Category Archives: HOW TO & DIY

The Queensland teenager earning a small fortune through e-commerce side hustle

DURING the day, Brisbane Qld Australia teen Jack Bloomfield heads off to do school like most other 16-year-olds.

But when he gets home, the Year 11 student immediately jumps on his computer to manage his e-commerce side hustle business.

It’s a venture that’s paying off far greater than the part-time jobs most other teens have on their resumes.

Since launching his parent company BloomVentures at age 15, Mr Bloomfield now operates a number of e-commerce stores, including Best Bargain Club, which all sell a variety of different products from novelty items to skincare products online.

CLICK BELOW BANNER

www.socialselect.net

While he declined to reveal his company’s total revenue income and stressed that his earnings varied from week to week, Mr Bloomfield said that during a strong period, he was he was making “north of $2900 a day”, and bank documents revealed to news.com.au supported  his claim.

“Currently, I am turning over just north of $2900 a day through multiple ventures but primarily Shopify and e-commerce,” he said.

CLICK ON BANNER BELOW TO GET INPUT FROM PEOPLE IN THE SHOPIFY SYSTEM FORUM

“Between the age of 14 and 15 I was trialling different side hustles like Forex trading. I made a few thousand dollars here and there but I got my big break when I was 15.

“I got into the world of e-commerce, and I began selling carbon fibre money clips … then I scaled it all the way up through a method called drop-shipping.

How to Start a Drop Shipping Business – CLICK BANNER

“I now have over five e-commerce stores turning over thousands of dollars per day … Through that time I have scaled my personal brand up and I now have more than 12,000 followers on Instagram with hundreds of connections within Australia and overseas.

“Last year I started to aggressively build the business and I started to get real numbers in December last year, and from there it’s been nothing short of wonderful.”

CLICK BANNER BELOW FOR MORE INFO FROM DROP SHIPPING PEOPLE FORUM

The teenager said drop shipping — a method where the seller doesn’t have physical items in stock, instead transferring orders to either a manufacturer, a different retailer, or a wholesaler to then ship the goods directly to the customer — has been the key to his success.

But Mr Bloomfield has always had an entrepreneurial streak.

When he was 12, he sold greeting cards online via a virtual application that allowed customers to choose different options and write their own messages.

He followed that up by creating an online platform which helped patients and doctors keep track of all their health records in one place. [Australia health plan example]

But these days, he’s fully committed to e-commerce.

HOW TO SET UP SUCCESSFUL E-COMMERCE STORES ONLINE-CLICK BANNER BELOW

“I’m in grade 11 right now so there’s a fine art to time management. I’m working constantly, as much as possible, from 3pm after school to 10pm,” he told news.com.au.

“A lot of kids complain they don’t have time but then they spend hours playing games, talking to their parents, doing their homework and watching TV but I believe you can use every minute of the day effectively, it’s just an excuse to say you don’t have time to start a side business.

CLICK ON BANNER BELOW TO FIND GREAT ALI EXPRESS SELLERS

“If you look at how you use your time in the day you could probably find at least a few extra hours.”

After school, Mr Bloomfield plans to skip uni and instead focus on his business full-time.

He hopes to eventually move the business overseas to the US.

CLICK BELOW BANNER

“After I finish school I plan on pursuing the business full-time — I’ve learnt so much in the last two years, it’s phenomenal, and I don’t feel uni is the right step at this point in time,” he said.

“My parents own a business and they’re my inspiration. I’ve seen them working so hard to get results and I’d much rather work for myself because it’s directly proportional, the amount of effort I put in and the reward I get, compared to working for others.”

The sports enthusiast said he spent at least 25 hours during every working week on the business as well as most of his weekends, making sure Facebook ads are working correctly and checking his virtual assistants are filling all orders.

CLICK BELOW BANNER

Mr Bloomfield said he had mentored “hundreds” of people over the years and that he wanted to inspire others to believe in themselves and achieve their goals.

He said other people hoping to launch a business or side hustle should find a good mentor, read books and take online courses to build up their skills.

SKILLS & SCIENCE BEHIND A SUCCESSFUL E-COMMERCE ONLINE STORE VIDEO

On 14th June 2017, Awin brought together their annual series of vertical events to present, ‘The Science Behind Ecommerce’ a one-day affiliate marketing conference debating the science and theory of online marketing, user experience, and website conversion.

