So you want to make money but you don’t want to rely on a job.
You don’t want to settle for making a living at your job when you could be making a killing through the Internet even if you’re a nobody from nowhere.
If you’re late to the party,
Whether you're a farmer in Iowa or some kid living in Ukraine, as long as you have a computer and an Internet connection, you've got all you need to make more money than any doctor or lawyer.
Well... almost. You may have the physical resources but you still need to know what you're doing. If you lack the knowledge or the know-how, that can easily be fixed if you have the drive to learn. Rather than packing all of this into an e-book or charging you $99 for a course, I'm going to lay it out for you from start to finish in this series.
I'm going to start off with laying a solid foundation and going over mindset and teaching you how to change the way you think before I dive into the nuts and bolts of actually doing it.
What Exactly is "Mindset"?
Your mindset is how you perceive the world and how you fit into the world.
You cannot control your past or the circumstances that led to where you are today. But you have 100% control over how you think and act from this point forward. A day is made up of all the decisions you made and how you reacted to your environment. Since all decisions start with a thought, where you are in life today is the result of the the sum total of all the thoughts that led up to this point.
The way you thought a year ago is the reason you are where you are today. In order to change where you'll be a year from now, you need to change the way you think today. If you work a full time job to make ends meet or you don't have enough money and you would like to have more money and a better life a year from now, you need to start thinking in a way that produces money around the clock.
Let's start with the basics. Why is money exchanged in a capitalist economy?
In every transaction, there is a buyer and a seller. The buyer exchanges money in exchange for a product or a service that they want or need. The seller exchanges a service or commodity to meet the need of the buyer and accepts money in return.
Logic would flow that if a single party wanted to amass a large quantity of money, they would have to sell a good or service over and over in order to accumulate the cash.
More volume of sales = more money.
So all money making ventures - outside of theft - boil down to getting the highest volume of sales over the lowest volume of time.
Selling $100,000 worth of something in 30 days is obviously better than selling $100,000 worth over the course of a year.
Lets use an employee - corporation relationship as an example.
In this relationship, the employee has certain assets (intelligence, acquired knowledge, competency, work experience, certifications, ability to produce goods).
In a ~ typical job, the employee sells his time at an hourly rate in exchange for a rate of money.
It all comes down to the numbers. If you're working an 8 hour job and you make $100,000 this year, how would you go about significantly improving that next year? You could get a raise from making $50 an hour to making $60 an hour. If you throw in some overtime that only adds up to a measly extra $20,000 a year. Then after employee income taxes eat their share, how much extra did you really make? Probably not a whole lot.
You're never going to have a year where you make 2 or 5 times what you made the previous year. That's not even a possibility. Your options are limited by the puny amount of extra hours you can work in a day and the 10 - 20% best case scenario improvement you can hope for in your hourly wage.
Unless you're Al Gore giving speeches for $100,000 a pop or an NFL player getting paid $10,000 an hour, you will never ever EVER become wealthy and you certainly won't become free by prostituting your time for money indefinitely.
This is precisely why exchanging time for money is a loser's bet for stacking the odds of amassing a huge amount of wealth in a short period of time. The factors you're working with (hours in a day, wages per hour) are too limited. They cannot explode exponentially, thereby exploding your income. You're never going to get the opportunity to wake up one morning and work 80 hours for triple the hourly wage you were earning a year before.
Let's expand this thought out so you can see the complete picture.
Unless you're famous, you will never be wealthy or free exchanging time for money.
All 9 to 5 jobs are based entirely off exchanging time for money.
Therefore, the possibility of being wealthy and free 5 or 10 years from now isn't even an option through a job.
This isn't news to a lot of you, but its important that we get that out of the way before we move on.
Your thoughts yesterday determine your decisions today which mold your reality 5 years down the road. No matter what your background is and what your circumstances are, you do have a choice to succeed.
