Jassen: So, the next step is this whole mental thing. Staying focused, motivated, you know, working on; you know really keeping with it…
James: Oh, come on this is all touchy, feely kind of stuff; this doesn’t really matter, does it?
Jassen: Oh, yes it does. Hey, what was it you said on the inner game call, something about if you’re not touching, feeling now, you’ll come around eventually?
James: That’s right.
Jassen: Isn’t that what you said, James.
James: I did, I think I did say something like that. A lot of people, they hear this stuff and they immediately just turn us off so, if you’ve zoned out because we’ve started to get all philosophically on you and stuff sorry to hear that, but you know, listen to the CD again, and maybe in a few months maybe you’ll come around by then. But, it’s a hugely important part of being in business.
Jassen: It is and you know, in the interest of time, I only want to touch on one thing in relation to this.
James: Okay.
Jassen: And we do have bonus downloads and you know, entire CD’s to talk about…
James: Yeah, what section is the bonus download for this? Is this under…
Jassen: That is a good question; I need to look that up.
James: Oh, Goals and Personal Development.
Jassen: There we go.
James: Okay.
Jassen: Goals and Personal Development actually covers this step and the next step.
James: Okay.
Jassen: So, you know, that’s where the inner game stuff is, we have another CD called Inner Game where we talk about this in depth, but the big thing here is this whole thing called the law of attraction.
James: Yeah, this is really hot right now.
Jassen: It is because of a DVD and a book called, The Secret, a lot of people are… There’s this huge buzz about the law of attraction and I’m curious to see how long that’s going to last…
James: Yeah, you know, it’s so funny because this stuff has been going on for hundreds of years, there’s been authors writing about it there’s you know, all of the self help and personal development type people have been talking about it, but they haven’t’ been pulling it out and saying, okay, law of attractions the big one…
Jassen: Right.
James: …it’s all been part of this process and, you know, people want to talk about it, but now that this one book has come out there’s been a lot of buzz about it and yeah, I’m curious to see how long it’ll stay in the limelight as well.
Jassen: Yeah, so just to define the law of attraction, it says that you attract into your life that what you think about most.
James: Yeah.
Jassen: So, if all you ever do is worry about your bills, then you’re just going to get more bills.
James: Yeah.
Jassen: Whereas, if you kind of change your mindset and this has been an ongoing process for me…
James: It’s ongoing for everyone.
Jassen: Even for you?
James: Yeah, everyone. Yeah.
Jassen: Well, you’re saying you’re not perfect and you’re not there yet?
James: I’m constantly improving. So, even where I was five years ago I feel like I’m a lot better off now, but I’m still trying to make better improvements.
Jassen: Okay, the core of that is, and I like using the debt versus the wealth mentality to give you an example, but if you think about debt you’re just going to get father in debt, whereas if you focus and concentrate and dwell on building income, you know, generating an income, building wealth, then that’s what you’re going to attract into your life.
James: Okay, now that’s like the philosophical way of approaching it…
Jassen: Exactly.
James: …I’m very, you know, if you don’t want to get into the philosophical feely stuff then look at it purely from a practical sensible point of view.
Jassen: There you go.
James: If you start looking at what can I do in order to get myself away from this situation, focus on where you want to go, well guess what, you’re going to take action and to do things that are positive.
Jassen: That’s right.
James: If you focusing on woe is me I’ve got bills, then guess what, you’re not taking action toward a solution. So, I am personally the touchy, feely, you know I believe all that stuff, but at the same time I used to be like, you know that’s such a… just give me some practical stuff to implement.
Jassen: Right.
James: Okay? Well, it’s both and I’m showing you how to look at it, that if you can’t get into it on a touchy, feely level then go for it on a practical… Listen, if you look at where you want to go and you say, okay, now what can I do to get there and you start taking action toward that don’t think about the negative side of it, don’t worry about the debt, just move forward and practice that then I think that’s a very practical way of thinking of the law of attraction.
