Iguana Biz is a network marketing company that just launched within the past year. Like similar businesses, Iguana Biz promises prospective members the chance to find financial freedom through a home-based business. The company mentions time and time again on its website that people can make $500 or more per month, repeating that amount ad nauseam.
The founder of Iguana Biz is a man named Doc Lett, although he is also known by several other names. In college, Lett played quarterback at Jacksonville State University in Alabama, where he was part of an undefeated season in 1970. It was also in college that Lett got his start in network marketing. He has gone on to own several multi-level marketing companies, although most of them no longer exist. However, he remains the owner and CEO of a firm called Freeway to Success, a seven-year old company that is backing the Iguana Biz venture.
As for Iguana Biz itself, as a recently launched company, it has no history or background. The company’s website is colorful and attractive, and includes video that users can play. The video includes a man dressed in khakis running through a forested area until he ends up in front of the camera, speaking with an Australian accent. The man does not identify himself before he starts speaking about the various types of people who could benefit from making an additional $500 per month, all while spouting off wacky catch phrases. He also makes mention of the company’s protocol with regards to its functions and benefits.
Iguana Biz does not have a concrete product that it sells. Instead, the company provides a package of tools to help you build your home business. The top of the “products” tab on the Iguana Biz website lists the following tools:
- Home Study Guide
- Complete Marketing System
- Marketing Material
- Business Center
- Opportunity Seeking Leads
- Training Sessions
- Savings Unlimited Travel Card
- “Live” Full-time Customer Service
The product packages come in two different phases. Phase One is the Global Success Marketing System. It offers the following features:
- Quick Set Up
- Brand Yourself
- Ad Tracker
- Contact Manager
- Advertising Resource Center
The Phase Two package is called Savings Unlimited Travel Card. The Iguana Biz website says the Savings Unlimited Travel Card will give you access to great deals no matter what you buy. The site also implies that it’s your ticket a luxurious vacations almost anywhere in the world.
After signing up, every member of Iguana Biz takes part in a 3×3 matrix that can include up to 39 people. Joining Phase One requires a $53 sign-up fee, as well as a monthly fee of $33 and a $20 yearly administration fee. Once you sign up, your job is to recruit other people to Iguana Biz. For level 1 recruits, you receive $5 per recruit (up to three people); for level 2, you receive $4 per recruit (up to nine people); for level 3, you receive $17 per recruit (up to 27 people). This adds up to a maximum of $510 in commissions every month.
Phase 2 of the Iguana Biz compensation plan allows members to receive 100% matching override commissions on the people they recruit. This gives you the opportunity to cash in on the success of affiliates you brought to Iguana Biz. Phase 2 requires an $86 sign-up fee, as well as $66 monthly and $20 yearly fees. It’s possible to participate in Phase 1 and Phase 2 simultaneously, earning commissions from both.
Iguana Biz has many of the signs of a classic pyramid scheme. There doesn’t appear to be any actual product that Iguana Biz is offering and everything is based off the idea of recruiting other affiliates to join and earning commissions based off of those people continuing to recruit new members. To think that recruitment can go on and on without the company offering a useful product is foolish. When the recruiting dries up, so will the commissions and the fantasy of reaching Phase 2 and being able to sit back while the money comes rolling in. In essence, the business model is not sustainable over a long period of time.
The monthly dues, not to mention the sign-up fees, are not worthwhile with a company like Iguana Biz. Those who are not at the very top will likely end up losing money. It’s relevant to note that several of Lett’s previous companies no longer exist, and Iguana Biz is likely to follow that same path, as there’s nothing about Iguana Biz that’s fundamentally different from many of his previous ventures. One would be wise to stay clear of such an obvious pyramid scheme like Iguana Biz, as well as any other company attached to Lett’s name.