Top Tips for Making Money Online: Start Growing Your Online Business Today

eCommerce, affiliate marketing, dropshipping, selling digital products, and courses rank high among the ways of making money online. The list is endless with diverse options that you could consider. These fantastic opportunities allow you to take control of your finances. Whether you are currently holding a full-time position and are looking for a few extra bucks or have ambitions of becoming a full-time entrepreneur, there are numerous ways to achieve this goal. Follow these tips for making money online and navigating the online business world.

Leveraging Online Business

You need to know that most of these options work. They can earn you some good money from the start. However, you have to choose an option that will work best for you. Mostly, the choice of online business depends on your situation. You’ll first need to figure out your target market and your preferences. This initial step helps you settle your mind on your preferred niche

Once you settle on your preferred online business, work on getting multiple income streams to your business. How do you achieve this? It often comes down to selecting the right target market. Use these three criteria when choosing your best market:

1. Ensure That Your Market Is Evergreen

Never sell to a niche that won’t exist after a short time. These target markets can impair your business growth in the long run. Nobody wants to enjoy a few fruitful weeks or months then get into a slump because of the loss of clients. 

2. Avoid Groups That Have a Lot of Brand Loyalty

If 90% of your target buys from one or two specific brands, then you might have difficulty growing your presence. Opt for a niche that is more interested in the product than the brand that sells the product. You could also work on your marketing strategy to gain a consistent following as you start making money online.

3. Opt for a Group That Appreciates Both Physical and Digital Products

Diversified products ensure that you have multiple sources of income. Setting up your business with numerous products places you in an excellent spot and increases your chances of success. 

Finding the Perfect Niche

Peter Pru discussing the different types of products that can be sold online

Think about your current niche. Do they have a lot of digital products? Are people consuming lots of information from influencers? Are the influencers using ebooks and physical products to get to the target market? When you find a diversified niche, you can cash in on digital products, physical products, and affiliate marketing opportunities. 

With the perfect niche, you can leverage multiple sources of income as your business grows. It is essential to take advantage of numerous business models to sustain your business’s progress. However, your growth won’t be sustainable if you try to do everything at once. Build and compound the different income streams progressively. 

Grow Your Business Sustainably

Focus on a single product at a time to make the most of your business strategy and start making money online. Work on growing your business model before you decide to diversify your products. During your growth cycle, keep doing market research to learn more about your target market’s preferences. Such information will guide your adoption of other income streams. 

Once you start diversifying your products, quit running your business with a one-track mind. At this point, you’ll need to spread out your energy across multiple income streams and remain open to your market’s changes. Set up your business in a way that offers various products and monetizes what you have as best as you can.

How Can You Invest Your Resources?

Dropshipper researching investments and cryptocurrency

Many people miss the boat on what to do with what they make online. Going from business owner to investor should drive how you approach your business. Very few business owners think critically about this huge transition. 

As a business owner, remember that you’re still working, regardless of how well your business is doing. The chances are that if you don’t show up, your business may not grow. Investments can prove to be a game-changer for many business owners.

Putting money from your business into different investments allows you to grow your profit margins exponentially. Work on keeping all your profits saved or invested away to ensure that it works for you and helps you develop an empire. The best investments will help you build real wealth that can transcend through multiple generations.

Most business owners shy away from setting up investments because they think that they need lots of money to get going. Investing small chunks of your total profit is better than doing nothing as it allows you to flourish. The idea is to take advantage of every tiny amount you get from your business. 

Passive Income Investments

Peter Pru discussing the importance of keeping earned money in investments

Once you make up your mind about transitioning into investments, then you’d want to consider passive income streams. Dividend-paying stocks can be an excellent place to begin on your investment journey. These companies will pay on a quarterly or monthly basis for owning shares in their company. You could also opt to invest in crypto. For example, you can purchase different cryptocurrencies then earn interest from them. 