Jassen: Yeah, I mean, in a practical sense it’s like you’re saying, basically to what I’m hearing is what you focus on is what you’re going to take action on.
James: Yeah.
Jassen: So, you’re better off taking action on building a business and generating income and wealth than you are to focus on debt and generating more debt…
James: That’s right.
Jassen: …through either activity or inactivity.
James: Alright, you got bills? Stop spending, and start focusing on earning more money.
Jassen: That’s right, a pretty simple equation.
James: Yeah.
Jassen: Okay. Step six is all about personal development. You know, the first the majority of this CD was steps one and two talking…
James: Hold on one second.
Jassen: Okay.
James: Do we have two steps sixes?
Jassen: What’s that? Yeah that’s right, I forgot I mis-numbered them.
James: Oh, okay so we really had seven steps. Lets do this we’ll have six steps and we’re going to give you a bonus step.
Jassen: There you go the bonus step.
James: Yeah, so this is the bonus step we’re talking about, which if you’re keeping track is step seven.
Jassen: I’m sure we’ve complete confused listeners by now.
James: I’m sure. So, this is the bonus step.
Jassen: The bonus step; personal development.
James: Yeah.
Jassen: You know, the first two steps talked about setting up your business and that’s when we talked about the majority on this call because it’s kind of the real meat here, but once you’ve got something set up don’t just stop, keep learning. Learn how to improve things. You know, we talk a lot about continuous and never ending improvement.
James: Yeah, that’s from Tony Robbins, he calls it CANI, it’s based on the concept of Kaizen.
Jassen: Okay. The, you know, continuous systems improvement, learning more about business and you know, I talk a lot about this…
James: Yeah.
Jassen: …the most important thing you can learn about business is probably marketing.
James: Oh, yeah, marketing, focus on marketing first, yeah.
Jassen: I mean, once you understand marketing, a whole new world opens up to you.
James: It does.
Jassen: Now, there are many schools of thought about marketing, there’s a lot of stuff out there, but I personally believe that for an online business what people should focus on from, you know, if they have limited time, a full time job, you know, family responsibilities, etc…
James: Go where the fish are.
Jassen: Exactly.
James: I mean, doesn’t that make sense?
Jassen: Yeah.
James: You don’t really have time to really learn marketing and get traffic to your website…
Jassen: That’s right.
James: …go to websites where there already is traffic. Go to Ebay, go to Amazon, go to Google Base, go to a Yahoo Store…
Jassen: Right.
James: …go to these different places that already have people that, you know, you already have eyeballs on the website now you just want to put your pay job where eyeballs are going to be looking at your thing.
Jassen: Right, and once they do have the time to work on their marketing, education, and self knowledge; this is kind of my list, direct marketing…
James: On the internet?
Jassen: Yeah.
James: Okay.
Jassen: Well, okay, let me ask you, James, is internet marketing any different than regular direct marketing?
James: You know, I think I mis-heard you. When I heard direct marketing I immediately thought of direct mail.
Jassen: Oh, okay.
James: Are you talking about direct response, like you know…
Jassen: I’m talking direct response to marketing.
James: Okay. Okay.
Jassen: Which is what internet marketing is.
James: I would agree, it’s measurable, you know, if you want to put out something and find out what your results are and hold it accountable.
Jassen: Right, and you know we have an entire marketing CD. Another individual that puts out a lot of incredibly great information and about direct response marketing is Dan Kennedy.
James: Oh, don’t tell everyone his name, he’s too good. 
Jassen: Oh, come on.
James: Yeah, Dan Kennedys’ got great stuff he’s got some really inexpensive books and some very expensive boot camps…
Jassen: Right.
James: …and full courses and stuff, so start with the books and I think you’ll like what he has to say.
Jassen: Yeah, and another area where I think people can really help them boost the response rate in ratios on their listings is copywriting.
James: Yeah.
Jassen: Learning copywriting is a really great skill to learn.
