I have made a decision. I’m going to cut my losses and close down the US expansion for my Amazon business. After careful analysis of January’s results, it’s obvious that there’s no point in continuing. I will go into more details and explain the reasoning behind this decision in my January income update post next week.
A sad day? Not at all! Actually, I’m very relieved that it has ended. I’m not happy about the fact, BUT my excitement for the future is much greater than my disappointment in the failure of this US expansion experiment.
Today, I want to talk about “letting go” and how I believe it has helped me tremendously over the years to grow as a person and business owner. Here’s why.
I have always been full of ideas, especially business ideas. Since a very early age, I was thinking of ways to make money—don’t ask me why, I don’t know! It’s just how I’m wired. You know, the typical “born an entrepreneur” type of person. That’s me.
The first business I can remember starting was at around the age of 6 or 7, where I was simply baking chips and selling them to family members (mostly mom and dad as they had the money). Those sales were probably “forced” on them but, hey, whatever works, right?
At that age, I actually dreamed about owning my own restaurants or pizzerias. I was very much food-business-orientated then. In fact, I recently found some floor plans that I drew when I was a kid for a two-storey pizzeria! It was very detailed and had with equipment, tables in place, etc.
I hope that everyone is as excited as I am! I LOVE this time of the year – it’s like you open a new page in your life/business and start something entirely new! I hope that your New Year’s wishes haven’t vanished yet and you’re already making first steps towards the goals you have set for yourself in 2019!
I certainly have started it on the right path as I did wake up at 4 AM today and by the time you read this, I will most likely have finished the most important/difficult tasks for the day.
WHY on EARTH I do wake up at 4 AM EVERY DAY, including weekends & Holidays?
Let’s find out.
In my late teens and early twenties, late nights were where all the action was! Even though I did work/studied a lot during evenings/night time, I also managed to party on weekends, which meant going to bed at 4 AM on a Saturday or Sunday morning, NOT waking up at that time.
As I got older, met my wife, the night-life started to fade away, and I somehow started to feel the MAGIC and POWER in waking up early in mornings.
Most people can fall into two groups:
Early birds (people who like to wake up early in the mornings).
Night owls (people who like to stay up late at night).
If you asked me this question at the age of 20, I would tell you that I’m a 100% Night Owl and I can’t stand waking up early. But as my own experience has proved, I don’t think this classification is set in stone. Over your lifetime, you can change it, and I think it’s more of a question of HABITS rather than what you inherit or what your genes tell you to do. More on this later.
I’ve wanted to write this article for a while now as I really need to get my thoughts on this topic out in public and hopefully help some new entrepreneurs on their journeys in creating an online business.
Time is a CRUCIAL element that everyone needs to understand before they even start thinking about creating an eBay, Amazon or eCommerce business. I don’t know whether it’s just a part of every entrepreneur’s mindset (probably) but most people are impatient (including me) and that alone is a big, big problem. Let me explain.
Let’s take an average person (let’s call him Joe) who has a full time job, savings of £3k-£5k and the desire to start their own online business. They do lots of research (for months, even years) before they are ready to dig into the process. They read all kinds of materials online, watch YouTube videos etc., where people say how they went from an employee to a business owner and how happy they are to be their own boss etc.
That’s all good! If anything, this gives a lot of motivation and confidence for that average person to start their business. But the problem is that usually these stories do not disclose the TIME it took for them to achieve that level of success. And in most cases you’ll be surprised how long it actually took them to transition from a full time job to being a business owner.
So here’s what happens – Joe has finally decided to take the plunge and change his life! He QUITS his job as he figures out that he can live on his savings for a few months and by that time his business should generate enough money to support him.
What a wise move, don’t you agree?
Now that Joe doesn’t have to go to work every day he will be able to put 100% effort into his business and that alone should be enough to make it work, right? As we all know that if you work hard and really, really want something – you’ll achieve it, right?
Unfortunately Joe forgot about a CRUCIAL part of the puzzle – Time.
