Read These Five Books That Made Me a Millionaire Before 30

I’ve made millions of dollars online — but I didn’t do it alone. In fact, no one can do it alone. When you’re just starting out on any business venture, it helps to have mentors to guide you. People who have tried, failed, and forged through for success. It’s not always possible to have a mentor, however, which is why it’s great when someone distills their experience — or the experiences of other people — into a book. For years, I’ve read at least a book a week, including these five books that made me a millionaire. It puts me inside the mind of experts and advanced thinkers, exposing me to new ideas and ways of thinking. 

As an entrepreneur, books are one of the best investments you can make in yourself. They’re inexpensive and are often packed with knowledge and actionable advice you can use to learn, grow, and improve yourself. In this post, I’m going to talk about five books that made me a millionaire before I turned 30. I may have read them when I was young, but they can help people of any age become more successful. 

If I could have five books, forever, without any others, these would be the five. You may not have heard of some, but I promise you they will absolutely change your life.

1. Atlas Shrugged 

Screen grab of Peter Pru talking about Atlas Shrugged

This novel took me six months to get through. I first read it on my honeymoon in Greece and could not put it down. It was that gripping and effective. 

People have made movies based on this book. They’re all terrible. Stick with the original work if you want to absorb the key concepts and messages in its pages. 

The main concept you should take away from this book is to shift your mindset in life from being a consumer to being a producer. Most people drift through life endlessly consuming things: TV, food, clothing, or cars. The producers in this world are the ones that make all the money. 

This is something of a controversial book, but those are the ones most worth reading. Find this one today. It will take some time to work your way through it, but it will change the way you think about life. 

2. Breakthrough Advertising

This is the “Bible” of everything you need to know about advertising, sales, marketing, and persuasion. That’s a market flooded with resources and books on these topics, but this is the top one. Today you’ve got so many people telling you how to make money online. If you ask most of them, they’ll say this is on their bookshelf. 

It’s hard to find. I used to flip them for $300 a copy, dropshipping them from the direct supplier. That’s how in-demand it is. 

This is a masterclass in so many topics related to effective advertising, like writing copy. When I go through my copy of this book, every page has highlighted text on it. It’s dripping with value. 

A word of warning: it’s not a book you go through and read 20 pages at a time. You’ll find it better to read one page, let the concepts marinate in your head, and then go to another page the next day. 

3. No B.S. Wealth Attraction

Man reading an ebook on a tablet at home

The author of this book, Dan Kennedy, is someone I consider a mentor. He’s a legend in terms of not just marketing and advertising but also mindset and money. 

This is my favorite book of his many great ones. It will help you shift your “lack of abundance” mindset when it comes to wealth and money. Kennedy’s words show that creating wealth is about much more than action, though that’s a huge part of it. It also greatly depends on how you think about money and your ability to create wealth. 

Kennedy also offers a six-hour video crash course on YouTube. I highly recommend checking that out, as well. 

4. The 48 Laws of Power

Screen grab of Peter Pru discussing the 48 Laws of Power

Robert Greene, the book’s author, has some other phenomenal work about social dynamics. This is a tough book to get through, as each chapter contains a different lesson packed with dense details. It contains stories from throughout history meant to demonstrate Greene’s specific point in each chapter and is dry at times. 

So how can you make it through this book, which can sometimes feel like a history or social studies textbook from high school? 

My recommendation is to get the audiobook to follow along with the book as you’re reading it. It teaches a lot of valuable best practices in how to succeed in today’s world. 

Plus, listening to the audiobook helps the stories resonate more as you experience them in another format. The lessons are well worth experiencing, so do whatever you can to get your hands on and read this book. (If you love audiobooks, that’s a great way to get through any of these five books that made me a millionaire.)

5. The 12 Month Millionaire

This one is a big book that is also controversial. Written by Vincent James, it has valuable lessons on every page. 

Why is it controversial? It’s because the author went to jail. But that doesn’t mean you should discount his experience and knowledge. In this book, he documented exactly how he made $100 million. He outlines the steps he took to build wealth quickly. 

I’d say those are lessons worth learning, no? 

It’s hard to get your hands on a copy of this one. You may have to find a PDF copy on eBay. There’s a good reason why it’s so in demand, though. It provides you with a blueprint for how to make $100 million.

That’s not to say it will be easy for you after reading this, but it at least gives you the informational infrastructure you can use to succeed.

I can’t recommend these five books that made me a millionaire highly enough. Reading them in and of itself won’t make you wealthy — you still need to take action. But they’ll give you plenty of useful life lessons and best practices you can then leverage into creating your own empire.  

If you’re looking for more valuable insight into how to make money online, subscribe to my YouTube channel for more tips. Also, sign up for this exclusive free webinar on the simple eCommerce funnel I used to create a full-time income online.  Tagged : / / / /

Know the Benefits of Registering Your Dropshipping Business as an LLC

When you start a business, you can never be too careful about protecting yourself and your personal assets from legal liability. If you run a dropshipping business, in particular, you should make sure you are on the safe side. While there are various ways to protect yourself from liability, the most popular and highly recommended is registering your dropshipping business as an LLC — a limited liability company.

The first and most attractive benefit of registering your dropshipping business as an LLC is the tax benefits you could enjoy. Many new entrepreneurs trying dropshipping for the first time eventually come to this realization.

Many entrepreneurs often fail to realize how much money they can save by putting expenses on their business rather than paying themselves first, then paying for the expense. As a result, they at times lose as much as 50 percent of the money with such a simple mistake.

This post will guide you on the benefits of setting up an LLC and enjoy all the benefits it brings.

Keeping Most of the Money You Make

Peter Pru discussing the tax advantages of registering a dropshipping business as an LLC

Everyone starts a business to make as much money as they can — and keep most of it at the end of the day. However, if you are new to dropshipping or just getting started in the business, it is not uncommon to feel jittery and have ‘what-ifs’ regarding running the business.

If you can eliminate most of the concerns of running a business by simply registering it, then your life as an entrepreneur will be much easier and your profits better protected. By taking steps to educate yourself on starting and running a business, you have already shown intent to start a business.

With the proper business structure, you could access as many as 250 different tax deductions and ultimately keep thousands of dollars that you would otherwise pay in taxes as profit or re-invest into the business.

By investing the time and money to start a business, you could qualify for many possible deductions, including:

  • Advisory expenses
  • Cable, satellite, and cell charges
  • Coaching and education
  • A percentage of your mortgage or rent
  • Additional brokerage fees for trading
  • Computer, printer, and office supplies
  • Health or supplemental insurance
  • Travel, car mileage, and motor vehicle expenses
  • COVID-19 deductions

Clever categorization of expenses reported to the IRS can help the business pay taxes at a lower tax bracket and keep more income. The key consideration is when deciding whether to record an expense as an ordinary or a necessary business expense.