James: Now, let me just give a quick example because I know we’re running low on time, but here’s the idea of copywriting. If you have, you know, you put up an auction on Ebay and it gets, you know, twenty-five viewers, if you’re converting one out of twenty-five well then you’ve got that sales ratio.
Jassen: Right.
James: If you can change what’s written on that page and not convert one out of twenty, well, now you’ve improved what you’re getting from the same auction.
Jassen: Right.
James: So, that’s a good way to improve it. You don’t have to bring anymore traffic, you’re now trying to convert more people for that particular page.
Jassen: Right, and by copywriting we’re not talking about, you know, the “c” with the little circle around it…
James: No.
Jassen: …and the next to it.
James: Yeah, we should just call it something else. We should just, you know, writing advertisements.
Jassen: Yeah, that’s what copywriting really is, it’s kind of the psychology and the science of how to write advertising.
James: Yeah, write sales letters, writing sales copy, yeah, we should try to differentiate that in the future.
Jassen: Sure, we should. Now, I do want to put in a plug for one of our other projects.
James: Which is?
Jassen: We have a blog where we do all kinds of marketing tests and we test all different kinds of headlines and you know, a lot of what we do is really testing different marketing messages…
James: Yeah.
Jassen: …and different marketing media.
James: And that’s the video, audio stuff that we have on the…
Jassen: Yeah, we have all kinds of audio visual stuff, text on the blogs and you can access that, it’s completely free and you can access that at ruthlessaccountability.com
James: Okay.
Jassen: Last thing I want to talk about before I sign off.
James: Okay.
Jassen: Once you have started building a business, you know, you’ve got some things out there and you’re starting to set some goals, work on your inner game, the whole, you know, mental stuff, you’ve got your record keeping, you’ve got an entity formed, and you’re kind of chugging along. Start looking at ways to grow your online business. We talked a lot about this with the niche selection thing, but look at related niches, different products within your existing niche. Look at additional market platforms…
James: Yeah.
Jassen: If you’re making $500.00 a month on Ebay, well, why not carry that same thing over to Amazon?
James: Yeah, I would agree. You may not do $500.00 a month on Amazon, you may only do $300.00 a month, but it’s $300.00 more.
Jassen: Exactly, and all of a sudden you’re at $800.00 a month…
James: Exactly.
Jassen: …with really not a lot more in fixed expenses.
James: Yeah, now, you know, for people that are having a hard time with some of the numbers we’re using, lets say its $100.00 on Ebay and now you can go to Amazon and make $50.00.
Jassen: Right.
James: Okay. So, use those numbers.
Jassen: Yeah, so, you know, expand into different niches, products within a niche, add, you know, an additional market place by which I mean sell stuff on another website, you know, learn more about marketing, lets see learn more about marketing, learn more about marketing…
James: Let me sense a pattern here. Do you maybe want people to learn a little bit more about marketing?
Jassen: Yes. Marketing is where it’s at, there’s a reason, James, where I always say marketing is our favorite topic to talk about.
James: We always end up talking about it.
Jassen: You know, it doesn’t matter what we’re talking about, we can be talking about starting an online business, we could be recording a real estate CD, we always come back to marketing and there’s a reason for it.
James: So, you mean the accounting and finance calls about marketing and the business selection calls about marketing…
Jassen: Actually, I think we did spend quite a bit of time on the accounting call talking about marketing.
James: Well, that’s the thing, we have to try to like get ourselves back on track and so I say ‘ok lets talk about accounting again’ because marketing is so important and it’s related to all these things .
Jassen: It is and, you know, a lot of people that start say a local business, you know, take an electrician; an electrician can be incredibly great at being an electrician.
James: He could be the best.
Jassen: He could be the best electrician in town and by background I’m an electrician…
James: Really? Oh yeah, okay.
Jassen: Yeah, I was an electrician in the Navy for five years.
James: That’s right.
Jassen: And that’s why I use that example all the time, but by trade, I’m trained as an electrician. Well, you can be the best electrician in the world and you can have the best service, you can have the best rates, you can have the quickest response time, but if you can’t put out marketing to get clients to call you…
James: You’re going to starve.
