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Monthly Archives: October 2012

Book Review : Lucky Bastard

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‘Today’s Blog Post is about a Book Review

and is my first review of an awesome book written by a

26-year old who made his first six figures online.

Read more below. It’s really a great book with lots of

great techniques and no fluff…

‘Lucky Bastard’ a book which I read when I was first started online.

Now on retrospect, when I reread the book,I find many strategies and principles still

applies as I am advancing in my online business. Here’s a review of the book.

There are countless books that I had read about on internet marketing, once in a while you come across a book written in such a manner that you could regard it as a rare gem. Truly simplistic but yet totally inspiring, Adam Wong’s “Lucky Bastard” have managed to captivate my undivided attention since I picked up the book.

The internet, a recent technological innovation, for many of us aspiring to embrace the internet revolution commercially, it can be a daunting task as well as an exciting one. What Adam Wong managed to do in his book “Lucky Bastard” is rather thought provoking and view realigning as well. Despite the title of the book, Adam Wong is definitely no lucky bastard. He had managed to achieve what so many of us can only dream off by applying the success formula that his mentor and co author, Adam Khoo, taught him.  

Despite being a university dropout, Adam Wong is a very successful entrepreneur and internet marketer. At the age of 25 years old, Adam Wong was already making a six figure income, the salary of some multinational CEOs. The book “Lucky Bastard” made it to the Sunday Times Bestsellers list (Singapore) for three weeks amongst other non fiction bestsellers like Malcom Gladwell’s Outliers and Robert Kiyosaki’s Rick Brother, Rich Sister making him not only a successful businessman but also a best selling author as well. His mentor, Adam Khoo, is no less successful as well. A multi millionaire by the age of 26 and a best selling author with over seven bestsellers to his name, Adam Khoo being a peak performance trainer had trained over 355,000 individuals to achieve excellence in their lives

Adam Wong managed to tie all the concepts together necessary.In fact the beginning of the book begins with how regardless of one’s age, with just a one single defining moment; our lives can change in ways we cannot imagine. He uses his case as a perfect example of this line of thinking. I could say he took what he learnt from his mentor, Adam Khoo, and applied “the ultimate success formula” in laying down the blueprint for building a successful internet business. I guess, in this section of the book, he is sowing the seed for successful entrepreneurship generally and not just for the web business.  

For many of us, the cyber world actually represents a paradigm shift not only in the way we thinking but also in what can constitute as successful business models, to paraphrase Adam Wong, “From Bricks to Clicks”. The types of business opportunities for an aspiring web entrepreneur are many but at the same time, we are aware of the various scams that also perpetuate on the internet. Here in this respect, Adam Wong did a great job is showing what types of ventures that novices can look forward to on the internet. He introduces the various options like selling digital products to bring the world of affiliate marketing right to the doorsteps of novices. They will find Chapter Two of the book extremely informative in this respect. There are several market segments that are clearly defined and explained by Adam Wong and with each segments, he gives real life examples of the types of products that can be sold on the internet. For example, in the digital product market, he uses itunes.com as one successful web business that sells mp3 songs for 99 cents each.  

Affiliate marketing is also covered in chapter two of the book. For those would be Web entrepreneurs without their own products to sell, this section is a must read. And in plain simple English, readers will be able to follow the exact steps he undertook to create successful business from several of the models he presented in the book.

For those wanting to create and sell their own products, Adam Wong guides them along in Chapter Three of “Lucky Bastard”. 

In conclusion, it can be safely said that the book covers every essential steps that w need to know in order to start a successful web business. From market identification, product creation, website design and web traffic management, each chapter of the book shows the required steps and tools to make the whole process of setting up a successful web business. After reading the whole book, two things are very clear to me: 

  • Adman Wong absolutely convinced me about the viability of an internet business.

  • He is no lucky bastard. Hence, if he can do it, with the steps that he just shown in the book, any reader will also be able to do it.

In retrospect, any entrepreneur regardless of whether he is “brick based” or “click based” can learn a thing or two by reading “Lucky Bastard.”  

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Oct 24, 2012

How to make $3000.00 in Your Online Business

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As you know there are a variety of ways to make money online.

The most common way is to become someone’s affiliate, others include blogging, advertising, selling physical products online, and becoming an online middle-man, freelancing so on and so forth.

Since there are so many ways to make money online, the first step is to identify which method suits you best. The above ways to make money online can be classified into the following categories.

  • Content Model, which includes blogging, content intensive websites like Tripadvisor, these are sites that make money mainly from pay-per-click ads and other affiliate products.
  • Product Model that is websites like Amazon, eBay and smaller websites that sells physical or digital downloadable products. An example of a successful website is hottubs.com that sells hot tubs online.
  • Middle-man websites are common online now. Examples include Lendingtree that earns money from selling leads to companies that provide loans for customers.
  • Info-products model, this is my favorite model as it does not involve having to account for physical inventory, the headaches of shipping and tracking the parcel. In addition, my customers can immediately access their purchase and find solutions to their problems once they have the information. So today, I will focus on how to earn your first $3,000 online per month through an info-product business.

Let me take you through an example for better illustration.