The Pass-Through Taxation Benefits of Registering Your Dropshipping Business as an LLC

When you form an LLC or a corporation, the IRS will consider you a legal business entity, depending on your situation. These types of businesses are considered ‘flow-through’ or ‘pass-through’ entities. Therefore, as long as you have a taxable income, recording it as a business income offers great benefits regardless of the source.

Registering your business as an LLC or corporation comes with attractive business credit advantages. You can enjoy business credit on the income the IRS considers ‘flowing through’ the business.

Pass-through or flow-through is a tax function that allows you to file business taxes with personal taxes. In the process, you can use tax deductions against all income, including any W-2 incomes, to further lower your Total Taxable Income across the board.

As fancy as it sounds, ‘flow-through’ and ‘pass-through’ income are just fancy terms for money that comes into and flows out of the business. It is noteworthy that any losses the company records will also reflect on your tax returns, significantly lowering your taxable income.

It may seem complicated, but if you register an LLC and see the savings you can make by taking advantage of tax deductions, you will understand better and appreciate how it works in under a year.

Personal Asset Protection

Dropshipper seeing the benefits of registering their business as an LLC

LLC is an acronym for Limited Liability Company. The term refers to a business entity in which the owner is not personally liable for the debts and liabilities of the company. Simply put, the two most important benefits of registering a limited liability company are:

  1. You will not be personally responsible for the business debt.
  2. Your personal finances and assets will be safe from the liabilities of the business.

Separating business and personal assets and finances is a sure way to get peace of mind while running a business in the modern market. When you are certain your assets and finances are protected, you can focus on the business. You can stop worrying about potential lawsuits should the business make losses.

Some of the potential lawsuits from which you can protect yourself by registering your dropshipping business as an LLC include:

  • Breach of contract
  • Premises liability
  • Employee and customer discrimination claims
  • Harassment
  • Faulty product or service lawsuits
  • Intellectual property rights
  • Misleading claims
  • Auto accidents

Many people avoid starting an eCommerce business because they do not want to take the chance of getting sued. Americans file 40 million lawsuits every year — that is about 76 new lawsuits every minute. 

The sued parties often spend a lot of time and effort defending themselves. If they lose, it costs them money and even personal assets such as a house or a car. Registering your dropshipping business as an LLC eliminates the need for you to worry about getting sued in a personal capacity for business liability. Instead, you can focus on running the business.

Business Credit Formation

Many people mistakenly assume that they need to have large businesses to access business credit or corporate funding. Most businesses start with personal credit or funds. But personal credit must remain personal, and the business must develop its own credit for long-term growth.

To give your business room to grow, you must build separate credit for your business. The business will pay for itself, and from there, it will pay you. Registering your dropshipping business as an LLC offers many benefits, including:

  • Separation of personal from business funds and credit
  • Access to more funding options available to corporations
  • Lower interest rates on loans
  • Higher limits on loans and credit cards

Final Thoughts About Registering Your Dropshipping Business as an LLC

Peter Pru explaining the basics of LLCs

This post is just a summary of the core benefits of registering your dropshipping business as a limited liability company. Whether you already have a business or are considering one, you cannot afford to overlook these benefits and many others.

Do you want to learn more about how to start or run a successful eCommerce business in today’s competitive market? Reserve a seat at our exclusive webinar to learn little-known tips to build an ultra-profitable dropshipping business today. You can also subscribe to my YouTube channel for more details about succeeding in eCommerce and registering your dropshipping business as an LLC. Tagged : / / / /

How to Start a Supplement Dropshipping Business

Welcome, empire builders! If you’re new here or still learning the ropes to dropshipping, you’re in luck. Today we’re going to quickly break down and run through the steps of how you can start a supplement dropping business. You’re going to learn how to build your supplement brand 100% online through dropshipping strategies. We’re going to discuss everything from picking out suppliers and supplements to understanding how to capitalize on these decisions through advertisement and sales funnels. With that being said, let’s jump right in. 

How to Start a Supplement Dropshipping Business

You’ll find that supplements are incredibly trendy right now with the current pandemic situation. But the truth is that they’ve always been a popular target for making sales. Everyone loves to buy that perfect supplement that offers them a little extra boost, and that’s part of what makes starting a supplement dropshipping business such an easy thing to capitalize on.

If you’ve never started a dropshipping business, supplements are slightly different due to the legality that comes along with them. So, if you’re unfamiliar with the market or don’t have time to learn about the legal aspects of marketing supplements, you can still start dropshipping with just $0. If your goal is to get into supplements and you have a bit of a budget, then this short guide is for you.

Selecting and Working With a Supplier

Screen grab of Peter Pru explaining how SMP works

Two suppliers that we’ve already personally vetted are Ship Offers and Supplement Manufacturing Partner (SMP). Both of these are dropshipping suppliers that focus solely on supplements rather than other products. So, how exactly does dropshipping for supplements work? Let’s break it down. 

When you pull up SMP, you’ll find their catalog with 242 results for different supplements that you can private label. This means that all of the science, ingredients, manufacturing, and product-specific needs are already put together. All you have to do is pick out the supplement(s) you want to put your label on. With SMP’s supplement catalog, you can quickly click on the items you think will fit your niche and goals. Then you can check out the supplemental facts to make sure they’re a great match. 

When picking out which products you want to sell as you start a supplement dropshipping business, you have two basic options. You can go white-label or custom creation.

  • White label is where the science behind creating, manufacturing, and handling the supplements is already done. White label products are ready to go and market as-is. All you have to do is work with a supplier to label the supplements and begin marketing them.  
  • With custom creation, you’re working with a unique, new formula and private labeling. The concept for the product is brand new, so there’s going to be more focus on creating the perfect formula, testing it, and actually purchasing inventory. 

Start a Supplement Dropshipping Business With Ingredients You Know About

Customer with supplements in his smoothie

In my personal opinion, especially when it comes to supplements, always sell stuff that you use. This can be a way to further market the products, but it can also build trust in what you’re offering.

Once you’ve selected a supplement, you can send an inquiry or request a sample. We always recommend that you reach out, make a call, and start the conversation. You’ll typically speak to a representative so you can learn about what their specific dropship process looks like. This is a great way to start building that relationship with the supplier, and it allows you to get to know about them.

Depending on the inventory of each supplier, sometimes there will be a minimum purchase of 100 or so units rather than on-demand options. This is commonly practiced with white labeling because that supplier will be taking their logo off a product and replacing it with yours. 

The same setup goes for the other supplier, Ship Offers. Its interface is similar to AliExpress. So those of you familiar with the platform may find them easier to work with as a supplier. They also offer fulfillment services. 

Beginning Sales and Marketing

As empire builders, you know that we have a basic strategy that we follow when creating and building any business. This strategy is proven to work and simple to use. The basic structure relies on three main components. 

