Interesting name huh? So what can this all be about? Did you watch the video in the introduction on the website? It’s all a bit mad isn’t it. And no, it’s not an Australian Company or anything to do with animals, or Iguanas for that matter.
But is the business idea madness or a serious business opportunity? Find out in this Iguana Biz review
Product name: Iguana Biz
Website url: http://www.iguanabiz.biz/
Cost: $53 Start up cost, phase 1: $33 per month, phase 2: $66 per month
My rating: 2.5 out of 5
My Recommendation: Iguana biz is a very mediocre business opportunity. It’s going to be a struggle to hit the numbers that deliver the payout they talk about. If you want a way to build a reliable long term profitable online business, read my top recommendation.
What is Iguana Biz about?
The reason for the Iguana reference is because ‘it’s a jungle out there’. That’s it. There is no relation to the business model or the products. Iguana is just a name, it’s one of the closest animals we have to a dinosaur alive today. Interesting association don’t you think!
Iguana Biz is a MLM company, recently launched, which sells home business products, travel discounts, general discounts and pharmacy discounts.
You can make money in two ways with an MLM, either through selling the products, OR through recruiting people into your team, and making a commission off their joining fees as well as their sales.
If you visit the website it all about the compensation plan, they don’t even touch on the products on the landing page. But if you are getting into an MLM, you need to sell products.
So what are the products? I will go into that in this review, so that you can see if this is a business you want to be involved in. First you might want to take a look at the crazy intro video.
Background of Iguana Biz
The company’s CEO is named as Doc Lett. He has been previously associated with another MLM called Freeway to Success which is all about e-books, food discounts and pharmacy cards. Take a look at Iguana Biz products, and see if it’s sounding familiar!
Is Iguana biz, the same program, just re-branded? Very likely. They make no secret of the association and say that Freeway to Success Backs Iguana Biz. At least they are being open.
What are the Iguana Biz products?
To be a legitimate MLM business, you need to have a product to sell that stands up on its own, and you should be able to make money just by selling the product. If the only way to make money is through recruiting people into your team you are looking at an illegal pyramid scheme.
So Iguana Biz have provided some products, but as far as I am concerned, this range of products is very disjointed. And as a new business the quality of these products is hard to assess. You might be better off building a business where YOU choose the products you want to sell. But that’s for another time.
Firstly it talks about products that help you build your business. They are marketing tools. Presumably the business you are building is your Iguana Biz business? But the idea is that you can sell these tools to the general public as well, to help other people wanting to build a home business in anything.
So, what tools do you get?
The products are split into two phases, and the compensation plan adjusted depending on what phase you are in.
Phase 1: The product is business products to help you market your business, to sell these will cost you a membership of $33 a month
Phase 2: The product is discount cards, to sell these will cost you a membership of $53 a month plus you can get 100% matching override commission.
You can be in both phase 1 and phase 2.
The Global Success Marketing System – PHASE 1
What do you get for phase 1? These products are all to help you build your business. Any business.
- Pre-made capture pages
- Pre-written auto-responder messages – great if you are using it for Iguana Biz, but if you are selling it as an independent tool to people with businesses, how can the messages be pre-written and be correct for every individual business? Confused.
- Ad tracker to track all ad campaigns such as leaflets, banner ads, social media tracking, postcards. On and offline tracker, which can only be something as simple as a spreadsheet to be able to track on AND offline
- Contact manager – keeps details of all of the people you have contacted. A Spreadsheet?
- Advertising resource center – a place to advertise your business at no cost. No more information here.
- Personal Support
- E-book library with help on how to build your business
- A home study guide including daily activity logs, weekly planners, income journal, budget planner, map to success,
- Unlimited contacts and leads to get you started
Two key things to building a business are glossed over. The advertising resource centre for no cost and unlimited contacts and leads. Surely this could be a HUGE selling point, but there is no more detail on these products.
2. Savings unlimited travel card – PHASE 2
This is a bit off tangent for me. We are talking about building a home business, so why is unlimited travel included? If you wanted travel you could join another new MLM such as Volishon or Zyn Travel.
Well actually its not just unlimited travel savings it’s savings on everyday purchases as well. Notice how they don’t mention any brand names. Think about it. Would a large brand like Amazon for example want to put their name to a brand new business opportunity with no reputation. Doubtful.
From Groceries to a new car, Coupons and promotional codes for named brand products, benefits, hot deals, local deals,
I think you could safely say that these products that you can get discounts on, might possibly be ones that you won’t want to buy otherwise they would be advertising this! Not a huge amount of value.
