There are 5 common mistakes every single e-commerce entrepreneur, including myself and those that I’ve worked with, has made. In this video, I will talk about these mistakes and how to avoid them.

Not Niching Down
Whatever kind of business you are creating, especially if you’re starting an online store, you need to make sure that you niche down. Figure out who is that one person that would buy your product. This is called creating an avatar. Write out what this person’s name is, websites this person visited, magazines this person read. Basically, what you’re trying to create is the perfect website for one person. This is going to polarized your customer. This is how successful companies get started. Figure out who your core customer is and target them hard.

Create a Tribe
Your ultimate goal is to create raving fans. Create people that love your product so much that they tell their friends and family and post on social media about it. There’s a concept called 1000 True Fans. The idea is if you have a thousand true fans, you can make a successful business out of it. Aside from sharing about your business, this tribe will also help you build a better website and a better product.

Choose Right Platform
Make sure that if you create an online store, it’s on the right platform. There are two platforms that I recommend: Shopify and WooCommerce. If you want to make a full-time income from your online store, you should go with Shopify. WooCommerce is cheaper but you get what you pay for with this one.

Create a Passion Product
Don’t do dropshipping. While you can make money off of it, it’s not the same opportunity as it used to be. It’s not the best way to make money online. I think the best way is creating a Passion (more…)

There are five mistakes that I’ve made on Amazon FBA that has cost me thousands of dollars. I will show you how to avoid these mistakes as well as let you know the truth about Amazon FBA.

Loser Products
This mistake has cost me about $10,000. While I’m a big fan of creating a passion product, there is still a chance that you will create a loser product with it. I did this when I created the PNB jars. My mistake was I did not ask anybody – my product launch group, my email list, my Instagram followers – if they like it or not. Another issue about the jars is that they leak and about 1000 units ended up going bad. I was not able to sell them and had to throw them away. The lesson learned is to make sure to validate your idea.

Numbers
The second mistake is not understanding your numbers. This is a mistake that a lot of new Amazon sellers make. I also made this one and it has cost me $3,000. You need to understand all your different numbers: How many sales are you going to do? What’s your product cost? What does your cash flow look like? The way this is a mistake for me is because I ran out of inventory. I did not properly project what my sales are going to be. Another mistake that new sellers make is not understanding all the little fees. Below is a breakdown of my monthly income report:

Revenue: $33,280.11
Pick-and-pack Fee: $4,910.21
Amazon Fee: $3,976.63
Amazon PPC: $2,986.80
Other Amazon Fees: $546.89
Other Fees: $1,000.00
Product Cost: $9,274.20
Profit: $11,132.27

Manufacturer Issues
Aside from the jars leaking, there are also other manufacturer issues that have cost me $12,000. There was one time when the manufacturer sent me the pouches without the pull tab. I ended up hiring (more…)

In this video, I will talk about why you should not hire an agency to run your Facebook Ads and Google Ads. I talked to a lot of ad agencies and I will say 99% of them are a waste of money.

Most people that I’ve talked to that are running ad agencies don’t really know what they are talking about. A lot of them have never run ads for themselves. They always have someone paying the bills for them. That’s scary to me. I would only want to work with someone that has spent a thousand dollars of their own money on Facebook for their own ads. That is always not going to be easy to find. I recommend doing these things instead of hiring an ad agency: Teach Yourself, Take a Course, Hire a Consultant.

Teach Yourself
At least, get a basic understanding of Facebook Ads and Adwords. This is true with almost anything in life. If you hire someone without knowing anything about that thing, it’s like going to the mechanic and you know nothing about cars. They’re going to tell you things are wrong and they’re going to charge you prices that are unrealistic.

Take a Course
The next thing that you can do is take courses. When I try to learn something, I do like to take a course. You don’t necessarily need to take a course though. There are so many free materials about Adwords and Facebook Ads on YouTube.

Hire a Consultant
You can hire an hourly consultant. You could hire someone for a few hours either to teach you how to do it or just do the work for you. A lot of Adwords and Facebooks Ads is set it and forget it.

The way the agency model works don’t make any sense. Most of them won’t do (more…)

I share step by step how I became a millionaire, my net worth breakdown and the biggest lessons I have learned in this video.

If you want to become a millionaire by 30, there are two principles that you need to understand: Creating Assets and Exponential Income Growth. I will also share my story and my net worth breakdown in this video.

Creating Assets
An asset is anything you own that makes you money. A lot of people think of real estate, but I think it is a good asset for staying rich. It’s because it takes money to buy real estate. What you should do instead is create an asset. The best kind of asset that you can create is business. However, not all businesses are the same. There is one principle that you have to keep in mind when you start your entrepreneurial journey. You want to build something that one day when you’re sick of running it, you can sell it.

Exponential Income Growth
Most people will either never become rich or they are on a slow path to becoming rich. Most people have a typical salary job and maybe they get a 5% raise every year. Over time, they are going to save money, put it away in their 401(k), or buy a house. When they are in their 60s, maybe they will become a millionaire. The difference is if you work for yourself, you can use Exponential Income Growth. You have the potential to double, triple, or even 10x your income every year.

Net Worth Breakdown
Cash/Liquid Assets – $200,883.23 ($25,300 in personal bank account, $130,000 in business bank account, $30,583.23 in stocks, $15,000 in bitcoin)
BDancewear – $75,000
YouTube channel – $235,200 ($9,800 average per month)
Performance Nut Butter – $466,171.92 ( $12,949.22 average profit per month)
Product Inventory – $83,699.91
Total: $1,060,955.06

When you (more…)

This video will tackle the different reasons Why I Hate Amazon FBA, despite earning most of my income from it. I will also share my current numbers and the different lessons I learned especially over the last two months.

Why I Hate Amazon FBA
1.No Guarantee
There’s no guarantee that if you launch a new product, it would do well and that sales will continue. No matter how research or planning you do, there’s no guarantee for it. You could get new competitors to come in and steal your market. You could launch a new product and it could fail. There is really no guarantee on Amazon, but that is okay. You are going to do your best. As an Internet marketer, a lot of things are just a test. Stop wondering what if. As much as I hate Amazon because there is no guarantee, that is kind of life. Launch that first or next product idea already. The worst-case scenario is you’re going to learn a lot of lessons. There is no guarantee on Amazon but you have to take a chance.
2.Manufacturing
One thing that you should do when working with a manufacturer is to get everything in writing. What I recommend doing is if you talk to a manufacturer over the phone, send him an email after. Another thing is to get all the costs upfront. Before you start working with any manufacturer, ask what is the final price including all the costs. Make sure they agree to it over email or sign a document. One thing that you should also do is get a contract if you can. Try to get multiple production runs for a year without having a price increase.
3. It’s Really Freakin’ Hard
Amazon is one of the easiest ways to make money online, but it is still a lot (more…)