RELATED CONTENT BELOW

www.sunblestproducts.com

www.auctiontraders.net

www.profitcentre.net

www.fcci.com.au

www.ozrural.com.au

www.mylove-au.com

Henry Sapiecha

‘Credit repair’ agencies charge big money for what you easily can do yourself

Hi Nicole, I’m not sure why but I was just turned down for a car loan. I have a steady $80,000-a-year income. I don’t have much in savings but have started putting away $200 a fortnight. I suspect there might be something dodgy on my credit record back from my student days. I called a credit repair service I found – please don’t name them – that says they can clean up my credit file. I’d have to pay $1200 but they say I should be able to get my car after that. Is this a good idea? – Mike, Maroubra

No Mike… if this is not a scam, it’s darn close to it.

Has your debt levels spiralled out of control & gone off the rails? Then read this to FIX it.

So-called credit repair agencies have the same ability to rescue your record as you do yourself. Many will also try and migrate you onto other products – everything from a “budget management” program where you hand over your purse/wallet strings “for your own good”, to a negotiated “debt agreement” (if you were struggling with repayments) that’s extreme and similar to bankruptcy.

For this they’ll charge nose-bleed upfront fees and in many cases hit you with ransom-like, last-minute demands for more money.

But in the words of the Consumer Action Law Centre, which often deals with the messy aftermath: “These predatory companies are flourishing in a regulatory void. The current laws don’t prevent the harm.”

Do this instead Mike

1. Obtain a free copy of your credit report from Equifax (Veda rebranded), Experian or Dunn and Bradstreet. Don’t be fooled into paying for this; you’re entitled to one snail mail copy a year (and Dun and Bradstreet will even email it after a three-day delay).

Also for free you can get your credit rating itself – yes, we’re like the US now with a score and, increasingly, interest rates are based on it – from finder.com.au. But you’ll need to create an account and (as with all such services) should expect emails from them.

2. Go through this with a fine-toothed comb. What’s on there that has hurt you? A bill missed by 60 days or more? Perhaps your name was on a share house utility … and your flatmates skipped out on it? It will be five years before this is expunged from your history – and (sorry) you’ll need to pay any outstanding debt.

3: Checking for errors is the only potential quick fix. Contact the provider first, then its ombudsman if necessary and finally a credit reporting agency to correct the mistake.

Meanwhile, don’t make more loan applications until you’re squeaky clean – they’ll drive your score down further. And take heart: Australia’s consumer ministers have just resolved to look at regulating debt management firms and announced a consumer education campaign to publicise the free alternatives. National Debt Helpline: 1800 007 007 or ndh.org.au.

Nicole Pedersen-McKinnon is a money educator and consumer advocate: themoneymentorway.com. You can write to her for help solving your money problem, or with a consumer question, at nicolehelps@fairfaxmedia.com.au.

‘If you don’t use cash, this won’t work’: Blogger amasses $50,000 with $5 savings hint

EVERY time you pay for something at the store and get change, save your $5 notes.

Put it away somewhere. Don’t spend it. At the end of each month, deposit your hoarded fives into a separate bank account.

Journalism professor Marie C. Franklin, who champions the idea on her blog “Save Money Fast With Fives”, has saved nearly $50,000 ($US40,000) by following this rule for the past 13 years.

Franklin said she first came up with the idea while putting two daughters through college and struggling to balance the family budget. “I made a decision that forever changed my relationship to money,” she wrote.

“Every time someone handed me a five-dollar bill I hid it away. I refused to spend it under any circumstance and started accumulating those fives, first in a separate compartment of my wallet, and then, as the pile grew, in an envelope.

“As the $5s started adding up, I put them in a separate bank account. Within weeks, I had a nice little stash, more than $200. Then $350. Then $500. By the end of the first year, I had saved almost $2000.”

She points out that $5 every day for a year works out to $1825 — two $5s and you’re looking at $3650. “Save five bucks a day until you turn 75 years old, assuming you’re 25 years old today, and that five dollar account, without adding in any compounded interest if you kept the money in a piggy bank, would be worth $91,250,” she writes.

And yes, obviously it means you need to start paying for things in cash. For millennials used to a cashless existence, that means shaking things up.

“You may love the idea of saving your nest egg with $5 bills but unless you use cash on a regular basis for everyday purchases like groceries, food or coffee to go, even gas and other issues of commuting and transportation, it will be impossible to save a significant amount this way,” she writes.

“Only cash will do the trick. End of story. Go to the ATM. Take out enough cash to cover the basic expenses you expect to face in the next seven days. Pay for as many things as you can in cash.

