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Why You Should Avoid Income claims
In the 21 years that I have been in business I have never talked about how much money I make. I don’t think it is appropriate and to be honest, it adds no value to my credibility, my customers, or to what I do. As a privately held company I do not have to file public documents every year and as a business and legal professional I know that these kinds of claims must be done with care and with plenty of documentation so they are verifiable. Knowing this, I have been rather annoyed by the people who claim to have ‘6 and 7 figure’ businesses and making other income claims lately, which are frankly rather unbelievable and very unprofessional.
The problem with income claims is that they are generally greatly overstated and they do not accurately reflect the person’s financial standing. They are also no substitute for professional credentials, expertise, experience, or authority.
I will give you a few examples of bad income claims in this podcast because if you are going to be choosing a coach or mentor based on their income claims, thinking that you can replicate them in your life and business, you should probably know the truth and be prepared to ask relevant questions. Or better yet, find someone who has actual business credentials.
The other problem with income claims is that they can get you in trouble with the Federal Trade Commission in the US, the government agency that oversees and regulates truth in advertising laws. Making an income claim is a form of advertising and all businesses, regardless of size, have to follow these laws. If you are investigated by the FTC for false advertising, which they can do if they feel your advertising is fraudulent or misleading, the penalties involve hefty fines and possibly jail time, as well as financial restitution to anyone they feel you have defrauded or misled by your claims. Do you see why this is important?
Read the rest of this article in the blog at gpsbusinessacademy.com
copyright (2004-2024) by Jennifer Hoffman. All US and international rights reserved.
Copy by Jennifer Hoffman
Narration by Jennifer Hoffman
Artwork by Jennifer Hoffman
No part of this work may be shared in any form whatsoever and on any platform whatsoever without the express written permission of the copyright holder. Failure to obtain permission and share this content or illegally appropriate this content for business or personal use will be subject to civil and criminal prosecution seeking actual and punitive damages and restitution. We have ZERO TOLERANCE for content theft, copyright infringement, and theft of intellectual property.
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By Jennifer Hoffman
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In the 21 years that I have been in business I have never talked about how much money I make. I don’t think it is appropriate and to be honest, it adds no value to my credibility, my customers, or to what I do. As a privately held company I do not have to file public documents every year and as a business and legal professional I know that these kinds of claims must be done with care and with plenty of documentation so they are verifiable. Knowing this, I have been rather annoyed by the people who claim to have ‘6 and 7 figure’ businesses and making other income claims lately, which are frankly rather unbelievable and very unprofessional.
The problem with income claims is that they are generally greatly overstated and they do not accurately reflect the person’s financial standing. They are also no substitute for professional credentials, expertise, experience, or authority.
I will give you a few examples of bad income claims in this podcast because if you are going to be choosing a coach or mentor based on their income claims, thinking that you can replicate them in your life and business, you should probably know the truth and be prepared to ask relevant questions. Or better yet, find someone who has actual business credentials.
The other problem with income claims is that they can get you in trouble with the Federal Trade Commission in the US, the government agency that oversees and regulates truth in advertising laws. Making an income claim is a form of advertising and all businesses, regardless of size, have to follow these laws. If you are investigated by the FTC for false advertising, which they can do if they feel your advertising is fraudulent or misleading, the penalties involve hefty fines and possibly jail time, as well as financial restitution to anyone they feel you have defrauded or misled by your claims. Do you see why this is important?
Read the rest of this article in the blog at gpsbusinessacademy.com
copyright (2004-2024) by Jennifer Hoffman. All US and international rights reserved.
Copy by Jennifer Hoffman
Narration by Jennifer Hoffman
Artwork by Jennifer Hoffman
No part of this work may be shared in any form whatsoever and on any platform whatsoever without the express written permission of the copyright holder. Failure to obtain permission and share this content or illegally appropriate this content for business or personal use will be subject to civil and criminal prosecution seeking actual and punitive damages and restitution. We have ZERO TOLERANCE for content theft, copyright infringement, and theft of intellectual property.