Introduction to Build My Income Daily MLM Compensation Plan
I know I am always trumpeting about how practical we Midwesterners are, but a few days ago, I was reading about one of the most notable cases of ill-advised consumer behavior in American history, and it started right here in the Midwest. I am referring, of course, to the Beanie Baby craze of the 1990s. If you are old enough to be searching online for articles about the pursuit of financial freedom, then you are certainly old enough to remember Beanie Babies; they were slightly floppy stuffed animals prized for their collectible value.
Like so many businesses that become successful, they started with a new twist on an old idea. The man who created Beanie Babies was a Midwesterner by the name of Ty Warner. Warner always had a theatrical streak to his personality. Much like your constant Notebook Crazy blogger, Warner’s college career lasted only a year. He studied in Kalamazoo, Michigan, which is not too far from here, and he majored in acting. He bounced around for a while after that, including spending some time in Italy, and somehow he got the idea to make a new type of stuffed animal, one that could be moved and posed, because it was partially filled with plastic pellets instead of being stuffed to the gills with plush stuffing, making it the stuffed animal equivalent of a comfy beanbag chair rather than plastic-coated living room furniture. First, Warner produced a product line of Himalayan cats, which he displayed at toy shows. The cats were fluffy on the outside and floppy on the inside. His rivals in the toy industry described the floppy cats as “roadkill”, but kids found them cuddlier than traditional plush toys. Before toy shows, Warner used to preen his floppy kitties like one would do with real show cats, blow drying their fur and styling their eyelashes so that they could make eye contact with potential buyers in just the right way. By all accounts, Warner was kind of a weird dude, not that there is anything wrong with being weird. If anything, it tends to lead to useful innovations. I’m probably kind of weird, myself. In high school, I spent my free time borrowing music CDs from the public library, reading the CD booklets, and writing an e-zine (as blogs were called in those days) called Classic Rock Ragnarok. The only candid shot of me in my high school yearbook is of me dressed as Oscar the Grouch, sprawled out on a pile of empty Halloween candy wrappers. I am also one of very few people from my graduating class to own my own house and have it all paid off. So make no mistake. I am not blaming Ty Warner for the financial ruin that eventually resulted from the Beanie Baby craze.
Beanie Babies came about as a result of Warner’s second great idea. His first great idea was to make stuffed animals that were floppy enough that it was actually fun to play with them. His second great idea was to price them in such a way that people could afford to buy lots of them, five dollars per Beanie Baby in the early 1990s. His third great idea was to shield his product from becoming an instant fad that burned out quickly; instead of selling them at big stores like Toys R Us, Macy’s, and Wal-Mart, he only sent Beanie Babies in small batches to locally owned boutique toy stores. At first, it was a brilliant business model. Kids enjoyed the floppy stuffed animals that cost a lot less than the fad toys of the 80s.
Then the parents got involved, and they approached Beanie Babies with the same mindset that has allowed the phenomenon of multilevel marketing (MLM) to thrive for as long as it has. Four women in Chicago, which is not too far from here, are generally credited with starting the Beanie Baby collecting craze. They started to catch onto what was, perhaps, the most sinister part of the Beanie Babies business model, which was the artificial scarcity; there were only so many of any given Beanie Baby. Becky Phillips, Peggy Gallagher, and two other women were the first to try to collect all the Beanie Babies. Soon, other women in Chicago were publishing newsletters with names like Mary Beth’s Bean Bag World or offering comprehensive lists of every Beanie Baby known to exist, in exchange for a self-addressed stamped envelope. (Kids, ask your parents what a self-addressed stamped envelope is.)
By itself, collecting stuffed animals is a harmless hobby, much like playing video games or writing a blog about old music that is new to you. The fallacy was that the adults who drove the Beanie Baby craze thought that it was going to make them rich; they were sure that Beanie Babies would increase in value. They bought them just to resell them; for part of the 1990s, one out of every ten items sold on eBay was a Beanie Baby. People squandered their children’s college funds on Beanie Babies. Somehow they thought that half-stuffed toys would do a better job of maintaining their value than fiat currency would. In West Virginia, Jeffrey White fatally shot his former co-worker Harold Simmons after a Beanie Baby resale venture they had been trying to start unraveled. In Las Vegas, a divorced couple had to divide their Beanie Baby collection between themselves in the courtroom in front of a judge, because they could not otherwise agree on how to divide them. Something tells me that Beanie Babies ruined many more marriages than just that one.
There may still be boxes of Beanie Babies in your basement, just like there might still be boxes of MLM merchandise. The only difference is that you can give the old Beanie Babies to your grandchildren to play with. You cannot do that with sachets of instant coffee infused with some super weight loss fungus. (I guess, actually, it is physically possible for you to do that, but shame on you if you would even consider doing it.)
