This transcript was generated from the episode audio and may contain minor errors.
[Music]
Have you heard about the ultimate Brinkle inducer? Well, this is not an ad. This is actually an introduction to today's episode. Today's episode featuring a failure Friday story. One of our favorite segments that we do here every week on Side Hustle School.
Failure Friday is all about how we can learn as much from failure, if not more than we can from success. A collection of short stories about mistakes, missteps, disasters, and of course failure. So today the ultimate wrinkle inducer MLM, it's actually a makeup multi-level marketing company. This story features Melinda who is calling in from an undisclosed location, done, done, done. Actually, it's not really undisclosed.
I just don't know what it is. So it's more just, you know, it sounds better to say it's undisclosed, okay? But the point is the story. Melinda got sucked into this multi-level marketing opportunity, you know, someone said, "Hey, we've got a great opportunity for you." And fortunately she lived to tell the tale, although the business slash side hustle didn't make it out. So what can we learn from it?
Let's hear Melinda's story. I'll come back at the end with a quick wrap up. [Music]
Picture this, I'm Melinda, an office manager by day, juggling tasks and solving problems left and right. I love my job, but like most people, I occasionally dream of a more comfortable financial future. That's when I stumbled upon a multi-level marketing MLM company that promised me riches in financial freedom.
This is it, I thought, a life changing opportunity. So I took the plunge and invested several thousand dollars into the MLM company, believing that my dreams of financial success were just around the corner. Little did I know that my side hustle would turn into a roller coaster ride of ups and downs. Well, mostly downs. To earn back my investment, I had to make sales presentations and recruit others to join the MLM company.
I spent hours rehearsing, memorizing every buzzword and convincing myself that I was the ultimate salesperson. I was determined to make it work. My first sales presentation was at my sister's house with a group of her friends gathered around the living room. I was so nervous, I could feel my palms sweating and my heart race like I'd had just run a marathon. As I started my presentation, my voice wavered and I accidentally referred to our most popular product as the ultimate wrinkle inducer instead of reducer.
The room erupted in laughter. And while it wasn't the reaction I'd hoped for, it did break the ice. However, despite my best efforts, I quickly discovered that the MLM world wasn't as rosy as it seemed. The first reason for my failure was the product itself. The items were overpriced and customers could easily find similar products at a fraction of the cost elsewhere.
It was difficult to convince people to spend their hard earned money on something that didn't offer any unique value. Secondly, I felt uncomfortable pressuring my friends and family to buy products and join the company. I didn't want to jeopardize my relationships for the sake of my side hustle. The constant selling and recruiting started to weigh on my conscience. Lastly, I realized that the MLM structure was designed to benefit those at the top, while people like me at the bottom struggled to make a profit.
The company encouraged me to recruit more and more people, but the market soon became saturated and my income never reached the levels that were promised. Eventually, I made the difficult decision to abandon the MLM project and cut my losses. I had lost my initial investment, but I had gained a valuable lesson in the process. The experience taught me that not all opportunities are as good as they seem. And it's important to approach new ventures with a critical eye.
My MLM misadventure also helped me to develop a greater appreciation for my day job as an office manager, where I could use my skills and talents to make a difference without feeling like I was taking advantage of others. Looking back, I can't help but laugh at my ultimate wrinkle inducer, blunder in my naive enthusiasm for the MLM world. I may have lost some money, but I emerged from the experience a wiser and more cautious person. And who knows? Maybe I'll even stumble upon a side hustle that is truly the ultimate wrinkle reducer for my financial woes.
[Music]
Never confuse a single defeat with a final defeat. That's the theme of Failure Friday. And also don't invest in a multi-level marketing company. That's just a general theme for life, for success in life. But Melinda, I really appreciate your courage and willingness to share that story.
Even though it was a difficult decision to step away, I think that's the best decision in these situations. So fortunately, you're on to better things. And yes, the ultimate wrinkle inducer, probably not the best product to sell. And normally at this point, I would say more about why multi-level marketing is not good for pretty much anyone except the people starting the multi-level marketing companies. But Melinda has already taken care of that for me.
So thanks for that as well. Listeners, thank you. And if you have a question or an update for us about your hustle, a non-network marketing one, please, sidehustleschool.com/questions. Today's notes, sidehustleschool.com/2309. And of course, a new episode's coming out tomorrow.
Every single day, seven days a week, and no wonderful opportunity that you have to invest in. It's all completely free. My name's Chris Guillebeau. You're listening to Side Hustle School. [Music]
