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Tuesday, August 20, 2019

IBO Best Practices

IBOs have different reasons for choosing to own an Amway™ Independent Business, but it’s important to remember that we all share a bottom line – you’re in business to make money. 

This Best Practices message is intended to help you be prepared to talk to others about the income potential offered by an Amway™ Independent Business.

Money may not be your only goal. Many people choose this Business because it involves helping other people, reaching out and connecting to them.  It’s a business that can be pursued with a spouse or other family members and friends.  And every IBO may have different expectations for the amount of money they would like to make.

For some, it might be enough to pay for children’s summer camps.  For others, it may be to earn enough for a spouse to quit a job.  Or it may be to have extra spending money each month.  And for others, it could be to have enough money to have financial stability.  No matter the differences, ultimately, the bottom line – making money – is important.

So how do we talk about it with Prospects?  There is great income potential with this Business, and it can be easy to get overly excited in explaining it to others.  Truth and accuracy are of utmost importance whenever we talk to others about the income potential of an Amway™ Independent Business. 

Research says most Prospects are seeking additional or extra income, and not a replacement for full-time income  -  at least not initially.

Best Practices ensure that Prospects receive helpful and, in some cases, legally required information so that they understand the effort and potential associated with the Business and are not oversold.  When talking about earnings with Prospects, we can talk about how much we personally make in income from our Amway™ Independent Business or use authorized earnings representations provided that the required income disclosures are used where applicable.  We also can share the annual numbers for the overall business (such as sales and the amount IBOs collectively earned in bonuses and incentives). 

It is important to remember that even implying that any of us personally earn more than we actually do is unacceptable.  Telling someone that they can earn large amounts of money just by working a few hours a week also is not acceptable. 

When discussing earnings during the presentation of the Plan, Rule 5.3 requires that we provide a copy of the Amway Business Overview Brochure (ABOB) to the Prospect.

We all know that it takes time and effort to build a successful and profitable business – it’s not something that can be done in a flash with a minimum amount of work.

Building a successful business is challenging, and an achievement to be proud of.  It should always be represented as such.  Portraying it as something that doesn’t require much effort does a disservice to Prospects by setting them up with false expectations.  It also minimizes the work of those who have built strong businesses and exposes you, your organization, and Amway to potential legal claims that the Business is being misrepresented. 

The Amway Business, as it is, is a great opportunity.  There is never a need to oversell it.  Many of us have accomplished more than we had ever believed possible.  We know the same can be true for current IBOs and Prospects.

Please feel free to contact us if you have any questions.