If you are living in a first world country and have access to the Internet, you have no excuse for not succeeding. Even if you're living somewhere with just enough infrastructure like India, you can still make it happen if you commit everything you have to being financially free. The barriers to entry are quite low and the work itself is fairly straightforward. The biggest challenges you will face when starting off will be
1) Reshaping your worldview into one that is conducive to acquiring wealth.
2) Insulating your mind from the poisonous influences of the culture around you and your friends and family who will disapprove and drag you away from your vision
3) Your willingness to persevere and keep working even if you don't see results straight away.
Lets start with challenge #1 as it is the most critical element to your success.
Shift from a Consumer Mindset to a Producer Mindset
All successful businessmen have one thing in common - they all live their day to day lives through the lens of a producer's mindset.
The reason you can't see opportunity anywhere is because you're living life through the perspective of someone that is focused on consumption consumption CONSUMPTION.
You consume cars, food, housing, shoes, toasters, water bottles, paperclips, and numerous other things on a daily basis. The majority of your thoughts about money revolve around how you're going to spend more of it.
You try to get a higher paying job or work more hours to get enough to afford that shiny new toy or gizmo that you want. When you run out, you make more money and start the process all over again jumping from one product to another on the consumer bandwagon. Even if you clip coupons, never eat out, and scrimp to save every penny, you're STILL operating under the consumer mindset. The only difference is you're changing what products you buy and stashing away the leftovers from your last paycheck either as insurance or to save up for something bigger.
As a consumer, when you live your day to day life you encounter people with all sorts of problems, big and small. Inside your head you think to yourself, I hope somebody comes up with something to take care of that problem.
What is the producer mindset?
Let's go back to our formula for how money is made.
Higher volume of sales = More money.
Instead of pimping out your time on a daily basis, why not sell something that exists completely separate from you that exists within time, but is completely separate from your time.
Take this website for example.
This website exists because I put in many hours to creating and maintaining it. It earns money for me 24 hours a day, 7 days a week whether I am working on it or not. I could take a 6 month vacation or drop dead tomorrow and this website would still be up and running. Even if you were to completely remove me from the picture, ModafinilExpert would continue to make money for me year-round because the Internet never sleeps and you can freely access it 24/7.
Before I ever started working on this blog, I was living my life with a producer mindset on a daily basis. Here was my step by step process for deciding to use this as an income source.
Step 1: I recognized that there was a need for good information on cognitive performance enhancing. Most of the guys giving advice online were dorks. I wanted real advice from a real man with an awesome life that was worth living. Since I couldn't find it, I saw that as my opportunity to meet a demand in the market.
Step 2: I knew that the start up costs and risks were very minimal and that I could use the Internet as bigtime leverage. If I failed, I only stood to lose about $200. If I won, I stood to make thousands times that. I knew I wouldn't have to deal with any physical investment in inventory or employees and that I could attract thousands of people by releasing valuable content and letting people with desire find it themselves through search engines.
Step 3: Knowing absolutely nothing about running a server, blogging, filming, video editing, or marketing, I tackled my problems one at a time. I had a vision of a finished product and used Google, YouTube, and phone calls to answer every question I had along the way.
I wasn't born knowing how to install a theme, or edit style sheets, create a good looking layout, or any of the other steps that came with this process. But 100% of the time, I could rest assured that somebody out there has made a YouTube video outlining how to do it or written an article that would answer my problem that could be found with a quick Google search.
You should know ahead of time that if you've never done anything like this before, the beginning stages may be scary and frustrating. Since results and feedback take months to pour in, you'll be spending a lot of time and a lot of hours working without seeing any immediate payout.
It took me 10 months before I ever made a dime from this blog. In those 10 months, I learned everything I needed about how to run a blog through trial and error and kept producing content consistently. I never doubted whether or not this would succeed because I knew ahead of time that there was a demand for information on cognitive performance enhancing out there.
The Producer Mindset in Action
The next time you watch a commercial or see a product that you really like, ask yourself questions like...
- How did the owners find a way to manufacture and distribute this product?
- How are they going about marketing this? Are they using social media? Do they have a website?