  1. The Niche — What’s the niche you want to sell to? Specifically, who
  2. Crafting the Offer — What’s your audience getting other than your product? Direct guides that go with the supplement or maybe a bundle discount?
  3. Your Funnel — This is the structure of your sales pitch. It includes your niche lingo, what your offer gives customers, and more. 

Knowing how to build and use sales funnels will be crucial to growing your business.

Learning to Drive and Manage Traffic

Screen grab of Peter Pru discussing how to market supplement products and drive sales

Now that you’ve selected your supplements and partnered with a supplier, it’s time to drive traffic to your marketing campaign. For years, we’ve used the same basic strategy to manage and maintain our sales. This is especially true when you start a supplement dropshipping business. There are so many options out there, and brand loyalty is major among consumers.

The trick is combining influencer shoutouts with retargeting ads. The idea behind it is that you’re driving warm traffic to your offer and your funnel. Retargeting ads then pop up for consumers that have already seen a little bit of what your brand has to offer. Whether that be through an influencer’s post or another ad, the exposure of seeing your business’s supplement offer pop back up is warming them up to the idea that you’re familiar and they have a connection with you. 

Through these ads, lead consumers back to your landing page for a specific supplement. Showcase the ingredients and supplemental facts. Then highlight similar products that are frequently bought together, and offer even more deals with bundles. Your landing page can be extremely basic but display the highlights customers care about:

  • What are the ingredients?
  • How do you use it?
  • Can we see people using it?
  • Can we see some reviews?
  • Where do I buy it?

Learn More About How to Start a Supplement Dropshipping Business

If you’re ready to start a supplement dropshipping business and you want to learn more about suppliers, ads, and funnels, register for our webinar today. Don’t miss out on all the knowledge and strategic planning we have to offer you in order to make your supplement dropshipping business a success. You can also receive frequent insights and tips by subscribing to my YouTube channel about dropshipping, sales funnels, and growing your business. Tagged : / / / /

Why You Need to Move Away From Walmart and Amazon FBA in 2021

The fact is that as of 2021, Amazon FBA and Walmart are officially dead for ecommerce dropshippers. If you’re currently a seller on Amazon or Walmart or you’re toying with the idea of using either as your sales platform, we recommend you move away from them and build your own sales infrastructure. The reason for this is revealed in a recent report from The Wall Street Journal, in which they detail how it’s actually often cheaper for Amazon and Walmart retailers to issue full refunds of products and let customers hold onto or donate them. This revelation can make both of these businesses detrimental to your dropshipping business in several ways. Read more about the state of business for dropshippers using Walmart and Amazon FBA in 2021.

What The Wall Street Journal Findings Mean for Your Business

The article in question discussed how retailers Amazon and Walmart, potentially followed by others in the future, are no longer requiring customers to return unwanted items. Those items technically belong to the retailers (as opposed to individual sellers). So those companies have the authority to give customers permission to keep unwanted items along with a full refund. Amazon and Walmart reason that it’s simply cheaper for them to let customers hold onto those items. But that can be harmful to business owners by tempting people to game the system. Customers who aren’t honest can hang onto items they’ve purchased while requesting a refund. This essentially allows them to get free products at the seller’s expense.

The article shows once again how ecommerce giants like Walmart and Amazon are really in control of sellers’ products and don’t truly have sellers’ best interests at heart. However, this isn’t really news at all. Many people may be familiar with the fact that, for several years now, Amazon has allowed customers to keep products rather than return them. This a long-held practice of theirs. The WSJ article simply helped raise even more awareness of this issue.

Losing Money From Unreturned Products on Amazon FBA in 2021

Screen grab of Peter Pru discussing the Wall Street Journal article about Amazon FBA in 2021

The problem with enabling customers to keep unwanted products — which in some cases may not actually be unwanted at all — is that this hurts sellers who could otherwise resell those products. And it’s worse than an inability to resell returned products. Sellers are also hit with fees that cause them to lose even more money when customers choose to get a refund without returning their items. These problems further emphasize how harmful those big retailers can be. They can be great for occasionally free traffic and sales, but you should avoid building your business through them.

Walmart and Amazon, along with other big names in the industry, may seem like a haven for sellers. They can use the platforms to push products and generate lots of sales. But it’s important to keep in mind that they’re only looking out for themselves. In short, the products sold through those channels don’t belong to the seller; they belong to those platforms. That means that Amazon and Walmart can do what they want with them. You forfeit control over your own inventory.

Do you want to make a profit and retain control over your products and business in general? Then make sure that your primary source of sales is your website. Setting up a sales funnel and developing a successful website that you actually own will ensure you don’t suffer from another retailer’s attempts to cut corners.

A Recent Surge in Returns for Sales on Walmart and Amazon FBA in 2021

Screen grab of Peter Pru discussing changes in consumer behavior during COVID-19

Another recent article on PYMNTS.com talked more about the rise in product returns experienced with retailers (including Walmart, Amazon, and Target) throughout 2020. The new decision to allow customers to keep unwanted items was officially made as a result of an increase in returns that took place in 2020, with ecommerce packages seeing a 70% increase in returns compared to 2019. 

Due to the pandemic and the subsequent inability to take items to physical stores, returning items became more challenging for consumers. The rise in ecommerce as more people turned to online shopping during lockdowns also led to more returns. Generally, online orders tend to lead to more returns than in-store purchases. Why? This is largely due to the hassle of having to return to the store after buying an item in person. Also, people may be disappointed or receive something different from what they expect when ordering a product online because they can’t see or try the product in person before purchasing.

Unfortunately, while Amazon and Walmart’s decision to let customers keep products they no longer want may be convenient for both consumers and those retailers, it’s a considerable loss for sellers.

Build Your Own Business Without Relying on Walmart or Amazon FBA in 2021

The best way to avoid the potential costs and headaches associated with product refunds and unreturned items is to stay away from companies like Amazon and Walmart. You don’t necessarily need to avoid them entirely. They can be beneficial in generating traffic for you and boosting sales. But they shouldn’t be your primary platforms.

Instead, build your own website and control the traffic to it. Develop a sales funnel that moves people along through the buyer’s journey toward a sale and upsell. Once you’ve built a solid foundation for your business and you’re able to sustain it, then you can consider branching out to outside retail platforms like Amazon FBA in 2021. The more control you have at the start, the more likely you are to succeed and grow. Then you don’t have to worry about what corporations are doing that may hurt smaller businesses. 

Start with your own website and your own platform that attracts short- and long-term customers. Then you can leverage the power of larger companies to supplement your core efforts. The less you rely on a company like Amazon, the less likely they will be to negatively impact your business in a way that matters. You’ll always have that main source of sales to keep you safely afloat.

