Alaska Rotaract – Who, Why and How?

Hi.

I wanted to make a post talking about who I am, why I set up the blog and how its going to work as well as what you should take from it. Okay let’s get to it.

whoWho am I?

My name is Bill Jones, I’m currently based in Columbus, Ohio in the USA and I own my own Amazon business. I’ve been doing this for about 3 years now with reasonable success. It allowed me to quit my old job and support my 2 daughters with the income. I’m now looking to go to the next level, I’m looking to teach people to do what I did, with the no BS approach. For example if you look at some of the Amazon selling guides online you see 2 things. 1.) They cost a lot of money. 2.) They offer very little real useful information.

I’m trying to change that. You can find out more about me on the about page if you are interested.

Why am I creating this site?

2 reasons really.

The first is I’m looking to have a place where I can post ideas, vent about frustrations and basically talk business without the stresses of judgement. The second reason is I also like to talk to the readers of the blog about what they think is working currently, exchange ideas and hopefully above all else provide value to you and hopefully make you some money in the long run too.

How Should It Help You?

As I mentioned above my HOW is really the WHY and that’s what I think it should be for the majority of things in business too. If you can mix a passion in your business when you are doing it for the right reasons, not just for money at the end of the day. That’s how you become extremely successful!

Moving Forward

Moving forward I will personally be getting into investing and trading. This is something I have looked into for the past year and I’m finally ready to make the step towards making it a reality. I look forward to seeing you around on the blog.

An Investing Introduction – The Mindset

trading-imageLast week I did a post on episode one in the “how to create a profitable Amazon business” series. This was taken really well and I wanted to talk some more about my investing strategies and the mindset you should take, as well as some strategies to consider.

The Mindset

Mindset is extremely important when starting trading. The reason is that you have to understand its not the end of the world if you lose a few trades in a row. Some of the best traders in the world have losing weeks and even a losing month now and then, the difference is they know that at the end of the quarter or the year they will be profitable and if you have that mindset and the confidence then you will be profitable too. The 3 keys to becoming a successful investor is a.) Bankroll management, b.) Mindset, c.) Strategy. If you have these 3 elements you will be successful. This goes for all types of trading, below I have covered the top 3 most popular investing types below.

currency-tradingTypes of Trading

Forex trading – Foreign exchange or FOREX for short is the largest financial market in the world. With 5 million USD traded daily. That’s more than all the other financial markets combined. As a result the currency markets have grown in popularity even with beginner traders. If you are a just starting I recommend an article called “forex trading strategies for beginners” it’s a blog talking about exactly what steps you need to take to get started in the markets.

The second type of trading is called stock trading. This is what you see the most often in the news, where large companies are “floated” and individuals can either buy stocks or short the price of the company.

The final type of trading is being a venture capitalist. This is where you invest in specific companies, usually more early on where you will gain a certain percentage of the business for a certain amount of money. This is the original type of investing but is actually less common now than previously.

Strategies

Although mindset is extremely important so is the strategy you decide to take with your investing techniques. Generally there are 3 techniques when it comes to investing (whatever method this is.) This can be outlined to aggressive, passive and intermediate. Personally I recommend everyone start on a passive or intermediate type of strategy. This way you can actually slowly become a good trader and get to know the markets without risking too much of your original funds in the process. This also depends on how much time you have to research your strategy (or system) and implement it. If you only have 5 hours per week to implement into your trading then you should go with a passive, conservative system. If you have over 20 hours per week to implement a system then you can look into more trades and as a result become a more aggressive trader, making larger and more trades in general.

Creating a Profitable Amazon Business | Part 1 – A Mentor

importance-of-a-mentorI’m a huge fan of business books. Can’t get enough of them. Marketing, finance, investing, even mindset books I love reading and find extremely helpful for both my mental health and also my bank balance! But one topic that came up repeatily in a number of these books was finding a mentor. This is sometimes called a coach, but just needs to be anyone who can actually help you on your journey to becoming the best version of yourself. Or helping you to create the best possible, profitable business. For me this was a gentlemen named Tom who came to the USA on holiday with his girlfriend and we just happened to meet and hit it off. He’s an experienced Amazon seller and at the time I was only about 6 months in, so the meeting was extremely lucky for me! If you still don’t believe mentors are one of the most important things for success, then simply read the message to the right.