Jassen: You’re going to starve.
James: Yeah, that’s true.
Jassen: So, no matter what business you’re in everything comes back to marketing eventually.
James: I agree.
Jassen: So, have we hammered that home hard enough, you think?
James: I think so and I think we’re way over time.
Jassen: We are we are. James, I appreciate your time, thanks for joining me on this call.
James: You’re welcome, I had a great time.
Jassen: Yeah, this was a great call and I look forward to talking with you in the future, probably about marketing.
James: That sounds good, alright thanks, Jassen.
Jassen: Thank you, James, bye, bye.
Until my next post,
James
Jassen: Step five Select and Set up and Entity. We also have a free bonus download, it’s quite a long one, I think it’s like a half hour at the LearnToBeRich.com site all about entity selection.
James: Yeah, you actually taught me some things about some different entities that I didn’t know about. I mean, I primarily use corporations, and sometimes trusts with our businesses, but you taught me some other stuff on that particular bonus download and it’s got a lot of really good information on there about how to set up a business, what the differences are, how to get additional resources and those things.
Jassen: Yeah. You know, really briefly, if you’re selling stuff just online without and entity, you are instantly what’s called a Sole Proprietorship.
James: Yeah.
Jassen: And there’s a lot of downfalls to being a Sole Proprietorship.
James: It’s easy to do, but there are some issues with it.
Jassen: Yes, you open yourself up to some liability issues and whatnot, so the great thing about using an entity, is you know you get, depending on the entity that you select, you can get some liability limitation, you can get some assess protection features, you know, to keep your, so your business and personal assets separate, especially if there’s a lawsuit or anything like that.
James: Now, this is may be going over people’s heads, because we really don’t have time to do the whole thirty minute spiel, but we did do it for you and you do get if for free. So, that’s again, a free download for you on LearnToBeRich.com.
Jassen: Right. And the big thing is, download that, listen to it, consult with a CPA and an attorney, you know, to know how to really know what’s best for your situation…
James: Yeah, because you’re situation might be unique.
Jassen: Right, you know, I will say this, I am not an attorney, I’m not a CPA…
James: Nor, am I.
Jassen: …right, but for most people, what it comes down to is they’ll more than likely end up finding that an LLC or an S Corp. is what fits them and the beauty of those is what are called tax pass through entities, and we don’t have enough time to get into that, but…
James: I’m not convinced on that, it’s a good fit for everyone, but I would, I mean, you really do need to find what’s good for your situation.
Jassen: Right.
James: Yeah.
Jassen: So, you know that does where consulting with a professional attorney and CPA is going to really help you out on that.
James: Okay, good.
Until my next post,
James
Jassen: Yeah. We’re running down here. The next step is… studying up on your record keeping.
James: Alright.
Jassen: And again, we have an entire CD on this the accounting and finance CD within this series. When people use something like Ebay or Amazon, you know, to host their products, a great thing about that are the reports that you get from those companies.
James: I would agree.
Jassen: You know, like you can get, like from Ebay, I get a monthly invoice and I can also pull up seller reports and same thing from Amazon, you can pull up at any point and time, and I believe you can do the same thing on Ebay, but in any point and time you can pull up a from this time period to this time period an activity report showing the fees you’ve paid, the money you’ve made, sales you’ve had, etc. The great thing about that is that it really helps you keep track of your expenses and income in a simple way.
James: Yeah, and you know since we’re running short on time maybe what we have is just, because I know we covered this in really good detail on one of the bonus downloads…
Jassen: Yes, we do.
James: …so, why don’t we recommend people check out that so we can talk about the next two a little bit more than this one.
Jassen: Okay.
James: Because, I mean, record keeping is important, but we do give a lot of information on the bonus call.
Jassen: We do and I encourage people just to go to the LearnToBeRich.com site, grab the accounting bonus download that you mentioned.
