Beware Internet Business Pipe Dream

Staten Island business bank cites cautions against 'sure thing'



STATEN ISLAND, N.Y. -- While many serendipitous attributes might be extolled in promoting an Internet business opportunity, the Federal Trade Commission (FTC) advises that it pays to be wary.

Victory State Bank, Staten Island's only community-based commercial bank, sides with business owners needing to begin a new enterprise smartly.

Starting an Internet business can sound like a dream: Work from home, set your own hours, be your own boss. But the FTC points out that most Internet startups require significant investments of time and money, and many of them fail.

       

If you’re considering buying an Internet business opportunity, the FTC reminds that the promise of big earnings and ideal work conditions is a pipe dream for most. Regardless of the handful of stories you’ve read about college-age entrepreneurs turning into Internet gazillionaires, the FTC stresses that there’s no such thing as a sure thing.

                    
As a cautionary note, the FTC says many solicitations are scams that promise more than they can possibly deliver: Often, bogus Internet opportunity sales pitches are short on details and long on high-pressure tactics to persuade you to buy before you’ve investigated the offer.

An Internet business is just like any business. It requires a solid business plan. Anyone who sells legitimate business opportunities should provide detailed information.

In releasing an advisory, the FTC says to be skeptical of a seller who offers vague descriptions of what the business is and how it will work. Sit down and ask yourself some critical questions, like:

More about protecting yourself from Internet business opportunities scams may be found on the FTC’s Website at http://www.consumer.ftc.gov/articles/0140-starting-internet-business.

If you suspect a business opportunity promotion is fraudulent, report it to the state attorney general's office and in the state where the business opportunity promoter is based. You would also report it to the FTC. Call toll free 1-877-FTC-HELP (1-877-382-4357).

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

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