The Network Marketing world was rocked this week with the announcement of the Vemma shut down by the FTC.
Here are my thoughts on the ordeal that includes tips for the reps as well as a warning for all network marketers.
My Reaction to the Vemma News
First of all, just for full disclosure, I was never a rep of Vemma and am not a customer. I have tried their products and did like them but I am not speaking from the point of a former rep. We do have coaching clients that are/were Vemma reps though and it is a crazy time.
First of all, my heart goes out to BK and all Vemma reps. I know right now it is a confusing time and I do hope to offer you some guidance and help. Although I don’t personally know Bk, I have always heard from people I regard very highly that he is a great guy and really cares about this profession and his members.
Secondly, let’s all learn some from this Vemma shut down and I will also do my best to pull out as many lessons as possible for everyone. Here are some immediate ones that come to mind:
1. It is NEVER a good thing for network marketers when a fellow company has problems. In the name of protecting people, the incomes of probably thousands of people just got turned off. When thousands of people get their incomes turned off, small businesses suffer, families suffer and the economy as a whole suffers.
2. Don’t give anyone the opportunity of accusing you of making claims. If someone asks me if they can make $10,000 or more per month in the Network Marketing company I am a part of, I tell them sure, it’s possible, but most people are too lazy. I then show them the compensation plan and explain the difference between possibility and probability. IF they are discouraged with probability, they never would have made $10,000 a month anyway. If they see possibility and take it as a challenge, they will join.
Don’t hype. I am willing to bet that 99% of all Vemma reps were good and didn’t use hype tactics but it is that shady 1% that will get ya.
3. I believe this entire Vemma shut down thing started with the hypey recruiting of college kids. I would suggest against ever telling a prospect to quit their job or drop out of college to pursue network marketing full-time. If you cannot build a network marketing business part time, you also cannot build it full time. Encourage people to stay in their primary situation UNTIL they build a walk away income BEFORE they walk away.
4. Right now Vemma reps are hurting, don’t just lose your business mind and act like a vulture. I have seen people actually pasting their company sign-up page on Vemma reps Facebook profiles. Not only is this tacky it’s also a total absence of business intelligence. Just because Vemma shut down does not mean you can go marry the girl at the bar before buying her a drink. Posting your sign-up page (as I talk about in the video below) is like bringing chocolates for the widow to the funeral of her husband. Doesn’t sound too nice does it?
5. For the Vemma reps, I have a few suggestions…1. Learn to brand yourself. If your sole income was Vemma and that is all you are known for is being a rep of Vemma, then, you are almost going to have to start from scratch with whatever direction you do go. (I also talk about this below) The best free training I have for this concept is this training. 2. Don’t quit the profession. This stands out as a combination of government overreaction in the name of protection AND, in my opinion, a possible mishandling of complaints. The profession still works, focus on YOU being the vehicle not just a company and know that wherever you go, there you are. Focus on YOU being better always. Focus on YOU being mentored to become better not just relying on a company to provide for you. 3. Know that this isn’t your fault. Don’t beat yourself up about those you brought into the company. No one believes that you knew about the Vemma shut down and you don’t need to beat yourself up about it. Focus your energy on where you want to go and what you want to accomplish.
The Vemma Shut Down Periscope Video
I did this video yesterday on Periscope. Now, just to be clear, this was before I knew for sure that Vemma was in as much trouble as I now know but the message I still stand by. Hope it helps you understand how I feel about this profession and how upset I was about the Vemma shut down.
**Update – MLM Attorney Kevin Thompson Video
MLM Attorney Kevin Thompson recently did a video that has some hope for Vemma, you can watch it here, again, I hope Vemma does pull through.
I hope that the reps in Vemma don’t give up on the profession, as a point of reference I know a lot of people that had their company shut down OUTSIDE of network marketing, keep going, freedom is worth it!
If you agree with my points or stance, feel free to share this with others so we stand by and support our fellow brothers and sisters.
Did This Help You? If so, I would greatly appreciate it if you commented below and shared on Facebook
“I Teach You the Marketing, Mindset and Sales Strategies to Make More Money and Follow Your Passion!”
Considering Coaching? Check out my Work with Me tab and Survey where we Help People Everyday.
PS: Free 10 Day Online Recruiting Bootcamp Teaches you How to Recruit Using the Internet, Click Here for Access
If you enjoyed this post on My Thoughts on the Vemma Shut Down, retweet and comment please