James: And it’s free if you bought this as an audio. You’ve already got it because you paid for this CD.
Jassen: Yep.
James: So, there’s nothing else to buy.
Jassen: That’s right.
James: Okay.
Jassen: So, track all your expenses and income, do it the simple way by using an integrated platform and you can do all your accounting in, basically a simple spread sheet like excel.
James: Right.
Jassen: And I call that one at that.
James: Okay.
Until my next post,
James
P.S. Check out Online Business Setup Step By Step or our free downloads.
Jassen: But, it’s also possible to be in a niche by selling information about the niche.
James: Absolutely.
Jassen: And there’s this whole world out there with stuff about information products, affiliate programs like click bank where you can go an find products to promote, promoting the products, getting a commission on the sale, you know, downloadable content, it’s a whole world out there we’ve got CD’s about that and other people have produced courses and E-books and what not about how to get involved in the information product industry, but that’s another way to be involved in a niche and selling within a niche, but not having the products in stock for that niche.
James: Yeah, and you know, there’re few things that are more profitable than selling information.
Jassen: Well, one of your favorite sayings, that I love, is “nothing generates cash flow like information products”.
James: Right. Yeah, like selling information products.
Jassen: But, nothing builds wealth like real estate investing.
James: Yeah, yeah, I’m a full time real estate investor.
Jassen: Yes, you are.
James: I do this part time.
Jassen: Yep. So, the power of those two things together is incredible.
James: Yeah, I would agree.
Jassen: So, let’s go on to, we’re down to fifteen or twenty minutes and we still have four more steps to cover.
James: Alright, then! That sounds good, let’s do it!
Jassen: Let’s do it! With the first two steps you can be up and going and making money online, there’s no doubt about that.
James: I would agree with that.
Jassen: Step three is what I’m calling here external marketing.
James: Yep.
Jassen: And what I mean by external marketing, I mean driving traffic to the market place listings, auctions, etc., that you have up on Ebay and have on Google Base, etc.
James: Yeah, there are like five day seminars on marketing, you know, everything from Direct Mail to Google Adwords, to other pay per click advertising to, you know, banner ads, search engines optimization, there’s all these different ways to generate traffic to these things and the more targeted traffic, not just traffic in general, don’t go buy like, you know, this 5 million hits for ten bucks because, you know, half those people, or more than half those people are not going to be interested with your products.
Jassen: Just so you know, I’ve done that and the results were abysmal.
James: Okay, so lesson learned. You don’t have to go spend the money on the 5 million traffic; you can just take Jassen’s word for it that you’re not going to get very good results from that, but yeah you need to drive some traffic to your things unless you’re going to these market places, which we discussed earlier.
Jassen: Right, now I wanted to talk about two very specific things that are basically free…
James: Okay, good.
Jassen: …for generating traffic, to like your Ebay auction listing or your Amazon market place listings. Okay?
James: Okay.
Jassen: First one, participate in blogs, discussion boards, forums, etc…
James: Okay.
Jassen: …that relate to your niche.
James: I think that’s a great idea.
Jassen: And how you do this is you, you know, you could use Google or your favorite search engine to search for, you know, blogs and forums and discussion boards that relate to the industry and then you sign up and you join and you start participating in the topical discussions.
James: Yeah, you become someone who, you know has an opinion of these things and is helpful.
Jassen: Yes. Or, if it’s a blog you start commenting and you become a regular commentator on the blog.
James: Right.
Jassen: Now, here’s how you do this. If you choose a specific niche there’s kind of an assumption on my part anyway, that you know something about it and so…
James: Not always true by the way. I am a perfect example of that.
Jassen: I’m aware of that.
James: Okay.
Jassen: But, if you know something about it or just in general you have information to share, you become a helpful resource on that discussion board. You participate in the conversations and offer engaging, meaningful information. One of the things I like to do in discussion boards is to answer newbie’s questions.
James: Yeah.
Jassen: Because there is always a slew of questions on every board out there from new people.