Consult With the Ecommerce Empire Builder Experts

Dropshipper thinking about how to strengthen their ecommerce business

Do you want to learn how to build a winning online business and succeed without Amazon, Walmart, or other retailers? If so, reserve your seat at our free ecommerce masterclass. We’ll show you how you can sell best-selling products online and create a full-time income using reliable ecommerce funnels to grow your business. For frequent tips and insights, visit my YouTube channel, too. Tagged : / / / /

How to Set (and Keep) Your Dropshipping Goals for 2021

Empire builders, are you struggling to set or achieve your dropshipping goals for 2021? Finding a balance between your personal and professional life can be a struggle regardless of what industry you’re in. However, entrepreneurs especially struggle with finding a good work-life balance. With over thirteen years of online entrepreneurial experience, I have learned some tips and tricks along the way. Over the last five years, I have generated over $5 million in sales through my ecommerce endeavors. A critical piece to my success has come from accountability and goal setting in my daily routine. Read on to learn how to kickstart your ecommerce journey by creating, recreating, and attacking your dropshipping goals for 2021.

Start Attacking Your Dropshipping Goals for 2021

Each year, I like to give myself a new set of goals to help me stay focused on growing my entrepreneurial endeavors, and 2021 is no different! Goal setting and accountability have been a critical part of my success in generating over $5 million in sales over the last five years. Over the course of these five years, I have been using the At-A-Glance planners to help me structure my days, create accountability checks, and ruthlessly attack the goals I make for myself. The goal-setting system that I have found to work best for me is the Build System coupled with the Daily Six. 

The Build System, coupled with the Daily Six, has allowed me to see quantum leaps in my ecommerce revenue. I have been following this system and keeping my notebooks for five years now. Keep in mind that these notebooks aren’t for my deep thoughts. Instead, they provide me with a means to hold myself accountable and structure my days to get the most out of them. Going back over my notebook from five years ago has allowed me to see just how far I have progressed, both with my business and my mindset. If you want to achieve great things in your ecommerce endeavors, following the Build System and Daily Six might just be what you need in your life.

The Build System + Daily Six 

Screen grab of Peter Pru explaining the Build System

The Build System is simply an acronym I have used to help me better structure my days and hold myself more accountable to my goals. Each letter in BUILD corresponds to a different element that I feel is essential to obtaining a successful entrepreneurial career and maintaining a balanced lifestyle. 

B — Body

U — You

I — Income 

L — Relationships 

D — Development 

Now, I know not all letters in the BUILD acronym correspond perfectly. However, this is how I like to structure the Build System, and I have found that this way makes the most sense for me. So follow along if you would like to get organized. Remember, the goal is to have as many of these letters circled at the end of the day as possible. If you don’t quite hit your goal, that’s okay, but put an x through that letter and try to hit that goal the next day.

I rarely hit all of my goals each day, but I view this as a good thing. If I was hitting all my goals each day, it would prove to me that I wasn’t pushing myself hard enough to be better and grow my business more. Overall, the Build System coupled with the Daily Six has a lot to offer aspiring entrepreneurs. Check out what the Build System and Daily Six are all about (and how they can keep you on course for achieving your dropshipping goals for 2021) down below. 

Body 

The first letter in BUILD corresponds with Body. The goal you make under Body should be all about health and fitness. Ask yourself the question, “How did I take care of my body today?” Think about creating a goal that has to do with either moving your body or fueling properly. Set an initial goal of drinking a green smoothie every day or getting a 45-minute walk in. Whatever your goal is, just start off with one small daily task. Once you have made it into a solid habit, then you can start building upon it. 

You 

The second letter in BUILD corresponds with You. This goal is about setting time aside for yourself each day. This includes listening to music, getting a massage, learning a new hobby, and playing video games. Hitting the You goal is often the hardest for an entrepreneur. However, taking time for yourself is essential to avoid burnout and fatigue later on in your entrepreneurial journey. Give yourself permission to take 45-60 minutes a day for yourself. The payoff will be well worth it. 

Income + Daily Six 

Screen grab of Peter Pru discussing his journaling and goal-setting proces

The third letter in BUILD corresponds with Income. As entrepreneurs, our main focus will always fall within this element of the BUILD system. That’s also why this element is the most complex in the Build System with two parts. The Income element is also coupled with the Daily Six. 

The first step in this element is to ask yourself the question, “What can I do today to grow my business?” After asking yourself this question, make yourself six business goals for the day. These six goals can include things like creating ads, reaching out to influencers, launching new ads, designing landing pages, or launching funnels. The goal can be anything that will help take your business further, but they should all connect to your main dropshipping goals for 2021. When setting these goals, make sure you have everything planned out the night before. This will ensure that you have your day’s structure laid out as soon as you get up in the morning. 

Relationships  

The fourth letter in BUILD corresponds with Relationships. When looking at relationships, I’m not just talking about friends or romantic partners. These relationship goals include business relationships, too. I make relationship goals for myself in two areas: personal and business. So make a goal of calling home to your parents or taking your partner out on a date, but don’t forget to set business relationship goals, too. Business relationship goals can be anything from going to a conference to connecting with other people in your niche. Your goal is whatever you make it, but remember that growing a business is easier when you have a community and connections within your niche.

Development

The fifth and final letter in BUILD corresponds with Development. Your development should always be centered around the question, “What did I learn today that I didn’t know yesterday?” Every day you should be setting goals to build upon your personal development. My biggest daily development goal revolves around reading. I like to read 45-60 minutes a day. There is something so cool about consuming knowledge in just a couple of days that authors have spent a lifetime learning. I especially enjoy reading biographies of people who were able to achieve great things during their lives.

Along with reading, online courses are another great way to build upon your personal development. The avenues are truly endless. Just make sure you are setting aside time to learn, grow, and develop your mindset. Mindset is a vital part of becoming a successful ecommerce entrepreneur. 

Consult With the Pros to Achieve Your Dropshipping Goals for 2021

Dropshipper checking off accomplished goals for the day

I hope following the Build System will help you get the most out of your days and push you further ahead in your ecommerce endeavors. Remember, these goals are supposed to be challenging. I don’t hit all five BUILD goals every day, and I don’t expect you to either. If I were hitting every goal each day, it would illustrate that my goals aren’t challenging enough, and I would need to reevaluate and give myself some more challenging goals to attack. Keep this in mind when setting your own dropshipping goals for 2021. 

If you feel like you need more guidance with developing your mindset and growing your ecommerce business, feel free to reach out to us today. At Ecommerce Empire Builders, we can help you build, launch, and scale your own profitable dropshipping business. To get the ball rolling, sign up for access to our exclusive free webinar today. Also, be sure to check our YouTube channel for even more free resources and insights into the dropshipping and sales funnel industries. Remember, your empire starts now! Tagged : / / / /

How to Build Wealth Online: Gain Financial Security in 2021

Welcome back, Empire Builders! Have you ever seen someone in a Lamborghini and expensive outfit on a dream vacation they didn’t pay for and wondered, “How do I get that life?” Today, we’re talking about financial literacy and how to build wealth online with your business, no matter your current situation. In recent years, I’ve built a net worth of nearly eight figures, and now, I’m ready to teach you the same strategies.