As you work to grow your business empire, ensure that the success and failures of other entrepreneurs around you do not carry you away. Work squarely on building, developing, and sustaining your business, not just making money online. 

Work With an Expert eCommerce Team

Are you ready to build a profitable online business? At Ecommerce Empire Builders, we can help you find the resources you need to set up and grow your online business today. We can train you on finding the perfect niche and help you carve out a name for your business in your preferred space. 

Our team will help you move your dream from the infancy stage into a profitable business venture. Are you ready to leap into the eCommerce scene? Attend our exclusive free webinar today and learn about everything you need to create consistent online income streams. Find all the tips and tools you need to make an impact in the eCommerce space. Also, explore my YouTube channel for more insight about achieving consistent success in the eCommerce industry.   Tagged : / / / /

How to Make $100,000 Every Month in Passive Income Investments

Empire builders, if you’re not already doing so, you need to make 2021 your year to start building passive income streams so you can make $100,000 every month in passive income investments. You, me, and everybody else love the idea of making money while we sleep. While it’s easy to see why passive income is such a hot topic, many people continue to get the actual concept of passive income wrong. I see many people classifying endeavors like eCommerce, blog writing, affiliate marketing, or even real estate investing as a passive income strategy. 

I’m going to tell you right now that each of these endeavors requires you to put in work and hours on the clock. None of these endeavors are truly passive. However, each of these business endeavors has the potential to grow your wealth and help you find passive income investments. Read on to learn what these passive income strategies are and how your road to making $100,000 every month in passive income can start today. 

The Road to Creating Passive Income  

It’s important to realize that creating passive income streams will require work. However, the good news is that anyone can start building passive income streams in today’s world. Anyone can get started, even with extremely limited funds. But before going about building these passive income streams, you should map out your strategy. 

The first element you should map out is your number for financial freedom. Your freedom number is how much money you need to make each month to be financially free. I mean so much freedom that you could sit on a couch watching Netflix all month and still be financially secure. 

Maybe it’s $5,000 a month. Perhaps it’s $10,000 a month, or maybe it’s even $100,000 a month. Whatever your initial goal is, just write it down before you get started. This will help you stay motivated on your road to true financial freedom. 

How to Start Creating Passive Income Streams

Peter Pru discussing how to start a business before focusing on passive income investments

Once you’ve mapped out your financial freedom goals, it’s time to start creating passive income streams. While eCommerce is not a direct passive income source, you very much need to start a business or side hustle on your road to creating passive income streams. 

However, don’t quit your day job just yet.

 I advise most people to stay at their current job for as long as possible when building up their first eCommerce business. Building an eCommerce operation is quite stressful, and staying at your job will help minimize the financial part of this stress by providing you a steady income. Once your eCommerce business starts making real money, though, you’ve struck gold. Unlike a traditional salary job, your eCommerce business is scalable. With an eCommerce business, you’re no longer just trading money for time. 

Why Building a Business Is the First Step

The extra money and profits you make through your eCommerce business are so beneficial to creating passive income streams. The additional funds you have from your business can be reinvested into real passive income opportunities. Ultimately, having your own business is the best strategy to reach financial freedom faster. 

The tax system is built for business owners. If you are dealing with salary from your job alone, you will be paying a ton of money in taxes each year. This takes away a good amount of money that could be invested into potential passive income streams. Having a business is the best way to have the tax codes work for you. 

A great resource to learn about making tax work in your favor is Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright. Pick up a copy of this book today to learn about tax-free wealth and how it can provide you with money to invest in more passive income opportunities. 

The Best Passive Income Investments 

Screenshot of Peter Pru discussing alternatives to traditional savings accounts and banks

Now that we’ve discussed why you should build tax-free wealth and increase your funds to invest in passive income opportunities, it’s time to look at some of the best options available to you today. I want to preface that I am not a financial planner and that the recommendations I am about to share with you are not financial advice. Always do your own research and talk to your financial planner before making investments. You can also watch my step-by-step guide to passive income here.