James: Yep.
Jassen: So, when you join one of these boards, you are a new person, but kind of stake it out for awhile and do a lot of reading and learn the answers to these common newbie questions, because they’ve been answered before and you can learn the answers even if you don’t know them yourself.
James: That’s right.
Jassen: And then you reply to these people who are newbie’s, who are posting the same question over again and you answer them.
James: Yeah.
Jassen: And with that occasionally, you know, if it’s appropriate, do not spam these boards.
James: Yeah, I will agree.
Jassen: They will block you, kick you off faster then, you know, you can even think it.
James: If you hang out there long enough you’ll get a feel for what is legitimate help and what is spam.
Jassen: Right.
James: And then you’ll start to understand it a little better and, you know, I wouldn’t post right away.
Jassen: No.
James: I would wait a little bit like read it and kind of keep on top of it.
Jassen: So, you know, and where appropriate, you know, you might be able to include a link to an auction or a posting, but always on these boards, well, not always, but a vast majority of them will want you to have what’s called a signature line.
James: Right.
Jassen: And in your signature line you’re suppose to tell a little bit about yourself, etc. Well, you can put a link in most of them to your own website or to an Amazon listing or to an Ebay auction, so…
James: Or, maybe just, you know, author of and have a title of a book and if people are interested they can go in and find the book that…
Jassen: That’s right. So, you know, that’s a way to drive traffic to your listings. Another one, we already talked about using Google Base to actually post products for sale…
James: You can have, like reviews or other things up there on Google Base as well.
Jassen: Yes, you can post reviews about a product, you know, it’s almost like you’re writing a short little article about a product and then you can put something to the effect of, you know, if you’re interested in ordering, more information, etc., then Google Base lets you put in links and you can put links to your Amazon or Ebay listings for example…
James: Okay.
Jassen: And the beauty of that is that those reviews and whatnot get indexed in the Google search data base.
James: Yeah, that’s really good.
Jassen: So, if you’re selling palm trees on the internet…
James: Yeah, right.
Jassen: …and you write up something in Google Base about palm trees and you have an e-bay auction, you know, for palm trees…
James: Or, palm tree information or…
Jassen: …or palm tree information…
James: …how to care, or how to get palm trees at a discount, all those things.
Jassen: Yeah, anything related to palm trees or whatever your niche is and you put a link in Google Base, and then you, you know, people can find that by doing just a regular Google search. So, that’s another way to do it, those two things in particular are what I wanted to touch on.
James: Okay, good.
Jassen: Now, we have an entire marketing CD.
James: We do, yeah, this is not a replacement for the marketing CD, but a lot of what we talked about in this call earlier is the places you can go where you don’t really need to focus on marketing, because you’re paying to have them market it for you.
Jassen: Right, but what I wanted to point out in step three is that you can do external marketing.
James: Yeah, and you know, the other one I just want to add and I don’t even really want to talk about it, but you can become an expert by writing articles and submitting them to article directories.
Jassen: Yes, yes.
James: Yeah. Okay, lets move one because I thing we’ve got about twelve minutes left.
Until my next post,
James
P.S. Check out Online Business Setup Step By Step or our free downloads.
Jassen: I would like for you to explain to our listeners how you make money selling literally, goodness, I don’t know, hundreds of different niche products online with nothing and I call it your EZA.biz model.
James: Yeah, because that’s where it [was] on the web. [Since this recording I have closed the EZA.biz business down to focus on other businesses.]
Jassen: Right. Explain how that works.
James: Yeah, I’ll give you the quick overview, I mean, I could talk for hours, on this topic so, let me just try to give you a really basic overview, I’m only going to use one company as an example. I’m going to use Ebay, but other companies have similar models.
Jassen: Okay.
James: Okay? Ebay has what it calls its affiliate program…
Jassen: Right.
James: …okay? And what it basically is, is that you sign up as an affiliate of Ebay and then you can show auction items using special software that Ebay provides, where people look at those options, if they click through to the auction, they bid on the auction, they win the auction, Ebay is going to pay you a fee for showing someone else that this auctions exists and having them win it.