No one teaches us financial tactics like these, and you can’t find them on Google. These completely unheard-of financial secrets can help create your dream lifestyle. Today I’ll go over the basics of these strategies and invite you to a four-week course where you’ll learn it all in detail. Let’s get started.  

A quick disclaimer: I’m not a financial advisor. I can only share what tactics and resources have worked for me personally. For financial advice, seek a licensed professional. This information is for entertainment purposes only.

1. Start With a Wealth-Building Triangle

I developed a wealth-building triangle system to help ensure that my money goes to the right places. It’s not enough to know how to earn money online — you need to know how to build wealth online from those earnings. Here are the basics.  

Security

Screen grab of Peter Pru discussing the advantages of life insurance

The triangle’s base is my security section. That’s money I can access whenever I need it. It’s broken into two parts. The first is my 911 fund. Instead of saving six months of expenses for emergencies, I save half that much because I also have other options.

The second is a unique type of insurance called a whole term life insurance policy that’s uniquely structured to allow monthly additions at an annual guaranteed 4% interest rate, compounding annually, plus dividends.

Best of all, when you add $5,000, some goes to the premium, but the rest can be withdrawn for use or investment. You don’t have to repay it, and even after the withdrawal, you’ll keep earning interest on the whole $5,000 — completely tax-free!

Savings

The mid-section also has two parts. The personal half contains money for everyday expenses and personal spending. The retirement half is incredibly extensive and diverse. The right advisor can help you realize the possibilities. There are fully tax-deductible 401(k) plans for business owners and ways for employees to contribute the maximum to their work 401(k). There are SEP IRAs and so many other ways to build real wealth. These are amazing tactics with huge benefits for your financial health.   

Growth

The triangle’s peak is for long-term, hands-off investments, which are a bit riskier but have much higher potential returns. This includes things like cryptocurrency, real estate, and high-yield stocks that pay out monthly or quarterly dividends regardless of stock performance. There are nearly endless investment options to choose from.

The great thing about the wealth-building triangle is — successful business owner or 9-5 worker barely scraping by — you can use this system to create generational wealth to pass down to your descendants regardless of your stock ROI. Why? Because the life insurance policy is the most important part.

2. How to Build Wealth Online Through Credit Cards and Points

Entrepreneur putting a business dinner on her credit card

The second topic is credit cards and points. Many of the fancy meals, clothes, and vacations you see influencers, celebrities, and businesspeople indulging in are free. Because of how they use credit cards and earn points, they don’t have to pay for things like that. People see all my gold and platinum cards and wonder why I need ten cards. It’s all about the points.

If you’re using a debit card or checking account to pay for things, you’re missing out. When you use a qualified credit card, you earn points on all these things. Even if you work full time and have the money to pay outright, paying with a quality card and earning points is like getting free money, which is a very rare opportunity.

There are different strategies for this, with assorted cards earning diverse kinds of points that can be redeemed for different rewards. You just have to leverage them correctly. Some are best for business and others for personal rewards. You can even set your business up to earn enough points to pay off your personal credit card bills.

3. How to Build Wealth Online With Business Structure and Tax Strategies

Screen grab of Peter Pru discussing business structures

Finally, we’ll go over how to set up your business and file your taxes to gain the most benefit. If you don’t have a business, you’re missing out. Even if you have a job, you could set it up so that your employer hires your LLC. This allows you to rack up expenses. Remember, don’t be wasteful. Around 90% of your income should be going into the triangle so it can grow.

That brings me to my four-week course on finances. The strategies you learn will help you get more for less. Once you have your business structured correctly, the configuration will work for you by:

  • Saving money
  • Generating expenses and assets
  • Earning you points to spend on whatever you want

Most importantly, you’ll be getting my expert contacts, so you don’t have to guess at anything. The experts will take care of it.

Final Thoughts About How to Build Wealth Online

I’m so glad to be sharing this because I wish someone had told me sooner. When I first started my business, I didn’t have an LLC, just myself, and I ended up with a terrifying $50,000 tax bill because of it. I’m hoping to save you the trouble.

Most people can’t generate real wealth because without understanding these unique systems, it’s nearly impossible to do unless you have a ton of money. These finance secrets are how the richest people get and stay that way. Luckily, you don’t need a million dollars to learn it. This course is super affordable on any budget, and I’m telling you, nothing could be more worth paying for.

Feel free to watch the video on this for more detail and subscribe to my YouTube channel for frequent tips and strategies. If you’re ready to build wealth, develop high-level financial literacy, and gain the financial independence to live the life of your dreams, then sign up for the four-week course today.

This system will work even if you’re struggling to make ends meet at your 9-5. However, if you’re ready to become your own boss and create even more long-lasting, sustainable, and even generational wealth faster, sign up for my masterclass. There you’ll learn how to build wealth online and see the step-by-step process I used to build multiple six and seven-figure ecommerce businesses without ever touching a single product. Also, you’ll get my $100k funnel template FREE just for showing up. Start building your empire today! Tagged : / / / /

How This Simple Daily Routine for Dropshippers Made Me Millions in My Online Businesses

When trying to develop a successful dropshipping business, one of the most integral aspects that will drive that success is a healthy mindset and a good daily routine for dropshippers. Regardless of the products you’re trying to sell and how good they are, it all comes down to your marketing and the routines behind it that sell them.

Think about the most successful people you’ve heard of, from Bill Gates and Steve Jobs to Jeff Bezos and Mark Zuckerberg. One thing they all had in common that you can implement in your own business is the optimization of time. It’s important to wake up every day and know what your schedule will look like, with little room for uncertainty. If you have a set plan and routine to follow every day, you’ll know that you’re spending your time productively.

Use the B.U.I.L.D. System to Gamify Time

One of the best ways to get started developing an effective routine that yields success is to use what we call the B.U.I.L.D. system, which gamifies time. Back in 2013, I created this system to help me with my own routines. It essentially consists of using notebooks to help set up a consistent routine. 

This acronym stands for what you want to prioritize in your routine to create a healthy balance, including:

  • B: Body — This can include working out, eating healthily and regularly, or otherwise taking care of your body
  • U: You Time — Free time that you can spend doing what you enjoy
  • I: Income — Your income goal
  • L: Relationships — Maintaining healthy relationships with friends, family, and partners
  • D: Development — Developing yourself

The important thing is to keep all of your goals consistently balanced. Don’t try to build on one of your B.U.I.L.D. goals while neglecting the others. This will hurt you, whether you’re focusing too heavily on business and not enough on relationships or taking too much “you time” without spending enough time on developing your business and meeting income goals.

