I wanted to write a review on My Business Venture because when I was researching whether or not this would be a good business opportunity, I found it very difficult to find any real information from people that invested in it. Along with a review I am sharing my personal experience with My Business Venture to date.
What Is My Business Venture
My Business Venture (MBV) is a business opportunity that sets you up with a fully loaded eCommerce store. You get not only your website loaded with products, it is a turn key operation with merchant services, shopping cart, training on how to navigate and change the website, as well as some training on being a business owner and marketing. Your job is to then drive traffic to your website and WooHoo, you are now making money! That is not always an easy task by the way. The creator of My Business Venture is Thomas Stridon, he has several You Tube videos and seems like a really upstanding guy. The company has been in business for over 20 years.
To Good To Be True?
Most of the reviews I found on MBV were from affiliate marketers that had looked at the business but had not invested in it. I feel qualified to write a review on MBV because I became an owner of one of their online retail stores. I want to share with you my experience so far. So, this won’t be unbiased, but I will try to stay objective and give you the information you need to know about the company so if you are looking into it you may have some insights I didn’t.
On You Tube I found a lot of short testimonials from people that purchased MBV. However, most of the testimonials seemed like they are from new owners, not seasoned making tons of money owners. Probably should have been a red flag.
I ran across MBV on a site when I was reading a review about another online opportunity, I wasn’t initially looking for it, but became intrigued. Once I started to try to do some research I found the company mostly advertises on franchise sites, it isn’t actually a franchise you don’t pay them any royalties once you purchase the store. It is your business totally to run how you want.
What Do You Get
There are 2 options to buy your online store with MBV, I found option 2. This was the more expensive of the 2 and had several options I thought would be valuable, listed is what comes with that option. I will go more into pricing later.
Here is what comes with the fully loaded option 2 –
- A turn key eCommerce superstore with 15,000+ products, and free shipping to customers
- High speed web hosting using the latest technology
- Custom Logos.
- Merchant account and gateway
- Website verification with Google, Bing, and Yahoo.
- Facebook Business page set up, 60 item Facebook store.
- All social media accounts set up. 2 years of social media submissions.
- Live chat set up on website.
- Website spokesperson, basically a short video welcome message on your website.
- Business email set up
- Google analytics account set up.
- Holiday seasonal sliders
- 3 You Tube videos for your store
- Ability to add new products to your website
- Training Package with 2 one on one coaching sessions.
- Up to $500 in free shipping if you choose to sell on 3rd party sites like eBay or Amazon.
- An account with Sunrise Wholesale Merchandise.
- Multiple store themes to choose from.
- An option to have your own affiliates sell your products.
There are several different payment options but two overall options to purchase your eCommerce store through MBV. Option 1 cost you just around $4000 and there is a payment plan. You don’t get all the bells and whistles but you do get the completely loaded store. So if you know how to market and use social media that might be a good way to go.
Option 2 is around $8000. I purchased the second because it had some options such as setting up my Facebook Business Page and store, setting up all my social media accounts and social media marketing, Google, Bing, Yahoo SEO and a few more things that I as someone who is not tech savvy did not want to mess with on my own. I have questioned if I actually could have done much of the upgrade options myself with the training I am getting online, more about that later.
Overall I am very pleased with the way my store looks, and find that it is pretty easy to navigate and make changes to. You can check it out at www.rightpriceretail.com.
You get access to some good basic training on running a home based eCommerce business. There is an option to get more training available. I have chosen not to do it at this time.
MBV support is really responsive, I generally will hear back within the hour. I found have a challenge with my blog post that is taking much longer to resolve, but typically you will get a pretty immediate response.
As part of building my business I have been drop shipping on eBay and had some success, so I know the products are items that people want. The $500 in shipping is allowing me to be competitive on eBay and Bonanza.
With the $8000 price tag you get a Facebook Business Page built for you. As I am totally not a social media person (yet) this was a nice bonus for me.
You immediate get a handout on ideas on how to market your business.
The Not So Great
As I said when I started, it is really difficult to find out much about how others are doing with the business. The one site they let me check out was one that they use in many of their training videos. I think this should have been a red flag too. If owners are doing great wouldn’t they want to share? Also, wouldn’t you as a company want to promote your successful clients?
My Sales Rep – I feel like my representative was a bit of a used car salesman. I wanted to sleep on it after we talked about the opportunity. It was at the end of the month and he gave me a bit of a high pressure sales job. He told me about a $500 shipping bonus that ran through the end of the month only, but he would try to get it for me even though the next day was the first of the next month, doing me this huge favor. What I have found out since then is that this is a standard offer that they give to all that purchase the business. Really not happy with that. He also told me he would be with me every step of the way, we were partners. If I was successful, he was successful. It has been over 3 months since I bought my store, he has not reached out once to see how I am doing or whether or not I have questions. I have had an account rep reach out to let me know she was there if I needed assistance, 2 months after my store opened.
The training – some good but also some not so great. There is a student portal, some good training but I found some if it pretty basic as I have been in affiliate marketing for awhile and am not a complete newbie at this. They offered some group trainings and 2 individual coaching sessions. Well the group trainings were like a classroom webinar without an opportunity to ask questions. I found was that the individual were pretty much the same.
I thought I would have an opportunity to ask my questions and get some help with the issues I was having building my traffic. My coach had me come up with some goals, but without any “lets figure out how we can reach your goals.” Even more frustrating was during my individual coaching session I was put on mute while my coach walked me through another 50 minute webinar and gave me maybe 5 minutes to ask questions, the second training didn’t even give me that much time. I am a coach, that isn’t coaching.