If there is one thing I can say in defense of the Beanie Baby craze, it is that it never involved actual MLM; no one tried to get rich by convincing their friends to sell Beanie Babies. But, much like MLM, it resulted in lots of disappointed people with big debts, largely because they failed to look at the big picture. Here on Notebook Crazy, where I review MLM business opportunities every day, I find myself telling many versions of this story. The moral of the story is this: Whenever someone offers you a business opportunity that sounds too good to be true, whether it is stockpiling half-stuffed toys, recruiting legions of former classmates to sell plankton pills, or the Build My Income Daily business opportunity, ask yourself “How could this possibly go wrong?” And continue to ask yourself that question until you come up with several answers.
Build My Income Daily: The Company and Its Products
The first red flag with the Build My Income Daily business opportunity is its name; it makes no bones about being a cash grab. In order to be worth investing in, a business has to offer some useful product or service that people want. Operations where you put in a small amount of money in the hopes of taking out a larger amount are, at best, risky (like day trading on the stock market or out and out gambling) and, at worst, pyramid schemes (including the worst MLMs).
The good news is that the Build My Income Daily business opportunity is a business tools MLM with very little MLM. The Build My Income Daily website offers a number of business tools that you can download in order to enhance your online business. There is very little actual MLM involved; most of the time, you just buy Build My Income Daily products straight from the Build My Income Daily website. In fact, the only reason that the Build My Income Daily business opportunity qualifies as an MLM at all, and the only reason that I have chosen to include a Build My Income Daily review here on Notebook Crazy, my MLM review site, is because of the affiliate program. As affiliate programs go, it is rather harmless. All it says is that, if you refer someone to buy Build My Income Daily products from the Build My Income Daily website, you get a commission. That’s all. The Build My Income Daily website does not even shout loudly about its affiliate program. It shouts loudly about its products (it is almost as tacky looking as websites that advertise personal loans), but not about its affiliate program. In fact, I had to read about halfway down the Frequently Asked Questions page of the Build My Income Daily website to determine that it even had an affiliate program and therefore that I should even write a Build My Income Daily review for Notebook Crazy.
Now here is where the poorly thought out reactions part comes in. Some of the Build My Income Daily reviews I have read interpret the one and only paragraph of the FAQ page that describes the affiliate program as meaning that you get a 100% commission if you refer someone. On this basis, the Build My Income Daily reviewers go on to trumpet about how the Build My Income Daily compensation plan is awesome because you get huge commissions. In fact, that is not what the FAQ page says at all. All it says is that the affiliate program is “100% peer to peer”, which I interpret as meaning that there is not level upon level of downline, no time crunch to reach leadership levels like Double Crown Diamond in order to be eligible for a bonus pool.
Build My Income Daily products, for their part, are quite unimpressive. They are things like ready-made blogs, which are lousy from a search engine optimization (SEO) perspective. And, of course, there are the usual capture pages, link trackers, auto responder messages, and so on. They are pretty similar to the business tools of other business tools MLMs, such as Iguana Biz. You can get these types of products free on other websites, as I have mentioned in my other reviews of business tools companies.
The Build My Income Daily Compensation Plan
The Build My Income Daily compensation plan is delightfully simple, described in only a few sentences on the FAQ page of the Build My Income Daily website. It is a simple affiliate program, meaning that when you refer someone to buy Build My Income Daily products, you get a commission. No fast start bonuses, no binary structure, no nebulously defined “sales volume”, no autoship.
Advantages and Disadvantages
- Build My Income Daily products re not nutritional supplements.
- Build My Income Daily products are not costume jewelry.
- There is very little actual MLM involved in the Build My Income Daily business opportunity, so little, in fact, that the Build My Income Daily compensation plan is only a paragraph long.
- Build My Income Daily products are quite lackluster. You can download similar products elsewhere free of charge, to the extent that you would even want them. You are better off just writing SEO friendly content, in my opinion.
- The Build My Income Daily website is quite the eyesore, even compared to other MLM websites.
- Other Build My Income Daily reviewers have written that it is virtually impossible to get refunds on Build My Income Daily products, even when the products malfunction.
I am not outraged at the very existence of the Build My Income Daily business opportunity, perhaps because business tools MLMs do not offend me as much as some other types of MLM businesses so, but especially because Build My Income Daily is a company that sells products and happens to offer referral commissions, instead of a company that sells referral commissions and just happens to offer products.
Want to know how I built a successful Internet marketing business? Schedule a call with me, and I will tell you.