How to Implement B.U.I.L.D. Goals

Screengrab of Peter Pru introducing the BUILD system

An example of a good set of B.U.I.L.D. goals may include working out for 45 minutes in the morning every day, spending 30 minutes playing video games in the evenings, reaching out to influencers and creating copy toward income goals, spending time with your spouse and children, and developing yourself by taking business courses. 

At the end of the day, it’s not just about gamifying your time. You also need to push yourself to meet and exceed each of these goals. For instance, I took up meditating every day, which started with around 5-minute sessions on a daily basis. That’s since developed into an hourly session every day. The key here is to start small but build on those goals quarterly as you progress. Push yourself hard, but not too hard, and you’ll be able to incrementally improve on yourself and your business. For instance, you may start with a 15-minute run in the mornings, but for the next quarter, that goal turns into 30 minutes, and so on.

The Foundation of a Daily Routine for Dropshippers: Using the Daily 6 and P.T.T.

Dropshipper planning out her day ahead of time

A good daily routine for dropshippers includes spending around two to four hours every day on your business. While this may not be the easiest task to fit into your schedule, you will need to find ways to fit that time in, whether it means getting up earlier, staying up later, or cutting back on free time. Keep in mind that competing dropshippers often have entire teams working for them, so if you want to stand a chance against them, you need to invest the necessary time and effort to make it a profitable full-time job.

As you develop your business, you need to have six specific tasks to perform every day. We call this part of a daily routine for dropshippers the Daily 6. Some of those goals may include connecting with influencers for influencer marketing, developing content for your store or ads, or building your opt-in page. With your goals in mind, set aside some time to complete those tasks. For instance, you might schedule time to work on your opt-in page between 9 AM and 10 AM. You may schedule another task for 3 PM to 4 PM, depending on the task. 

When developing those Daily 6, use the P.T.T. system, which stands for Plan Tomorrow Today. This means taking some time out of each day, most likely in the evenings when winding down, to plan for the next day’s tasks and goals. Figure out what your entire day will look like so you know exactly how to approach the next day upon waking up in the morning. Include all of your B.U.I.L.D. goals along with your Daily 6, which will help you develop a clear, realistic, and balanced schedule.

The Need to Develop a Consistent Daily Routine for Dropshippers

Part of making sure you get everything done in a given day is training the mind and body to work together on a regular basis. Routines can help break up the day and ensure you spend the time you need to on every aspect of your schedule. This will help you meet your daily and quarterly goals.

Start with morning routines that help you begin the day and clear your head. This could entail eating a healthy breakfast to give you some energy, along with working out or meditating. Again, I’ve personally found that meditation is one of the best ways to clear your head and self-improve. This is crucial as you need to get rid of distractions that might otherwise impede your progress.

You Can Buy Your Time Back

Screengrab of Peter Pru discussing the importance of saying 'no' to get back time

If you want to optimize your schedules, cut out anything that you don’t need to do every day that could set you back. For example, you may not want to spend the time washing your clothes. In that case, hiring a laundry service could be worth the cost if it buys you time. You may also want to order takeout or grocery deliveries frequently if you don’t enjoy cooking or grocery shopping. Landscaping, maintenance, and other tasks that you perceive as a nuisance shouldn’t be in the way of your daily routine for dropshippers. So if you can find a way to eliminate them from your schedule, you’ll find that you have more time to devote to more important matters.You can even hire a virtual assistant to handle repetitive tasks in your dropshipping business.

Another important step to take to buy back much-needed time is to learn how to say “no” to people. This element of a daily routine for dropshippers may lose you some relationships. But you need to make sure that other people aren’t going to take up too much of your time if it doesn’t help develop you or if you otherwise simply can’t invest the time. One way to avoid interruptions is to avoid using personal social media accounts unless it’s absolutely necessary when connecting with friends or family. The rule we live by at Ecommerce Empire Builders is if you’re not using social media to create content, you shouldn’t be on it.

The Master and Puppet Relationship of the Mind and Body

I tend to look at the mind and body as master and puppet, respectively. By default, your body is likely to always go for the easy route in everything. That’s what it’s used to doing. While your body prefers what’s comfortable, you can use your mind to train your body to function more favorably.

One training exercise you can try is to simply try waking up an hour earlier in the morning. It can even be 15 minutes earlier. But try to get your body used to operating the way you want it to based on your ideal daily schedule. Another exercise that’s worth trying is a cold shower, which you can begin introducing to your body at the end of a regular shower by switching to cold water for the last minute. 

Using Feedback Loops and Fighting Resistance to Change

The point is that you should be testing new ways to improve performance and get your mindset and body on the same page. If you can align your mind and body, you’ll be able to do a lot better every day. In short, get comfortable being uncomfortable, and don’t let your body drag you back into ineffective yet comfortable habits.

The only way to grow is to avoid doing the same thing over and over and expecting a different result. Stepping out of your comfort zone is how you can fight feedback loops and resistance to change. Not only does this apply to improving your body’s response, but it also applies to change in your business approaches. Don’t look at inefficiencies or poor results as failures. Instead, try to find ways to change your campaigns to improve their performance.

You can combat some of those challenges you’ll inevitably face by introducing feedback loops. A feedback loop is simply a way of looking at a particular success or failure as a set of data, which you can then analyze and iterate off of in an attempt to move forward. You can use the data that you collect to make any appropriate changes that optimize performance.

Create Your Story and Evolve Through This Daily Routine for Dropshippers

With a healthy routine and mindset behind your business and life in general, you can develop a narrative for yourself that you’ll be proud to look back on as you continue to evolve. Everyone has a unique story that got them to where they are. You can make sure yours is a story of success that could even inspire others.

Want to learn more about how to succeed with your dropshipping business and build a thriving sales funnel? Reserve your seat today at the free Ecommerce Masterclass from Ecommerce Empire Builders. Be sure to check our YouTube channel for even more free resources and insights into the dropshipping and sales funnel industries. Remember, your empire starts now! Tagged : / / / /

How to Create Info Products in 30 Minutes or Less

Empire builders, you already know that you need to present an irresistible offer to your customer to be successful in the dropshipping industry. One way to create an amazing offer is by pairing your physical products with high-quality information products. While I love bundling physical products with information products, producing high-quality info products can be challenging and time-consuming. Whether you’re starting to create info products from scratch or rebranding PLR products, it requires a great deal of time and effort. 

However, I’ve recently stumbled across a game-changing tool when it comes to creating fantastic products. Today, I will teach you the most efficient way you can start making these products to use in your own business bundles. Read on to learn how you can rebrand PLR products and create high-quality information products in just minutes. 

The Value of Information Products 

Having high-quality information products to bundle with your physical products is a game-changer in the dropshipping industry. Not only can you use these products for free giveaways or upsell products, but you can also sell them as stand-alone purchases. I love information products and PLR products. They really add perceived value to every cart. Getting this element right in your business is the key to success.