My Mentor

I had a great mentor called Tom Buckland, he was extremely talented at optimising listings and has a sidebar in which he does just that. Luckily I knew him from his time over here and we’ve stayed in contact ever since, so when I asked him if he wanted to contribute to the blog he was more than happy, and obviously is more than experienced as he owns an entire company that runs Amazon webstore SEO for businesses and brands of all sizes in the USA, UK and Canada.

I didn’t want to keep him for to long so only asked 2 questions, the answers to which are below, along with all his answers. Hope you find these 2 useful as they are well answered in my opinion.

amazon-businessWhat is the most important element in your first 6 months of an Amazon business?

This has to be both mentally (some people call it work ethic) and also capital and cash flow control. There is nothing that will slow a business faster than have no cash to invest into your marketing, stock or general promotions. As a result I would say first create a burning desire for whatever you are about to start. If you don’t have that desire then don’t bother starting as you will lose interest and fail fast. Instead you want to create a desire that will motivate you in the times you don’t really feel like doing anything.

The second element is capital and cash flow. If you have the desire then you can work 14-16 hours a day on your business, but even if you have a huge desire, there is nothing you can do about lack of cash flow, capital is a bit different, you can get credit cards, loans, start-up funding and the like, but personally I don’t recommend this to anyone who isn’t already established, it’s a very risky way to start a business.

What’s the 1 thing that has helped you sell more on Amazon?

That’s a good question… Hmm, I would probably say generating early reviews and then setting up PPC campaigns for all products. Amazon’s PPC campaign is very easy to set-up and its one of the easiest to make a profit on too. Paying $0.25-$1 for a click when you make $10+ on each sale is a very easy decision.

The First Side to Any Business – The Mindset

The first part before you start any business is the most important, but some people get it wrong. They start by thinking what products or services to sell. Or even worse they start with the question – How can I make money? That’s the quickest way to lose a lot of money. Instead you should be asking what can I do for other people. How can I solve their issues or problems. That is how the biggest companies in the world are formed and how the most successful and profitable businesses start out.

But if you ask me there is something that needs to happen even before this conversion takes place, and its the mindset changing. When you work in a job all you think about is what you can do to either keep that job, or what you can do to make the most money in that particular position. This usually leads to demotivation and/or getting a pay rise or promotion, which is great but that’s not how the business world works at all. Instead you need to have the correct mindset before getting started! Before even thinking about getting started!

People call it different things. “Growth mindset” “Entrepreneurial mindset” but at the end of the day its just the desire to do something. And in this case, that something is to make a hugely profitable business!

positive-mindsetGetting into this mindset. Getting into the correct mindset is something that is not only difficult, it’s something you can’t (in most cases) do overnight. For me it happened over about a 3 month period working in a very boring, dull job that didn’t pay well. This was so bad that I worked nights and ended up working 80 hours a week for 3 months to get out of it. Luckily I was able to do this because I had the correct mindset, if I didn’t I would have quit so much earlier.

 

It’s very similar to dieting, and why you see people lose 5lbs followed by gaining 10lbs. The theory is that unless your mindset is correct about why and how you want to lose weight, then you aren’t going to, simply because you aren’t fully committed until your mind is!

I could recommend hundreds of books on this topic but no 1 is better than the other really, as you could get the same benefit naturally or from external sources, but personally the 3 that helped me the most were the compound effect, the slight edge and the millionaire fastlane. The compound effect and slight edge talk about how important it is to do something everyday towards your specific goal, missing one day doesn’t have any affect physically or really monetarily, but it does mentally and hence you have to do something every single day if you are truly committed. The millionaire fastlane is a bit different and talks about how making 1 million dollars is actually very easy nowadays, its just making it within 40 years is more difficult. Very important read. Get in the mindset. Then make the business.

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