In terms of the travel saving element, they do give an example on their website:
Sounds like some good savings. But how often are these kinds of deals available? You would have to join to find out.
Prescription Drug card – also within phase 2
And perhaps the most random of all of the product benefits, is the discount drug card which gives you discounts of prescription drugs. Well I am sure it will be useful but it just makes for a very strange product range.
Let’s take a look at the products again. They just don’t sit together for me. You get
- Marketing tools to help you build your business – phase 1
- Discount card for travel and everyday products – phase 2
- Discount card for prescription drugs – phase 2
The Iguana Biz compensation plan
You earn commissions in two ways.
First by getting people to buy the product packages (direct sales), and secondly by recruiting them into your team to join the business (through the matrix).
The compensation plan is based on a 3 x 3 forced matrix which means you recruit 3 people and each of them recruits 3 people. And this goes 3 layers deep. This leads to a total number of people in your team of 39. If you recruit more than 3 people, then they go to fill the gap in the matrix on the next level down, so your downline essentially has your recruits. This works up or down the matrix. This way you are working together to fill the matrix.
100% Matching override commissions. (I’ll come back to this, as this is something that applies only when you reach Phase 2)
Iguana Biz talks about earning $510 a month. You can earn $510 in phase 1 and $510 in phase 2. What phase you are in depends on how much monthly membership you pay (see below in section about how much it costs) This is how this breaks down:
As I mentioned you have a matrix that goes 3 levels deep:
Level 0: YOU
Level 1: You have 3 referrals, you get $5 commission per referral per month, which is $15 per month total (15 x $3)
Level 2: You have 9 referrals at this level, you get $4 commission per referral per month, which is $36 per month TOTAL (9 x $4)
Level 3: You have 27 referrals at this level, you get $17 commission per referral per month, which is $459 per month (27 x $17)
So IF you have a FULL matrix, you get $510 per month.
Notice that you really only start to make something decent at level 3, It will take while to get here, and a lot of recruitment.
Matching override commissions
This rule applies to every new person you recruit PERSONALLY into the team but only for phase 2. (ie only if you are paying a higher membership fee or sell the phase 2 products).
So using the example they give, if you have 5 referrals and they have a FULL matrix each of 39 people ie they are earning $510 a month then you receive 100% commission of what they earn. So you get $510 per month for each referral so that is $2500 in matching override commissions.
If you have 10 direct referrals, you would get $5000 per month in override commission.
But each of your 5 referrals must have a complete matrix themselves. And the rule only applies if you have made the referral directly yourself yourself.
But lets look at the numbers for their base example, that would mean that 5 people you have referred would have to have 39 people in their own matrix EACH to have a full matrix, That’s a total of 195 people completely signed up before you can collect. Whoa, sounds like a lot!
How much does it cost?
Phase 1: The start up cost is $53. Then its $33 a month and an admin fee of $20 annually
Phase 2: $66 per month and an annual admin fee of $20
As you can see from the beginning of this Iguana Biz review, there is a significant similarity to Freeway to Success. My suspicion is that it it the exact same products rebranded, but which are now actually more expensive. They don’t hide the fact that Doc Lett is the CEO of freeway to success too, they claim that this indeed backs Iguana Biz.
In terms of the product offering, I can’t get over the randomness of the selection, business products, savings cards and pharmacy discounts. I mean if it focussed on building your business, fine, or on discount cards, fine. But I think its a harder sell to recruit people with such a strange range. Imagine talking to customers about it:
‘You want to build your home business, here are the best tools for the job. Oh not interested, what about a discount on your prescription drugs then? No, Savings on travel?’
You will sound really unprofessional. In my opinion.
As with all MLMs, the great difficultly is recruiting.
As Iguana Biz focusses so heavily on recruitment, it is going to take a long time to fill that matrix, whether you find all 39 recruits, or whether your team does it for you. Even recruiting 3 people to join can take time. Do you have that many friends and family to pester? Is Iguana Biz a Scam. No It’s not, but I don’t recommend it.
Why? If you have read any of my other reviews you will know that I am not a huge fan of MLM because of the recruitment side of the business. It’s a tough slog, and can be really demoralising. It’s a fact that 95% of people fail in MLM because they don’t have enough of a ‘salesy’ nature. IF this is you, you might be better off looking at a business where customers come to you, where they are already looking for your product and not where you have to push it onto them. Try my top recommendation for a home business if this sounds more up your street.
I hope this Iguana Biz Review has been useful and please let me know if you have any questions or any experience of it yourself.