When talking about PLR products, I am referring to Private Label Rights Products. The cool thing about PLR products is that you can buy the rights to articles, ebooks, graphics, or videos at a low price and simply rebrand the information to make unique information products for your dropshipping business. PLR products are readily available online at stores like THEPLRSTORE.COM. Through buying PLR products, you can create some awesome information products if you are willing to take the time to rebrand the content to make it more engaging for the consumer. 

Two Paths for How to Create Info Products 

When it comes to creating information products, there are two main routes: 

  1. Buying a PLR product from a place like THEPLRSTORE.COM, or 
  2. Taking the time to research and write your own information. 

Either one is a viable option. You will just need to determine which works best for your specific situation. 

At Ecommerce Empire Builders, we love offering information products in the funnels that we build out. To create information products quickly, we used to hire someone on Fiverr or Upwork to create them. However, we’ve recently come across an incredible tool that allows us to create our own high-quality information products in-house. We have found great use out of this paid tool and know you can as well.

Sqribble Will Transform Your Information Products 

Showing how to plug in new content in Sqribble templates

The paid tool I have been using to create info products efficiently in the last few months is called Sqribble. You can get Sqribble for around $67, and it is well worth your investment. Through Sqribble, you can simply load in your PLR products and efficiently generate high-quality PDFs or eBooks within a 20- to 30-minute timeframe. This software is so effective and easy to use that you could even start creating and selling eBooks and information products for others. There is really no reason why you can’t create your own high-quality information products today. The benefits of Sqribble are countless as it adds so much value to every eCommerce endeavor. 

How to Get Started

Screen grab of exploring the different templates on Sqribble

Let’s say you just purchased a PLR product consisting of a few articles of around 600 words. The ability to purchase PLR products is fantastic. The drawback is that they are often long and dull when you first get your hands on them. What I like to do in this situation is to pick out the bullet points of these PLR product articles and place them in a Sqribble template. 

As you create info products, remember that you never want to overwhelm your customer with information. My advice to you is to hand-select the information that you believe will give the customer the most value. Then plug this information into an easily digestible ebook or PDF file. 

The Sqribble templates that are available to you have an incredibly high quality. Using one of these templates will allow you to create a high perceived value ebook or information product in as little as 20-30 minutes. There are hundreds of templates for you to utilize on Sqribble. Just find one that fits with the vibe of your business and just start plugging in your information. If you have a brand or color scheme already with your business, then try to find a template that aligns with your scheme. This will help keep everything nice and consistent in your branding. 

How Long Should Your Info Products Be?

Along with having a good visual appeal, there are some content guidelines you should try to adhere to as you make your information products, too. Keep in mind that the length of your information product or ebook should vary based on your plans for it. 

A good rule of thumb is to stick to around the five-page range when giving the information product as a free bonus item. When you’re going to sell the information product by itself or as an upsell option, aim for the 10-20 page range. Ultimately, using Sqribble has been a game-changer for us here at Ecommerce Empire Builders. I know you can experience the same kind of success with this paid tool, as well. 

Consult With the Pros As You Create Info Products and Build Your Business

dropshipper working on her ecommerce business at home

I hope this information will help you in the process of creating high-quality information products for your dropshipping business. If you feel like you need a little more guidance in setting up your own profitable ecommerce business, then feel free to reach out to us today. At Ecommerce Empire Builders, we can help you build, launch, and scale your own profitable dropshipping business. To get the ball rolling, sign up for our exclusive free webinar today. Be sure to check out our YouTube channel for even more free resources and insights. Remember, your empire starts now! Tagged : / / / /

How to Protect Payment Gateways for Your Dropshipping Business

Empire builders, you already know that there is a lot to learn when it comes to starting your own ecommerce business. One of the things I had to learn the hard way was the importance of having multiple payment gateways available for a dropshipping business. Many dropshippers, myself included, have gotten their Stripe or PayPal accounts shut down and have been left with no way to accept payments from customers. Through trial and error, I have picked up some tips for how to protect payment gateways. Read on to learn how to avoid getting your payment accounts suspended, as well as what to do should you ever find yourself in this situation. 

Backup Plans Are Key in Business, Especially to Protect Payment Gateways 

If you’re new to dropshipping, I’m not here to scare you. What I am here to do is to prepare you for the hiccups that happen in business. 

Starting your own dropshipping business comes with some risk. One risk is having your PayPal or Stripe account shutdown. This has happened to tons of dropshippers before you, all for various reasons. These things happen. However, expecting these hiccups isn’t quite enough. You also need to make a plan of action on handling these situations before they actually arise. You can’t just close up shop when things don’t go your way. Running a successful dropshipping business will require you to develop creative solutions to make things work over time. You always want a backup plan in place. 

When I started out dropshipping, I wish someone would have told me the importance of having a backup plan to protect payment gateways when it came to accepting payments from customers. When I first started using Stripe, I thought I would never get shut down or banned. I played by the rules and had no worries. But if you think something could never happen to you, think again. 

One too many chargeback or refunds, and then poof, there goes your account. Just imagine that you’re finally making $100,000 a month, and then your payment processing account gets shut down. You never set up a backup account, so you’re instantly losing thousands of dollars for your business. This would be devastating. Don’t let this happen to your business. Always have backup plans in place to protect payment gateways for your payment processing. 

Every Dropshipper Needs a Stripe and a PayPal Account 

Screen grab of discussing the benefits of Stripe

Even though we’ve all heard the horror stories of Stripe and PayPal accounts being shut down or suspended, I still recommend that every dropshipper have a Stripe and PayPal account set up for their business. Stripe is simply the best payment processor for any dropshipper to get started with. At Ecommerce Empire Builders, we use Stripe for every funnel we set up. While any Stripe account can get suspended, the platform still provides many perks. 

The Benefits of Stripe

Stripe is incredibly easy to set up, and you can start accepting payments from customers in just a few minutes. When I first got started in ecommerce, setting up a payment processor was not this easy. You used to have to go through large amounts of paperwork and legal work to simply get your ecommerce store off the ground. When Stripe came into the picture, the ecommerce world was made a lot simpler. 

However, Stripe will always have its brand and its best interest in mind. So when your account starts getting too high of a refund or chargeback rate, your account will be shut down. If you play by the rules, your account will most likely remain secure. However, things come up even when you play by their rules. So having a second payment processor setup is key. 

The Benefits of PayPal

After you have your Stripe account setup, go ahead and make a PayPal account as your first backup method. Stripe and PayPal are simply the best payment gateways for any beginner in the dropshipping industry to get started with. Both platforms are incredibly simple and quick to set up. Just like Stripe, PayPal has rules you must adhere to. When your dispute percentages reach a high rate, your PayPal account will most likely have a hold placed on it. 