What was also frustrating was that my second one on one session was all about Grassroots marketing, something I have no interest in at all. I wanted to learn about Facebook Marketing and Google Ads, places to market online as I want as much of a hands off business as possible. I am now beginning to think that is not possible with this business.
The Blog Post. Search Engine Optimization is one of the ways to get traffic to your store but the blog post option at this time is having difficulty with adding images. It also doesn’t work like my wordpress blog posts where I can post my URL to my Facebook page and people can just read that blog. I have to add the whole blog page, I’m afraid at some point it will be too big a file to open. Just not sure how it works, so I think a kink in the system, might be I need to learn more.
The Product Categories – There are some really great items in my store. When I looked at the one store they directed me to, was impressed with many of the items. However, many of the things that I read talk about marketing a niche, so if you are really interested in find a niche that you can blog about, tweet about, use with other social media I am not sure MBV is the thing. I have selected categories like Home Decor, Home and Garden, and collectibles with my advertising to do targeted marketing, but there are so many items on the store I feel like it might be too much for new customers to wade through to find what they want.
My Website is not on the Invoice that my customers receive. One of the things I read on ScamXposer (one of the few reviews I found) was that products were shipped with my label. That is not happening. I ordered an item as though I was a customer to see the process, and there was no mention of Right Price Retail on my packing slip. I have had requests from eBay purchasers about additional products and they do not seem to be aware of my website. When I drop ship there is an option to request that my website name be on the invoice, that is not happening as far as I can tell. To me that is definitely a downside. I was hoping selling on eBay would give my store more exposure. The item we ordered was a can opener, it took two weeks to get to me, also not great. I am finding that most things I have sold on eBay are getting there within a week to 10 days though. So maybe a fluke.
Not clear what the 2 years of social media marketing and SEO looks like as I have not heard a peep form MBV on how they are helping to market my store.
Definitely some frustrations, is it just a learning curve that I need to get through? I am certainly not having the experience I expected.
Is This a Good Opportunity or A Bad One
First of all let me say I believe this is a legit opportunity. Overall, I think the price is okay for what you get if you don’t have the time to invest in building up a website and tracking down wholesalers. For MBV the site is totally automated and they tweak it for you so I think the company is probably making a nice profit off of the customer. For me it was time, the learning curve to set up an eCommerce store and all the back office things that need to be set up, seemed overwhelming. Although, as I am also on Wealthy Affiliate, an online training site for building websites and learning affiliate marketing. I am learning that it might not be as difficult as I thought. The convenience of having the store up and running in a few days and owning a potentially viable business at a cost of less than $10,000 was for me a reasonable investment. At least with the information I received about the potential to earn back my investment within months.
With any business there are ongoing costs, website hosting and maintenance, a minimum monthly fee to your merchant services. Any advertising costs are all yours. The website hosting fee is $359 annually, your payment gateway is a little less than $20 a month, and the Merchant account fee is $25 a month. So $75 a month even if you are not making any money. There are more fees based on sales, so that monthly amount will go up as your business builds. Something to keep in mind.
I have been running my business now for 3 months. I have run Facebook ads and spent about $400 on Google Ads. I have boosted posts on Facebook, I have told friends and family and as to date I have had at least 700 visits to my site and made no sales. I am really not sure why that is, I think there are some great items and the prices are reasonable. It definitely has me concerned about my investment.
I have had some success with drop shipping on eBay, I have a Bonanza Store and not much success there so far. I am finding free places to advertise online and starting to look at other options. I know it will take time but am very disappointed with my results so far. Would love to be able to talk with other owners and see where their success is coming from.
When I talked with the one owner he said that he has had his store about a year and a half and he is making some money but has not quit his day job. In all fairness I found not ask whether or not that is his goal. It is mine and I was assured by my sales rep that was a possibility.
If you have some marketing savvy and a budget to market, or you are willing to pound the streets in your local community to find merchants to sell items to, (there are bulk items), this could be a good opportunity. It is however a business and it will take some time to build. The downside of this is the ongoing costs. I am paying out $75 a month to just have my site up and available. On Wealthy Affiliate where I have affiliate sites, the only cost is the annual hosting fee.
Everything My Business Venture does is something you can do. Building a store with 15,000 items would be overwhelming and time-consuming but you could absolutely do it on a smaller scale. MBV gets their items through Sunrise Wholesale Merchandise, I have found them very easy to work with. They do have an option to build a website through their site, and they also have some plans where you can upload products to eBay and amazon that are totally integrated.
If I had it to do over I would have done more research. I think there is probably a much cheaper way to do this than MBV. That said, if you don’t want to spend the time doing the research, or taking the time to learn eCommerce, find products to sell this is a way to go. Just go in with eyes wide open this is not going to be an overnight tons of money business. One owner review I found find said that it took him about 3 months to get his investment back, so there must be ways to do it and I just haven’t found them yet. Plan to put in time and money in ads to get traffic to your site. If you are a whiz at social media this will likely be easier for you than it is for me as I am learning that as well. I am getting some positive feedback from my Facebook posts and ads, can’t take that to the bank though.
This is also a retail store, even though it is online you have customer service. It is still about building relationships. The more customers you have the more hands on you will likely need to be. If you are looking for making money while you sleep with little time investment I am not sure this is the method of online income you want. Affiliate marketing does have an advantage there because you send the customer to the affiliate and they deal with all the customer service.
I hope I have give you some things to think about. I don’t regret my decision, I still feel like there is potential here and I enjoy being a retail merchant. I plan to give it a year and try as many things as possible to create a successful business.
Do your own due diligence. Ask a lot of questions if you choose to explore this opportunity.
I would love to hear your comments and questions, and if you bought an MBV store I would love to hear your thoughts.