- How could I personally go about efficiently producing, selling, and marketing this with a limited budget?
- Where can I find a manufacturer that can create my product for me?
- How can I leverage the Internet to sell this for me 24/7 whether I'm working or not?
If the Internet can't be leveraged to your advantage, the idea isn't even worth considering. The minimal setup cost and infinite outreach of the whole world is too good to pass up. Toss it out and keep searching.
If you want to start a blog, make sure you're giving away a lot of free useful information that a decent sized audience of people are looking for. There's no need to limit yourself to being super niche when you can expand and attract new followers.
When I first created ModafinilExpert, my intention was to just tell my story and disappear. Instead, I am expanding it to something much bigger than just modafinil or performance enhancing compounds. Ultimately, the reason you guys use these compounds is because you want an edge and you want to be as successful as you possibly can be.
No matter what it is you're selling, you'll have to get a website and a domain name. You could have something incredibly useful that a lot of people want really bad, but it won't matter if no one hears about it.
If you don't know how to create a website from scratch without knowing how to code, take a look at my beginner's guide.
You don't need to have any technical background whatsoever to understand and implement it.
Here's a recent example of someone that struck it big time with something so simple, anyone could have done.
The Blender Bottle
(reverse engineering a successful process)
This is just another example of how your idea doesn't have to revolutionize society. It can be very simple, as long as there is a demand for it. Blender Bottle decided it was a good idea to create a separate compartment for their shaker where you could store protein powder or pills. Very simple, yet very useful.
Now that they have a patent on this "new innovative technology", nobody else can legally implement this to their product without permission from Blender Bottle. These guys have made an absolute killing since release since everyone buying shaker bottles wanted the one with the removable add on.
Lets walk through the process of how an ordinary person would go about mass producing and selling this from scratch.
Here's a rough outline of the steps I would have taken...
Step 1: Do a patent search and a domain name search. If none exists, file LLC paperwork to create a company. Wait for paperwork to arrive. Create a business bank account and credit/debit card as soon as paperwork is taken care of.
Step 2: Lock down the domain name.
Step 3: Search alibaba.com for shaker bottle manufacturers and find several who can implement my design idea. Gather additional info such as how fast can they produce the bottles, how fast they can ship it out, what kind of rates they can give me for bulk orders, and private label customization options. While I'm at it, I may even do a Google search for "private label shaker bottles" to see if I have any other options locally (not likely).
Its worth mentioning that the vendors I meet on alibaba are all going to be based in China and I would have to get the goods shipped over to the US via freight or air express. I will also have to work with a customs agent to ensure my shipment gets to where it needs to go.
Step 4: Order several samples from multiple manufacturers. Find a single one that I can work with. Get professional photos taken of the product from different angles
Step 5: Lock down the patent. Create an Amazon Seller account using the company I formed in step 1. Launch my product on Amazon (a whole process in itself), have the bulk of inventory sent to Amazon's warehouse + retain a portion of inventory for myself to sell through the website.
Step 6: Clean up the remaining details. Get UPC codes printed out, use a software such as TaxJar to record varying state sales taxes, work out packaging and shipping details.
Step 7: Setup the website, make sure it looks good. Create an option to checkout.
Step 8: Start by taking orders myself through the product's website and shipping them out. When it becomes more popular, hire someone to take care of shipping for me. Continue close contact with manufacturer in China, keeping an eye on inventory and planning ahead so I don't run out of inventory.
Step 9: Run targeted PPC advertising across Amazon, YouTube, and Google.
Step 10: Once the sales numbers reaches a certain threshold, start reaching out to brick and mortar wholesalers like GNC or Wal-Mart that would be interested in buying in bulk and selling for retail.
Estimated Startup Cost
~$5,000 - $10,000 depending on how much starting inventory I buy.
This is how I personally would have gone about doing it. Someone else may decide to do it a different way. The whole point of me writing all those steps out for you is to give you a glimpse of the mental process my mind goes through when I see hit products that come to market. Whenever you see something trendy (like those selfie sticks) or have an idea that you think people will respond well to, start thinking about how you would put your plan into action - step by step.