That being said, three of my favorite passive income investments are dividend-paying stocks, crypto coins, and interest from the U.S. Dollar.

1. Dividend-Paying Stocks 

Investing in dividend-paying stocks is a great way to obtain passive income. Blue-chip stocks — huge companies with excellent and longstanding reputations — are some of the best dividend-paying stocks to invest in. 

Stocks like AT&T or Coca-Cola have incredible histories. They also pay out good dividends to stockholders on the quarterly level. While these dividends are generally less than $1 a share, the compound effect is still your friend. Dividends that you earn can also be reinvested to buy more stock and so forth. So even if you start with just a couple of bucks to invest, the compounding will help you build wealth and create passive income. 

2. Crypto Coins 

I believe that cryptocurrency truly is the future, and that is why it’s in my top three passive income strategies. While I don’t typically recommend investing in altcoins, if you do your research and find a coin that you think has potential, it might be a good investment opportunity for you. The top five cryptocurrencies I am currently investing in are:

  • Bitcoin 
  • Ethereum 
  • Cardano 
  • Chainlink 
  • Uniswap 

While investing in Crypto is a great passive income strategy, I recommend taking a step further. I store my coins in a wallet and get paid interest to keep them there. Through the Celsius Network, you can, too. 

3. Interest on the U.S. Dollar 

Going hand-in-hand with earning interest with my Crypto coins, I also build passive income through collecting interest on the U.S. Dollar. The Celsius Network and Gemini are disrupting the traditional banking industry. When you let your money sit in a savings account at the bank, you aren’t having your money work for you. Instead, you’re letting your money work for the bank. 

If you put $10,000 in the bank and then try to go get it out the next day, good luck. The bank has already invested this money for their interest. It will be tied up in their investments for at least a couple of days. So rather than having your money work for the bank, it’s time to have it work for you.

Through the Celsius Network and Gemini, you can actually move your U.S. dollars, convert them into stablecoins, and then earn 8-12% interest on this money when it sits in a Celsius Wallet. There’s no bank where you can earn that kind of interest on your cash. This is a great passive income opportunity to research more and utilize to help you reach financial freedom faster. 

Consult With the Pros 

Dropshipper starting to invest in cryptocurrency and stocks

Now is the time to start building up your passive income investments. Reaching financial freedom faster will require strategic planning with your business and passive income investments. If you feel like you need more guidance on your road to financial freedom, passive income, or 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. Be sure to check my YouTube channel for even more free resources and insights into the dropshipping and sales funnel industries. Remember, your empire starts now! 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 : / / / /

5 Passive Income Ideas That Work

Passive income is the money you generate with minimal or zero effort after an upfront investment. It eliminates the limitation of time from your ability to earn, so you can make money in multiple ways concurrently. Additionally, you get peace of mind and more time for personal interests and development. Read on to discover five proven passive income ideas you can implement to generate thousands of dollars.

1. Dividend-Paying Stocks

If you invest in a company with dividends, you earn a portion of their profit based on your investment size. In other words, you become the corporation’s shareholder, and you’re entitled to an annual or quarterly dividend.

Choosing the Best Stocks

Consider investing your money in dividend aristocrats. These are a select group of S&P 500 companies that have paid and increased their dividend base for at least 25 consecutive years. Investing in stocks with such a track record reduces the risk of losing your money.

As long as you’re earning a dividend every year, your investment is safe, and you’re making extra money for free. What’s more, your passive income from dividend aristocrats grows year in and year out.

The amount of money you can generate from stocks depends on the percentage of share price a company pays in the year. Therefore, it’s prudent to shop for stocks with high dividend yields to maximize your return.

For example, you might find a company with an annual dividend yield of $2.00 per stock. That might sound like nothing much. But what if you invested more and purchased 200 stocks? You would effortlessly earn $400 from the company that year as passive income.

