What Is My 1 Dollar Business About?

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Recently, one of my Twitter followers tagged me with a link to My 1 Dollar Business, so I decided to see what it was all about.  Is it legit, or is it a scam?

My 1 Dollar Business

Steve Gresham
Steve Gresham

Rating: onestar

Price: $1 per month (sort of)

Owner: Steve Gresham

Website: www.my1dollarbusiness.com

 

Click Here! for a review of my #1 Recommended Product for making money online!

 

Introduction


My 1 Dollar Business is a multilevel marketing (MLM) company that sells memberships in a savings program.  What exactly do you get with a membership?  According to the website, you get:

“Membership benefits programs, 24-hour roadside assistance, family legal plan, 24-hour shopping concierge, worldwide travel program, worldwide condo program, tax deduction software, vacations, personal development success modules and more.”

There is not much more information on the membership benefits, and I had to dig into the website just to find that much.  Most of the website talks about recruiting your team and the compensation plan.

 

So What Is the Compensation Plan?


compensationWith all MLM companies, you make money based on your own product (membership) sales as well as those of your team.  In the case of My 1 Dollar Business, you get paid for memberships up to 10 levels down.  You are only required to recruit two members, but with each member under you recruiting two members each, you can have a team of 2,046 members.

You make 20 cents commission on each member that you personally recruit plus 5 cents commission on every member in your downline.  These commissions are based on your members paying $1 per month, so if that were it, and you only recruited two members, you could only make a little over $100 per month.

That is not all there is.  There are various phases that you progress through, with each phase costing progressively more money per month but increasing your earning potential as well.

Phase 1

  • Qualification: Recruit two (2) members
  • Cost: $10 per month
  • Commission: $2.50 per personal recruit; $0.50 per team member
  • Maximum Earnings (with only 2 personal recruits): $1,028 per month

Phase 2

  • Qualification: Two (2) personally recruited members & 10 members total on team
  • Cost: $20 per month
  • Commission: $4 per personal recruit; $1 per team member
  • Maximum Earnings (with only 2 personal recruits): $2,054 per month

Phase 3

  • Qualification: 20 members total on team
  • Cost: $50 per month
  • Commission: $10 per personal recruit; $2.50 per team member
  • Maximum Earnings (with only 2 personal recruits): $5,135 per month

Phase 4

  • Qualification: 50 members total on team
  • Cost: $100 per month
  • Commission: $20 per personal recruit; $5 per team member
  • Maximum Earnings (with only 2 personal recruits): $10,270 per month

 

What I Like


One of the biggest complaints about people who have a hard time achieving success in MLM’s is that whether you’re talking selling products or recruiting, it’s hard to sell.  People are naturally reluctant to part with their money, so you have to convince them what you’re selling is worth the cost.  That’s not always easy.

With My 1 Dollar Business, you are only asking for $1 a month, and you only have to recruit two people.  It seems pretty easy.

 

What I Don’t Like


Before you jump at this opportunity and think, “What do I have to lose? It’s only a dollar!” let’s take a step back.  There are a number of problems with this business model.

Problem #1: What Are They Selling Again?

pyramid scheme
Pyramid Scheme?

For an MLM to be a legitimate business, it needs to actually sell a product.  If it only involves selling memberships with no benefit other than passing money up the line, it’s not a business; it’s a pyramid scheme.  My 1 Dollar Business claims to offer some benefits of membership, like road-side assistance  and a family legal plan, but there are no details.  The selling point is on the money you can make recruiting new members.  While this may not be legally classified as a pyramid scheme, it comes close to it.

Problem #2: It Doesn’t Only Cost a Dollar

Sure, initially you only pay $1 per month.  However, once you recruit two members, your price goes up to $10 per month.  Sure, your earning potential goes up as well, but until your team members are promoted, you don’t earn anything, because once you’re promoted, you only earn commissions at your current level.  In other words, when you get promoted to Phase 1, you no longer get paid for your team members who only pay $1 per month.  Your earnings go to $0 until your team members also get promoted to Phase 1.  Of course, by that time,  you might get promoted to Phase 2 and end up paying $20 per month with $0 income.

Problem #3: Been There, Done That

This is not Steve Gresham’s first rodeo.  Before My 1 Dollar Business, he offered a program called My Savings Highway.  It was very similar to My 1 Dollar Business, so the big question is: Why would you abandon a MLM business and start over?

I don’t know for sure, but here is what I think.  I believe that this is so close to a pyramid scheme that the lower members had trouble recruiting and eventually quit paying because the “product” was non-existent and therefore not worth even $1 a month.  Once lower members stop paying, the upper members stop earning, and the whole thing falls apart.  So he just dissolved the entire scheme, waited awhile, and then released the exact same thing under a different name.

 

Final Verdict


Rating Recap

thumbs-downMy 1 Dollar Business

Rating: onestar

Price: $1 per month (sort of)

Owner: Steve Gresham

Website: www.my1dollarbusiness.com

While I think there are legitimate MLM opportunities out there, I don’t believe this is one of them.  The “product” they are selling appears to be just a few random services thrown together to keep things legal.  While you might be able to earn some money  here, in all likelihood, you’ll end up being one of those at the bottom of the pyramid and end up holding the bag when the whole thing falls apart.

 

If Not My 1 Dollar Business, Then What?


There are legitimate ways to make money online.  However, beware of any opportunity that promises lots of income with minimal  effort, i.e. just recruit two people.

If you would like to start an online business with a significant earning potential, and you’re willing to put in the work to make it happen, check out my #1 recommended product, Wealthy Affiliate.

Wealthy Affiliate is a community of online entrepreneurs with one purpose: to help each other make money online.  While the business model taught at Wealthy Affiliate does include promotion of Wealthy Affiliate itself, it is definitely not required.  You can choose any niche for your business.

Here is a handy comparison chart.

 

If you have tried My 1 Dollar Business and have an opinion of it, I would love to hear it.  Just drop me a Comment below.

Have a great day!

Andy

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6 thoughts on “What Is My 1 Dollar Business About?

  1. That was a great review and thank you for your honesty. A lot of people would have jumped immediately just because of the dollar. Very well written too Andy. If only others took the same amount of time you did to find out what was really going on there would be a lot less people disgruntled about their choices for business.

    1. Thanks, Merry. I was actually tempted to jump in with both feet too. I mean, it’s only a dollar… until it’s $10, then $20, then $50, then $100. And just when it looks like you might start earning, the whole thing collapses. No thanks. I’ll stick with Wealthy Affiliate.

  2. Thanks a million for your review, it is good to really do your home work before investing your hard earned money and your time because there are a lot of scams that are out there that is waiting to take your hard earn dollar. All the best to you and have a good day.

    1. So true, Norman. I was actually a little surprised to find that this was just a recycled MLM from a company that had failed offering the exact same business opportunity. You never know what you will find when you do reasearch.

  3. Hello and thanks for sharing this awesome review, it is always good to do your home work before you get in to something just because they tell you the kind of money you can make by joining with them. Your post is well detailed and filled wit a lot of good information. All the best to you and have a good day.

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