When this occurs, you’re going to want to have another payment processor readily available to your business. This is when knowing about alternative merchant accounts becomes important.

Great Alternative Merchant Accounts for Dropshippers 

Screen grab of discussing the benefits of Easy Pay Direct

While you could simply bypass Stripe and PayPal and go straight to the alternative merchant accounts, that wouldn’t be my first suggestion. Both Stripe and PayPal are extremely user-friendly and quick to set up. They allow every new dropshipper to start accepting payments almost instantly. For these reasons, I would always set up a Stripe and PayPal account and then look into setting up alternative merchant accounts. The two alternative payment gateways that I have found success with are Easy Pay Direct and Gateway Funnel Pros

Easy Pay Direct

Easy Pay Direct is a great alternative payment gateway for established dropshippers who want more options to protect payment gateways for their businesses. Think of a payment gateway as a dashboard. Within this dashboard, there are a number of different merchant accounts available for you to use. Essentially, when you sign up with Easy Pay Direct or any other payment gateway, they can help you open multiple merchant accounts that will allow you to accept payment from customers. So, if one account gets shut down, you can easily and efficiently open another one without slowing down your sales. 

Keep in mind that with Easy Pay Direct, you will need to be making a decent amount of money with your business and have some sales history before they approve your account. But once your business is built up and you’re generating a fair amount of income, having merchant accounts through Easy Pay Direct is a must. 

Gateway Funnel Pros

For those of you just starting out but who still wanting to set up alternative merchant accounts, Gateway Funnel Pros is the way to go. Gateway Funnel Pros will work with new dropshippers and will help with setting up an NMI account. Just like any payment gateway, Gateway Funnel Pros will be able to help you set up multiple merchant accounts for your business under a single gateway. 

Regardless of which route you choose, I can’t stress to you enough the importance of having multiple backup plans in place to protect payment gateways for your overall business. 

Consult With the Pros 

dropshipper setting up accounts to protect payment gateways for his business

I hope this information will help you in efficiently setting up payment methods and backup plans for your dropshipping business. If you feel like you need a little more guidance in setting up your own profitable ecommerce business, feel free to reach out to us today. At Ecommerce Empire Builders, we can help you build, launch, and scale your own profitable dropshipping business. To get the ball rolling, sign up for access to our exclusive free webinar today. Be sure to check our YouTube channel for even more free resources and insights into the dropshipping and sales funnel industries. Remember, your empire starts now! Tagged : / / / /

How to Protect Yourself With an LLC for Your Ecommerce Business

Empire builders, you already know that there is a lot to learn when starting your own ecommerce business. While there are many important details you need to learn to create a successful dropshipping business, the most essential element to understand is the importance of an LLC for your ecommerce business. 

A properly set up LLC will save your business so much money — money that can be reinvested into the business. I have an LLC set up for my business and have already been able to save millions of dollars through the taxation benefits it provides. Read on to learn more about LLCs and how you can utilize one to save money in your own ecommerce dropshipping business today.

What Is an LLC? 

An LLC, or limited liability company, is a form of a private limited company in the United States. It is essentially a business structure that enables the owner of a business to not be personally liable for the company’s debts or liabilities. This is a wonderful thing. An LLC doesn’t just allow business access to a number of money-saving tax codes. It also creates a protective barrier between you and the customers of your ecommerce business. 

There are also a number of different types of LLCs. They range from S Corp to C Corp to Partnership to Sole Proprietorship. There are a ton of free resources available on the internet for you to learn more about these different types of LLCs. You can also talk to qualified professionals like Prime Corporate Services to learn more about LLCs and business tax planning. These are the guys that helped me set up my LLC. They also helped teach me about the best tax planning options for my business. 

You will definitely want to reach out to them when you are starting the process of creating your own LLC. Their guidance helped me understand how I can use the tax codes to benefit my ecommerce endeavors. 

An LLC for Your Ecommerce Business Will Create New Opportunities

dropshipper discussing taxes and business finance with a professional

Now you know what an LLC is, but you’re still wondering if you really need one for your ecommerce business. Let me tell you — an LLC has the power to completely transform all of your ecommerce endeavors for the better. An LLC for your ecommerce business will give it a multitude of benefits and opportunities that you simply won’t be able to access without the creation of an LLC. Before I filed for my own LLC, I was wasting so much money in taxes each year. This was money that I could have been using to invest more in my business. If you’re making this same mistake right now, you have to take the actions necessary to create your own LLC today. 

Once you have your own LLC for your ecommerce business, your company will be given an EIN. This number is similar to a social security number given to individuals. With your business’s assigned EIN, you can set up separate bank accounts and credit cards that don’t link to your personal accounts. 

This is a huge protection that you need to take advantage of. 

If you were to sell a product from your business without having an LLC in place and a customer got sick or hurt from it, the customer can come after you directly. With an LLC, they sue your business instead of you on an individual level. This ensures that your personal assets and livelihood will remain protected throughout all of your business endeavors. I’m not telling you any of this to scare you, but rather to help you transform your business, protect your livelihood, and help you see the multitude of opportunities that an LLC can provide to your ecommerce business. 

Everyone Should Have a Business 

screenshot about business expenses and using business credit cards to organize write-offs

My final push to get you the benefits of an LLC for your ecommerce business is to highlight the many tax benefits you will access. The United States tax codes were essentially created for business owners. The idea is that business owners help to create jobs and employ citizens. This process stimulates the U.S. economy. 

Therefore, to help business owners boost the economy, the government has created a number of tax codes to benefit business owners. For this reason alone, I believe everyone should have some type of business. Even if you are happily employed, I encourage you to start some type of side business. Business owners have over 250 kinds of expenses that they can write-off. Employees simply do not get these benefits because they have no expenses for their job. The only way to tap into these benefits is by creating your own business.

Some of the top write-offs I utilize in my ecommerce business are business meals, travel expenses, computers, phone, internet, consultants, courses, and training. I even rent out a room in my house to my business as I use it for my office space. Essentially, nearly anything that is bought for the business can be written off as an expense. To get a clearer picture of what you can write-off for your business, check out the IRS’s resources for small businesses. Also, talk to tax professionals like Prime Corporate Services. At the end of the day, these tax codes are here to help business owners. You can either use them to your advantage or let them work against you. The choice will always be yours.  

Consult With the Pros 

man running his own side business at home

I hope you will be able to take the information presented and implement it into your own ecommerce business. If you feel like you need a little more guidance in setting up your own profitable ecommerce business, then feel free to reach out to us today. At Ecommerce Empire Builders, we can help you build, launch, and scale your own profitable dropshipping business. To get the ball rolling, sign up for access to our exclusive free webinar today. Be sure to check our YouTube channel for even more free resources and insights into dropshipping. Remember, your empire starts now! Tagged : / / / /