You don’t go from zero to a full time income in a few months’ time by simply investing a few thousand pounds in stock – that’s not the way it works I’m afraid.
Yes, there are ways to do this in affiliate marketing, freelancing and similar types of businesses but NOT with selling physical products on eBay, Amazon or your own online shop. Obviously I’m generalising here as there can be a 1 out of 1000 success story where you come up with a genius product, somehow protect the IP and become rich. Yes, there will always be exceptions but I’m talking about general scenarios here. (more…)
Yes, it’s that time again – December – and I’m now planning for the year ahead, and you should too! Here’s why…
While you may think – why do I need to write down my goals when I can just keep them in my head? – I can assure you that writing down your plans MAKES A DIFFERENCE! And I’m not talking about some extreme approach here – like with the “Secret” method, where followers write down their dreams each morning when they wake up but still – by writing down your goals and overall plan for the year, you achieve the following things:
1) You make yourself accountable. When you work on your own business, it’s so easy to get lazy, procrastinate and make no progress. I know this feeling inside out as I have been self-employed for almost a decade now. If you’re just starting out, most likely that initial buzz and energy will keep you going for some time but after a few years you’ll see for yourself that it becomes more difficult to concentrate, stay motivated and find the energy to do the things you have to do!
By writing down a yearly plan which then breaks up into monthly, weekly and daily task lists, you CREATE a work schedule for yourself and this helps you stay on the right track.
2) You create a clear plan to follow. When you work for yourself, there’s no boss, no one to tell you what you have to do right now, tomorrow or the week after.
But with a clear, written plan you’ll know exactly what you have to do every month, week and day.
3) You make it super easy to check your results. When you keep your plans in your head, you can manipulate them as you want. Not only that – I highly doubt after 12 months you’ll remember what target exactly you had in mind a year before. (more…)
It’s now September, and 2 weeks since my eCommerce Magnates course was launched. I’m fully back on track and will do my best to make this blog as lively as possible; I’ll be publishing loads of valuable articles, how to guides and videos.
So I thought this would be a perfect time to explore why so many people fail with their online ventures?
The reason behind 99% of failures is actually a very simple one – people don’t think long term and only want immediate success! After all, humans do a lot of dumb things for short-lived, immediate pleasure and ignore the long-term consequences – smoking, unhealthy eating, not exercising etc. and this mindset is the biggest cause of failures online.
This niche will make me rich!
No, I’m afraid it won’t! No niche automatically means that you’ll succeed and become rich as a result. Even if you have discovered a new product, it will take just a few months or even weeks for others to get in on it and start competing with you. Your niche or products alone DO NOT guarantee success!
Quite often people spend months and even years trying to find that ONE, perfect niche to work in. But little do they know that it’s NOT the most important element in the overall formula for success.
Of course the niche you chose should be suitable for your buying power, with enough demand and preferably not a huge amount of competition. But the niche itself will not determine whether or not your business succeeds – it’s only one part of the puzzle.
So what does separate online successes from failures?
As simple as that…
It takes time to build a sustainable business – be it a blog, eBay store or online shop. It TAKES TIME! (more…)
Yep, for most people Mondays are worst days of the week, especially for those who have a boring 9-5 job. But not for me – I really like and enjoy Mondays as each Monday is a beginning of a new week – an opportunity to re-focus and be more productive than ever before!
I have read countless books on motivation, goal setting etc. but nothing works for me better than a good, inspiring video. Ideally, a video created by a successful entrepreneur. Today, I want you to introduce such a person – multimillionaire, owner of several successful online businesses and simply nice guy – Eben Pagan.
I have been following Eben’s success for years now, bought several products and have always been amazed on quality of information he provides. You can go on YouTube and simply search for “Eben Pagan” to find dozens of FREE videos where he shares business ideas, motivational tricks and many more.
These videos are really AMAZING and they do wonders with your productivity! Just try it for yourself and watch this short video:
HOW I Made £320,000 in 18 months on Amazon UK!
100% FREE VIDEO!!! Subscribe to my Newsletter and get INSTANT ACCESS NOW!