and producing. Now is it everyone that went through your guidance in your books that are making money online? The same blogging how many bloggers are out there and how many are making the money? I guess No but does that mean its not a business? No. Everyone will strive once the learn the 8 habits of highly effective people and are willing to change their future and overcome the challenges they will face when they start something and instead of complaining and being a beta or a reactive person they show ask what am I missing and do that, taking full responsibility for their failure as an alpha will do or a Proactive person and the sky will be their beginning point.
    Note: Network Marketing is not for everybody but for those who want and need to WIN and has a big dream. Its not a get rich scheme as hard work and smart work are needed to make it work. Creativity is all you need in business today and so in network marketing. When you read the book I recommend you will see hard facts not experience.
    Happy Sunday guys

  22. great work. i have added this to my learning.

  23. Although being late to the party, reading this post just made me remember those days, I have attempted and lost money in all this businesses.I remember doing HYIP and making $35,000 onscreen dollars which I never could withdraw.I can remember losing my heard earned cash from egold when I was scammed by a fake hyip, back in 05,how about betonmarkets (now binary.com) I lost nearly 200 dollars in 3 mins,in forex trading back in 07, and 08 i lost all my money eventhough i was using a so called forex expert advisor robot,my brother people need to know about this, keep up the good work jare

  24. I dont support your addition of forex trading because i have been in the business for over 10yrs now and it is what is putting food on the table for me and i am almost finish my housing project and the rest through this too.
    it is greediness and lack of knowdge that kill Nigerians

    1. James,

      You might be making money from Forex, but you didn’t tell me how much you lost and how many times you failed before succeeding at it. Actually, I added it here because most of my readers are people who are looking to start making money without investing much, and so they cannot afford to lose huge amounts of money in the name of learning or training.

  25. dear Abass, i took my time to read and analyze ur wonderful post here. please can u tell me some legitimate websites, data entry sites and other biz u knw that can help one succeed online. thanks for ur good works, more red oil to ur joints

    1. Fiverr.com, Upwork.com, and Peopleperhour.com are good places to start. But the competition is darn too stiff!

  26. I really appreciate your post it opens the eyes of novices, but I totally agree with kiki because from the first time I decided to join in a network marketing company it has been a source for me to understand more about the business world than I have the previous years of my life. Network Marketing is dependent on the individual and he has total control over his income because if you just register with an MLM Company and sit back and do nothing you won’t make any money same principle applies to blogging if you just create a blog and don’t put quality posts on it regularly you won’t make any money out of it. This is a competitive world and once you love what you do and you are ready to put in the required effort you will definitely be successful. As you need more leads to your blog, the same way Bill Gates need more people to use his products, the same way Mark zurkerberg needs more people to use Facebook and the same way a NMer needs more people to the company he works with not just to make money but because the company provides a product beneficial to others and they agree to receive a certain commission for their work. Its like you are an employee with your job secured no fear of being sacked bcos you are essential to the company’s growth you work for. Thank you for reading am not trying to say people have not failed in Mlm they definitely have but so is it in all biz there will be the successful ones and the failures it depends on how you see the biz you are in. And I also don’t recommend any gambling scheme also cause that one you are uncertain of the outcome but as a NMer you determine the outcome. Thank you again sir I appreciate your blog keep it up.

  27. Mr Abbas i am very glad for ur useful information. Please can u pls sent me real website or any online business that i can earn free money.
    But please have u ever hard or come across any thing like (Millioner Blue Print) because i register with them, they even call with an international number telling me to make online transaction of $250 dollars that is NG50,000 to start making money from some thing they call Broker which i don’t know. They said it is free, the moment i make the transaction my account will be open and i will start making free money instantly the money will keep increaseing. Please is the real ? Because write my ATM 16 digit and 3 CVV at back of my card.

    1. Atsacha,

      I smell scam! Please don’t waste your money!

  28. Thanks Mr Abass

    This is very helpful!!!! keep the updates going, more greese to your elbow…
    please help me with online website where I can do legitimate online business… I need to get out of debt. please help. thanks.

  29. Great post. You just switched on a light bulb in my head. There are a lot of scams out there. What is your opinion about nigerians who say one should pay them to set up a foreign paypal account? Is it possible while you are in naija? And if it is, do you know anyone you can recommend?

    1. Mary,

      Thanks for your kind words. It’s true that some guys can help you create a foreign PayPal account. But the risk is that you can have the account blocked anytime. And note that if an account is banned, you lose all the money you have in it!

      1. Ok thanks but if I have a relative who uses paypal can I make use of it for my bizness?

  30. Hi Abbas i want to say a very big thanks, to you, for all your advise and information, giving on how start up online business, but one thing i must ask is this, if one is a blogger, and pahaps start generating much, trafic, through his blogg, how can the person make income through it, and possible, withdraw the money, this is what i need to know,

  31. Am a victim of 3 of these scams and i regret wasting my time. All these scams are of my mind right now. I want to invest in blogging and affiliate marketing

  32. Thanks a lot Abass for this post. I have actually been a victim of the online scams u mentioned. And because of them I thought that no one can make real money online. In fact, I thought that there’s no business on the Internet because of these scams. But through your explanations my hope is rising again.

  33. Thanks for the information, it is a brilliant one. Please tell me what you think about MMM

    1. Joseph,

      What I think about MMM is that it’s a time bomb that could explode anytime!

      1. Time bomb indeed 🙂

  34. Nice post ..u hmm please what kind of online business is advisable for a student , cos I really want to earn extra part from my pocket money

    1. Debo,

      Freelance writing is your best bet as a student. It fetches quick returns and isn’t hard to understand.

  35. Currently in a click referral platform, time to request for funds but keep being redirected to various pages.
    It’s ironic, luckily i there was no sign up fee, the only thing it will cost me might be my dignity on facebook, because if others i referred come to this same point I definitely would be questioned. Thanks for the tip wish I had seen this one month ago.

  36. thanks for this post, it has really helped me.
    Please how can I register for forex trade?

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