Jassen: Right.
James: Now, let’s walk through what this means. Well, Ebay is collecting a fee from the person who is selling the item. Okay, so let’s say it’s you and you’ve got and item, you’ve got a widget up for sale on Ebay, you’ve got an auction, Ebay’s going to charge you those fees in order to sell the widget.
Jassen: Right.
James: Remember, we talked about this earlier. The low end is forty cents, but you can pay, I mean, twenty, thirty bucks in order to list something on Ebay with all their featured things and everything else.
Jassen: Yeah.
James: Okay, so if you go on there and you’ve got your widget for sale, now let’s say I’ve got my own little website, or I don’t even need my own website, I could show you how to do that on another call, but you don’t even need a website you can basically just do this through email, you can do this with, you know, free website hosting, but you have a place where you can show these other auctions up for sale, and I group them into niches.
Jassen: Right.
James: Okay. So, we have the software where people can then go on there, they can see that you, Jassen, has a widget for sale on Ebay. I don’t have the widget, I’m just showing you that it’s available; someone clicks on through to the widget from my website, they end up at your auction. They bid, I have no involvement in the bidding, I don’t have to hold their hand or make them click on it or anything like that. If they bid and win, though, Ebay actually registers that it came from me and they’re going to pay me a small percentage of the money they collected from you.
Jassen: How small?
James: I’d have to go look it up, but I mean, I think it’s like forty percent of the amount that Ebay collects and it’s on a scale.
Jassen: Okay.
James: Let me try to pull it up here.
Jassen: So, it could be forty percent of forty cents?
James: Or, it could be forty percent of, you know, twenty bucks.
Jassen: Right, I just want to, I just want people to know that it could be a really wide ranging, that it could be really small or really big.
James: Okay. Oh, they just changed their website, this is brand new. By the way, they pay you, forty percent is where they start and it ends up at sixty- five percent of the revenue generated, revenue share, of these items if you get up to the top tiers. So, somewhere between forty percent and sixty-five percent, but in addition to that if people are not registered on Ebay and they end up registering and winning, they’re going to pay you a bonus and the bonuses start at twelve dollars a person.
Jassen: Right.
James: Okay, so somebody who’s never been to Ebay before, sees the auction, clicks on it, besides they really do want this item, it’s at a good price, you know, it’s an auction, they go on there, they register, they bid twelve dollars for that person to go through your website and sign up. That’s pretty good and then it goes all the way up to twenty two dollars per person at the top tier.
Jassen: I like it.
James: Yeah. So, you could be selling an item that’s four dollars and make twelve dollars on it.
Jassen: Right.
James: Can you see that?
Jassen: Yes.
James: Okay. So, that’s what I do. I don’t have any inventory, I don’t have to worry about you delivering the widget, I don’t have to worry about, you know, stocking the widget, pricing the widget, paying the fees or anything like that. I just direct people from my website straight to auctions, you know, auctions that are already good deals and people bid, they win, I get paid.
Jassen: That’s right. Now, in the interest of time…
James: Yeah.
Jassen: …I want to move on here.
James: Okay.
Until my next post,
James
P.S. Check out Online Business Setup Step By Step or our free downloads.
James: …and so that’ s what you need to do here, so let’s, you know, you kind of mentioned something here before about finding a wholesaler, isn’t that really what people need to do if they need inventory?
Jassen: Correct. Okay, here’s the way to do it if you’re doing it online. I’m a huge fan on drop shipping.
James: Okay.
Jassen: And there is a lot of drop ship companies online.
James: Wait, what is drop shipping so people…
Jassen: Well, okay, drop shipping is when a retailer, such as yourself, sells something either locally, online, it doesn’t matter, and then you get the order, you get paid, and you don’t have the inventory physically in stock, you have a wholesaler that ships it for you out of their own inventory.