2. Selling Physical Products Online

Screengrab of Peter Pru discussing dropshipping

Many consumers like buying commodities online due to the convenience of placing orders from home and waiting for a delivery. They can also access a wide range of products and prices on different ecommerce sites.

While online shopping was growing organically over the years, it made a dramatic leap in 2020 due to COVID-19. Lockdowns due to the pandemic forced even those who were skeptical about ecommerce to develop online buying habits. That’s one reason why online sales have recently skyrocketed, and you can even make a full-time income as a dropshipper.

Where to Source Products

There are two fantastic sources of physical products for resale: AliExpress and Alibaba. AliExpress is a great starting point for buying items at wholesale prices and dropshipping them to your customers. Use either platform to establish your best niche and winning products.

For better margins and more profits, move to Alibaba to stop overreliance on a few suppliers from one region. The platform features worldwide manufacturers and distributors, giving you more price options for the same product.

You’ll want to partner with reputable suppliers who have been in business for several years. Focus on building a relationship first instead of pushing for rapid supplies, especially if you’re looking for long-term business.

Ask the supplier to quote prices for different quantities of an item, say 50, 200, 1,000, 5,000, and so on. You’ll be surprised at how drastically prices can fall as you increase your order. Your selling price should include all the costs of sourcing the product and shipping it to your customer, plus your margin.

3. Affiliate Marketing

Affiliate marketing means selling other people’s products and making a commission off the sales. It’s an excellent passive income opportunity when you have an audience on social media and other digital channels.

Find a business that offers products and services you think your audience will buy and promote their affiliate links. Build a list of customers or people who follow you or engage with you online. Then define a touchpoint where you can promote relevant affiliate links.

Be sure to promote products that you’re familiar with (preferably commodities you have used). Potential customers will be more confident if you can answer basic questions about what you sell.

Where to Find Affiliate Products

One of the best places to find products to sell through affiliate marketing is clickbank.com. The platform has many digital and physical products you can promote online and earn commissions. Choose an affiliate product link and promote it through your social channels, email, website, blog, and other online platforms.

4. Selling Digital Products

Screengrab of Peter Pry discussing how to sell digital products

Professionals and industry experts can make easy passive income by creating and selling digital courses relevant to their field. You can sell ebooks, podcasts, and other digital resources on various subjects.

If you want a digital product that gives you almost 100% margin, try selling private label right (PLR) products. These are ebooks and video guides that you can buy once and do whatever you want with them. You can edit them, put yourself as the author, resell them, give them away for free, and so on.

Refining PLR Content

While PLRs have great content, most of them come in simple formats, like plaintext ebooks. You have to make them more attractive to your audience and customers, or they won’t read them.

Fortunately, there are many free and paid tools for improving these digital products. If you don’t have the time or don’t want to learn how to enhance PLRs, sites like plr.me sell ready-to-use content.

5. Real Estate

One of the most rewarding industries is real estate, especially if you own rental property. It’s a great business since you have a tangible high-value asset that generates long-term passive income.

Single-family units are perhaps the most sought-after houses since newlyweds and small families are always searching for new homes. You can net hundreds to thousands of dollars of passive income per month. Buy and rent out whichever real estate property you find marketable.

Where to Find Homes for Sale

Most people with real estate experience will agree that Zillow is ideal for finding houses for sale. The platform allows you to narrow your home search based on your preferences and budget.

Zillow also provides an estimate of the monthly costs associated with maintaining a given property. Add your mortgage, property taxes, and HOA fees to estimate a reasonable rent amount for a home before even buying it.

A good strategy is to ensure that your tenant pays the mortgage and other expenses. You’ll earn free money from the rent after paying off your monthly mortgage amount.

Start a Profitable Online Business Today

man succeeding with his passive income ideas in his home office

Ecommerce Empire Builders can provide the tools and insights you need to succeed in selling products online. Register for our webinar to learn how to build a lucrative ecommerce business today. You can also subscribe to my YouTube channel for more business insights and passive income ideas. Tagged : / / / / /