In the glossy world of Instagram entrepreneurship, six-figure business coaches have become the new rockstars. They post selfies from Bali villas, flash screenshots of Stripe accounts, and flood feeds with promises: "I’ll help you build a six-figure business in six months!" But for a growing number of clients, those promises are nothing more than smoke and mirrors — and the consequences are devastating.
The scam works like this: an aspiring entrepreneur, desperate for guidance and success, stumbles across a glamorous coach promising a foolproof blueprint. For a fee often ranging between $15,000 and $25,000, they’re sold access to group masterminds, templated strategies, and limited one-on-one time. But once the payment clears, the glossy support system fades fast. Calls are canceled. Emails go unanswered. Strategies are generic. Worse, the promised six-figure results never come.
Victims often report that these so-called business coaches use manipulative tactics to close deals — such as fake scarcity ("only 3 spots left!") and emotional triggers ("If you don't invest now, you're choosing to stay broke"). Refunds are nearly impossible. Contracts are riddled with clauses protecting the coach, not the client. In many cases, when clients complain publicly, they're met with threats of defamation lawsuits or are gaslit into believing their failure is their own fault.
By 2023, watchdog groups and scam exposure platforms have documented hundreds of cases where aspiring entrepreneurs went into debt after investing in programs that promised the world but delivered little more than motivational slogans and canned advice. Some coaches have even quietly rebranded under new names after being called out, repeating the cycle on a new audience.
The lack of regulation around online business coaching means anyone with a Canva account and a few viral posts can brand themselves a “six-figure mentor.” And with the dream of easy entrepreneurship alive and well, too many are still falling for the illusion.
In an era where self-proclaimed success stories outnumber real ones, perhaps the most dangerous thing isn't the scam itself — but the false hope it sells.