James: Okay, so let me just walk you through this.
Jassen: Okay.
James: Okay, I’m a seller; I have somebody who wants to buy my Widget for ten bucks…
Jassen: Right.
James: …I collect the ten dollars, I don’t have the Widget…
Jassen: Right.
James: …but, I have someone that I know that’s going to sell me the Widget for five dollars, they’re a wholesaler, maybe they’re the manufacturer themselves, maybe they’re an intermediary, so I pay the guy who has the item five bucks, he ships it directly to the person who bought it from me, I keep the difference.
Jassen: Exactly.
James: Okay, so that’s what drop shipping is.
Jassen: Yes, I’m a huge fan of that.
James: Yeah.
Jassen: In terms of the products that you can do that with.
James: Now, you need to know where to find these guys, so if you go to the resource guide we’ve got links to lots of different wholesalers, wholesalers lists, drop ship guides, all of those different things so if you go on there you’ll be able to have the updated list because if I record it on a CD, they go out of business in six months.
Jassen: Exactly.
James: You’re just not going to want to have that issue, so.
Jassen: Exactly. Go to the LearnToBeRich.com industries specific resource guide for the niche that you’re interested in you will find links to drop shippers and wholesalers. Now, here’s the thing a lot of wholesalers are also drop shippers, but if they don’t drop ship, you can always ask.
James: Okay.
Jassen: There’s nothing wrong, if you find some company and you really like their products, you really like their prices, you really like their customer service, etc., but they don’t offer drop shipping, ask.
James: Yeah, you know, I think, like on the scale of either getting everything in stock yourself and then selling it from, you know, your garage or bookshelf or whatever it is and then you have drop shipping which I think as the next step, but I would even take it a step further and I’d try to set up situations where I don’t even need to touch the item or be involved in the drop shipment portion.
Jassen: Right and that’s where I want to go with this. I do want to mention, you know, you could also find local wholesalers in your community.
James: Yeah.
Jassen: A lot of Ebayers are garage sale fanatics.
James: Yep.
Jassen: You can make stuff yourself, your own handiwork if you’re a craft person or something like that.
James: Yeah, we make a lot of our stuff ourselves.
Jassen: We do.
James: Like CD’s.
Jassen: Yeah, people don’t realize that these CD’s, we burn them, we label them, we package them, we ship them, we do all that stuff ourselves.
James: And it doesn’t necessarily mean that it’s me doing it, I mean, I could hire someone to do it, but realize that it’s being done, like in our little group.
Jassen: Right, doesn’t your son do quite a bit for you.
James: Yeah, my son does a lot.
Jassen: Okay, I mean, for the ones I ship out, at this point anyway, you know, it’s something, I do all myself. I hope in a couple of months, you know, be able to hire somebody to help me out, but for right now it’s something that I do for myself, and I run my entire business out of a spare bedroom.
James: Yeah.
Jassen: So, you know, don’t neglect, you know, depending on the niche that you’re looking at you can make stuff yourself, which means you can make it on demand…
James: Yeah, no inventory is someone pays you, you go down to the store, you buy the supplies, you make it, and you ship it out.
Jassen: Exactly.
James: Yeah.
Jassen: So, you can do that, you know, depending on what your niche is, I mean obviously if you’re selling personally handmade wooden furniture, then yeah, you have to have some lead time involved with that, just as an example.
James: Or, you could do to order.
Jassen: Yeah.
James: I mean there’s nothing wrong with doing to order.
Jassen: Yeah.
James: You know, you go to a restaurant, you order the food, they make it while you wait, and then you get it delivered to you.
Jassen: Exactly and there’s nothing wrong with, I call them one off’s…
James: Okay.
Jassen: …because it’s a one off production. It’s a custom or what not.
James: Okay. Yeah.
Jassen: Now, you do a lot of stuff with no inventory at all.
James: Yeah, no drop shipping and no inventory.
Until my next post,
James
P.S. Check out Online Business Setup Step By Step or our free downloads.