Say for example, you are a native Singaporean or have stayed in Singapore for a length of time. You know the city well, its culture and its history as well as places which sells the best food. You can create an info-product business around it.

You can start by creating city guides to well-known tourist attractions in Singapore that visitors will be interested in and you add your own twist. You know that typical tourist guides provide general directions, so you can start a Subway Guide to Singapore for Visitors.

You can compile the information based on your own knowledge or drawn from related websites from the Tourism board. Other ways you can monetize this site includes adding links to affiliate products like maps, travel products, booking of accommodation and attractions.

You can also include consulting projects on the side for business interested to set up shop here and introduce them to the various business registration agencies, tax agencies or real estate agents or suppliers of you have the knowledge. So using the above example, these are the potential earnings from just one site.

Description Potential Income Source
Selling of eBooks @ $19.90 Sell 30 copies a month, that is 1 copy a day=$597
Affiliate sales from hotel booking, sale of maps and other etc. etc Average sale is about $40 and you net $20, at one sale a day you will receive $600.00
Ads that are displayed on your website $100/month x 20 = $2,000
Consulting projects You can charge by the hour and this can net you a potential of upwards of $1,000 a month.

There you have it; you can make sales of more than $4,500 per month online.

Other ways to monetize it include

  • Adding a directory of local business that serves tourists such as tailor, medical tourism etc.
  • Selling or license some of the articles you have written to travel agencies or other publications for a fee.
  • Selling other niche info-products such as business guides to Singapore, Marina Bay sands guide to business interested in exhibiting in Singapore, so on and so forth. These special guides can be marketed online through specialized trade publications and sold for a higher price as you need to do more legwork and research. You can also include free updates via your website.

Today’s blog begins a series of post on how to make your first $3,000 online and I hope you will enjoy reading and take action towards your online enterprise. As they say when the “going gets tough, the tough gets going”. Take action to secure your financial future and your dreams with a part-time online business.

If you want to know about other ways to make money online, just leave your comments below or reply to my email.

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Oct 11, 2012

3-Steps to Get More Sales

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Hi Everyone,

This is the first post for October 2012.

3-quarters of the year has already passed and we are in the final  quarter of 2012.

This is one of the best times to review the goals you have written

this year and check off those that you have accomplished.

Speaking about this,

did your business manage a breakthrough

in sales records or are you still

struggling with making your first

dollar?

Quite frankly, I only made my first sale

in 2 months when I started online.

I am not those who had tremendous success the minute I started

I had to pay my dues, take things one-step at a time.

Well, sometimes during that period, things can get pretty

frustrating and  you start to have doubts if you have

done things  wrong and why things are not working.

This is certainly not something that

I would be proud of sharing.

As it took me a lot of trial error on my

own before I discover a few simple strategies

that have proven to bring in sales.

Well, today I’m going to talk about the

4 ways which you can increase profits

with Affiliate Programs.

#1 -> Drive more traffic to your website

This is the most critical step. The first thing you have to

do is to get more people to visit your website.

There are basically two steps you can do so.

One is through paid- methods such as adverting, ppc,

banner ads etc etc etc.

The other method is slower but does not require

any investment of money, it only requires some time on

your part.

You can begin with article marketing, writing guest blog post,

create viral eBooks,publish more newsletters to drive traffic

back to your website.

You can try these two methods to drive traffic to your

website and in turn encourage them to click on

your affiliate links.

This brings us to the next strategy

#2 -> Increase conversion rates.  

If you can do one things, that is to increase

your conversion rates.

For instance, if you typically have 100 visitors and out all of them, 10 people were to click on your affiliate links and 1 end ups buying giveing you a sale of $20.00. What if you can increase your conversion rates from 1 sale to 2 or 3 out of 100?

Here’s a comparision table

No. of Visitors No who clicked No. of Sales Amount
100 10 1 20.00
100 10 2 40.00
100 10 3 60.00

So you can imagine that with just one more sale per 100

visitors, you can get $40 more.And you do nothing but increase your

conversion ratios.

Some of it may have to do with the  affiliate program itself

[Ex. How good their sales letter is,

their follow-up system, freebies, etc.],

These are some of the things YOU can do to increase

the number of visitors who actually buy.

  • Offer an incentive to those who buy through your affiliate link.
  • Offer them an exclusive membership to your prized content.

We’ll talk about this more in an upcoming blog post next week.

 #3 -> Increase the size of your sale. 

You can increase the size of you sale by

  • raising the price of the product especially if you have updated it and expanded the original product.
  • raise your commission per sale
  • increase the size by offering associated products, For instance, you are are selling an article spinning software you can also offer keyword research software, grammar guide, copyscape etc etc along with your one product.
This is the ‘bedrock’ of what I call the real foundation to becoming a successful affiliate online. If you have not made a sale online before, keep in touch with my subsequent blog post for the next few weeks, where I will reveal how I made my affiliate sales online.
I’m sure your first sale online will be your most memorable one.
If you are keen to read related posts, here it is again.
Take things one step- at a time and do not give up.
You may want to give these strategies that I personally try.
Here’s the link.

 

Magnetic Online Business Building Strategies

 

 

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