Before you have a shot of any kind of success in business, your need to flip the switch and start thinking in a producer mindset 24/7. When normal people see products, all they can think about is how they can consume them. When I look at products or ideas, I think about how I can bring them out into the world.
(The Hardest Part About Getting into Business)
The biggest challenge for ordinary people who don't have wealthy parents and have always viewed the world through the lens of a consumer or an employee is they can't see the bigger picture. Since they've never created something from scratch and sold it on a large scale, they can't visualize the steps from A to B.
Running a Website.
These are all critical elements that every modern business needs to address.
How the hell did a kid like me manage to learn all this stuff?
Google and YouTube were my teachers
Do you have any idea how much good information is out there for free? All you have to do is put the video game controller down, get off the porn, and ask the all knowing Internet. Even 20 or 30 years ago if you wanted to know something specific, you would have had to dig through encyclopedias and tons and tons of written material.
I'm willing to admit that if I had to rely solely on physical sources to find information, I would just quit and get a regular 9 - 5 job. But why on Earth would I do that when I'm so lucky to have infinite knowledge at my fingertips?
This is why I have no sympathy for kids who live in first world countries that complain about not being able to find success. Even if you grow up poor, all you need to succeed is a laptop and an Internet connection (which is free most public places). Even if you're reading this from some shitty part of India, you're more blessed then you could ever imagine.
"I don't know how" is never an excuse. Search harder.
While enrolled as college student, I paid thousands of dollars out of pocket to learn from an extremely knowledgeable first hand source
I did not go meditate on a mountain and suddenly realize how to do business. I learned a lot of valuable basic information for free or cheap through observation and free content online, but eventually I hit a wall.
Its practically impossible to find a step by step process for how to launch a product from scratch. There's no online course in the world that teaches that. (Maybe I should start one? Who knows)
As a college student at the age of 20, I shelled out $3,000 in cash to learn the process firsthand from a seasoned pro. One of the best investments I've ever made because now that I know how everything works sequentially from start to finish and I can apply it to any other business I ever start for the rest of my life.
I never learned anything useful about this stuff from school or formal education. "Business professors" have a lot of theoretical knowledge, but are ultimately worthless because they are clueless about how to put it into action. They can imagine and map out how an established investor might do it, but they don't have a clue how they themselves could accomplish it on a limited budget.
You Have To Have ** The Desire **
I've given friends of mine the craziest opportunities. I've offered to teach them everything without charging them a cent and even let them follow me around as my personal assistant for a weekend to watch how I get things done.
And they turned me down. Despite knowing that what I'm doing is working for me. If I was in their shoes and someone like me - who started with nothing - offered an opportunity to learn firsthand, I would have jumped all over it.
Most people care more about the mundane trivialities of ordinary life than they do about striking it big and building a legendary life with everything they've ever wanted.
That's why I'm posting this online. The people that have that burning desire for success and freedom and are willing to do whatever is necessary to reach their goals will find the information on their own.
What I can't stand more than anything are people that are just kind of interested and ask a million and one questions but deep down aren't willing to commit to the process.
They want their success overnight. Or they want to invest in someone that put in the work and has things going on. They think they can outsource the thinking, the scheming, and the hard work to someone else and reap all the benefits.
They are nothing more than consumers and that's all they will ever be. Unless you want to stay like them, its time you make the mental shift and start thinking and operating like a producer. Day in and day out.
Until next time.
p.s. This is going to be part of an ongoing comprehensive series. My goal with this is to cover everything a new guy that wants to become a businessman would need to know from start to finish. My mission is to make this as comprehensive as possible and be the best source on the Internet.
p.p.s. I originally considered just making this a $99 course (may happen down the line) because of the degree of specifics that I get into, but I'd rather give it out for free and let the real hustlers find it and take advantage of it. If you want to stay updated, sign up for my newsletter (top right sidebar).