“Consume as you need, rather than simply buying out of habit. See how many $5s you get back in a week. If you like the number, repeat it into week two, then a third. At the end of the month, add it up.”

If you want to speed things up, she recommends a number of tricks to maximise your $5s, including paying for purchases less than $5 with a $10 or $20, or asking for two $5s instead of a $10 when getting change.

Others have found success with the $5 trick. Writing on Reddit, one user said they saved $2285 in five years, while another said they saved $1500 in six months.

“Working at a pizza shop and collecting tips I knew it’d be perfect,” wrote another. “From May to August of this year, I tried to bring home as many fives as I could. [In] mid-August, I cashed in all my fives and had over $525! Very easy way for anyone to start saving money.”

Henry Sapiecha

3 personality traits of famous billionaires

After analysing more than 900 self-made billionaires, the majority of which have made their fortunes during the past 20 years, UBS and PwC have revealed the top three personality traits.

Making money come to you.

make money come to you magnet image www.money-au.com

1. An appetite for smart risk-taking

The first trait that is essential for entrepreneurial success is an appetite for smart risk-taking, according to the recent Billionaire Report.

“Self-made billionaires tend to have a very optimistic attitude towards risk, focus on risks they understand and find smart ways to reduce them,” said the report.

“What’s more, their keen instinct for risk and opportunity often allows them to exit at the peak, transferring risk to others.”

The report identified three elements of smart risk-taking among billionaires, starting with a risk profile that is “skewed towards focusing on the upside and being realistic on the downside”.

“They’re afraid to lose by not capturing an opportunity, tending not to worry about the downside of a new venture failing but instead being concerned about missing out on the upside,” the authors said.

The second part of being a smart risk-taker is looking for opportunities where there is already an advantage. “In these situations the risks for anybody without these advantages will appear high and they are likely to walk away,” the report found.

And the third element is the ability of self-made billionaires to recover from failure, often by keeping enough resources to enable that recovery and being ready to “pivot” or adjust an idea until they succeed.

2. Obsessive business focus

The second key personality trait of self-made billionaires identified in the report is obsessive business focus. “Self-made billionaires are constantly scanning the world for untapped opportunity,” the report said.

“Curiosity is a core skill of most self-made billionaires we met. This curiosity is constantly driving them to look for unmet customer needs that create a significant business opportunity.”

After the opportunity is identified, these billionaires “switch to an extremely focused modus operandi in execution that some observers could call ‘tunnel vision’,” the report found.

“One interviewee compared this to a fighter pilot who focuses on the horizon and totally ignores things at the edge of his sight.”

3. Dogged determination

And the third trait that is found among the world’s billionaires is, unsurprisingly, “dogged determination”. “Billionaires are highly resilient,” the report said.

“Undeterred by failures and roadblocks, they have a tremendous work ethic. They confront and overcome obstacles, persevering in the face of adversity.”

“Our interviews showed that self-made billionaires often tend to be serial entrepreneurs who learn from their mistakes and doggedly work towards great wealth creation.”

But while there may be a clear link between these three personality traits and high levels of wealth creation, Eve Ash, psychologist and chief executive of Seven Dimensions, told SmartCompany the same traits are often present among all business owners and entrepreneurs.

“Certainly the optimism factor, which is coupled with clever risk-taking,” Ash says. “It’s the feeling of not having the fear or being able to manage what some other people might find paralysing.”

Ash says often a positive experience that came about by an individual taking a risk can contribute to this trait, as can an upbringing in a family that encouraged entrepreneurship. Although Ash says sometimes this can work in reverse, with the children of a family where the parents worked in long-term jobs for other people instead choosing to “break away” and start their own company.

The billionaires analysed in the report have generated combined wealth of $US3.6 trillion, with US-based entrepreneurs having created the most wealth, especially in the technology and finance sectors.

However, the report found “Asia’s new industrialists, consumer product tycoons and real estate investors” are also in the mix, with rising real estate and capital markets playing a strong role in the creation of new billionaires.

Self-made billionaires usually start young but most do not hit the billion-dollar mark until well after they turn 40. Close to a quarter of billionaires looked at in the research (23%) launched their first business venture before the age of 30, while over two thirds (68%) got their first venture off the ground before turning 40.

Having some corporate experience appears to pay off, with almost half of the billionaires having worked in a large organisation before going solo. A large majority (82%) had completed tertiary studies.

GJK

Henry Sapiecha