Recession 2020 – 5 Ways I’m Preparing For The Downturn
With the Corona virus pandemic causing mass layoffs and record unemployment, it’s clear that recession 2020 has already begun. This post will outline everything that I’m personally doing to prepare for this downturn.
First off, this is my 3rd recession. In my adult life, I’ve had the misfortune of living through 2 other downturns... How To Get Rich – 20 Lessons On Making Money When Lifestyle Is Your Priority
This post is a collection of principles I live by on how to get rich without sacrificing your family life.
When it comes to business and life, my primary goal is to be the best Dad that I can be.
Making money and getting rich are secondary objectives and most people don’t believe that you... Powerful Quotes For Entrepreneurs That Will Change Your Outlook On Life
What I love about powerful quotes are that they provide you with a certain perspective that you may not have considered before. But once they resonate with you, they can completely change your outlook on life.
The quotes that I’m about to present to you have drastically changed the way I approach business and entrepreneurship.... Can High Achievers Live A Balanced Life? My Take On The 4 Burners Theory
Elon Musk is one of the most successful entrepreneurs on the planet but he works 100 hours per week. Sheryl Sandberg states that women routinely settle for non-leadership roles because they put their families first.
But can you have it both ways? Can a high achiever live a balanced life without making huge sacrifices?
A... How To Start A TShirt Business For Under 3 Dollars (And Make Sales Immediately)
In this post, you will learn how to start a tshirt business from complete scratch for less than $3 with a viable marketing strategy that requires no upfront costs.
Because I teach a course on how to sell online, I’m often asked why I don’t launch more ecommerce stores and make infinite amounts of... Fitting In – 5 Lessons Learned When I Stopped Giving A Sh!t
If you’ve ever met me in real life, you probably know that I have a tendency to blurt out whatever is on my mind.
Sometimes what comes out of my mouth is inappropriate. Sometimes it’s embarrassing. And sometimes, it’s what everyone else is thinking but unwilling to say out loud.
But it’s who... How To Become A Millionaire – 6 Ways I’ve Made Serious Money
If you are living paycheck to paycheck or saddled with debt, you probably think it’s impossible to become a millionaire unless you win the lottery or inherit a large sum of money.
And it’s true. If you continue down your current path of spending all the money you earn or working at a dead end... Think You’re Not Good Enough To Start A Business? Read This…
I’m probably the last person you’d ever expect to be good at sales and marketing.
Growing up, I was shy and I studied a lot. I was a straight A student, captain of the math team and I took the SATs in the 4th grade so I could attend “nerd” camp.
Prior to quitting... Get Rich Quick Schemes – How To Change Your Mindset And Stop Wasting Money
If your Facebook feed is anything like mine, you probably see a lot of ads for get rich quick schemes that promise massive wealth in a short period of time.
Here’s the thing. These ads probably convert!
After all, it’s human nature. Whenever you want to learn a new skill or achieve an important goal... How To Make 1000 Dollars Fast If You Need Money Now
This post will teach you how to make 1000 dollars fast if you need money now. The best part is that this method is sustainable and can eventually lead to a profitable online business.
Whenever I get asked for advice on how to start an online business, inevitably the following questions arise.
Steve, how can I... Overcoming Self Doubt And What It Takes To Make 6 Figures In Ecommerce
Looking back, one of the biggest challenges of starting our ecommerce store was the lack of support. For example in 2007…
We had no one to talk to.
We had no one to share our experiences with.
We had no one to compare strategies with.
And to make things worse, most people doubted that we... Every Self Made Millionaire Has This Mindset…Do You?
Are you looking to become wealthy? Do you aspire to be filthy rich? Well chances are you are going about it all wrong.
Before you can give yourself a shot at making life changing money, you must first develop the proper mindset.
Recently, I had a Facebook Messenger conversation with a... How To Start A Business With No Money. Here’s Exactly What I’d Do
Contrary to popular belief, it does NOT require a large upfront investment to start a successful online business. What you lack in funds can be made up for with a little ingenuity and this post will show you how to start a business with no money whatsoever.
But first things first. You... How To Succeed In Business – 8 Rules To Follow For Struggling Entrepreneurs
If you’re a struggling entrepreneur, then this article will provide you with a set of guidelines to follow on how to succeed in business.
In fact, these are the exact principles that I teach all of the students in my Create A Profitable Online Store Course to help them consistently make forward progress.
Now I’ve been... How To Find A Career Path That Makes You Happy (Without Getting Pressured Into It)
For most of us, our choices in life are heavily influenced by our environment.
We are born into a society that tells us how to pick a career path and we’re often too young to know any better. We are given a set of rules and goals at an early age, and these... My Simple Philosophy For Achieving Financial Freedom In 5 Years Or Less
If you ever see me at a casino, you’ll often find me playing cards at the Pai Gow poker table. Now Pai Gow is definitely NOT the sexiest game at the casino, nor is it one that draws a huge crowd.
But those who appreciate Pai Gow enjoy the game for its simplicity,... Why Amazon Sucks For Building A Sustainable Ecommerce Business
You’ve probably heard the popular saying that “if you teach a man to fish, you can feed him for a lifetime”. And if you apply that same saying to business, you get…
If you rely on a single company for all of your sales, then that company owns you.
Every time Amazon changes one of its... Selling On Amazon Vs Ebay Vs Etsy And Why Relying On A Single Platform Is Gambling
I’ve been getting a lot of questions lately about why you should start your own store from complete scratch when there are marketplaces out there like Amazon, Etsy and EBay that can offer you instant sales.
And it’s true. If you choose to sell a popular item on Ebay for example, chances are that you... 12 Things I Learned From Starting Two 7-Figure Lifestyle Businesses
Since my wife became pregnant with our first child in 2007, I’ve created 2 different lifestyle businesses, an ecommerce store selling handkerchiefs and a blog about entrepreneurship.And these businesses were created so my wife and I could spend more time with these two.For all of you who are unfamiliar with the terminology, ... Finding Happiness – 10 Lessons For Entrepreneurs On How To Avoid Depression
Most entrepreneurs will tell you that starting a business is incredibly rewarding and worth the risk.
But what they may not reveal is that running a successful business often comes at the cost of finding happiness.Many successful entrepreneurs work all the time and rarely see their family.
Many successful entrepreneurs are single or... What Successful Entrepreneurs Do Differently And Why Beginners Fail
In the past 6 years, well over 2700 students have joined my Create A Profitable Online Store course. But I want to be straight up with you.
Not every one who has signed up has been successful with their ecommerce business.
When it comes to being a successful entrepreneur, the biggest... Outsourcing Pros And Cons – How To Decide When To Hire Or DIY As A Small Business Owner
After blogging about ecommerce and helping others with their online businesses for the past several years, I’ve noticed a disturbing trend among new entrepreneurs in the small business community.
These days, everyone wants someone else to do the hard work for them.“Steve, I don’t know anything about websites. Can you recommend someone to... Work Life Balance For Small Business Owners
I have a love hate relationship with Facebook. On one hand, Facebook allows me to keep in touch with and keep track of what my friends are up to.
But on the other hand, I often leave Facebook with a healthy dose of jealousy and feelings of inadequacy.For example…One of my... How To Be More Productive – 8 Simple Habits To Get More Done
Not too long ago, I was working 40 hrs/week as an electrical engineer, running an online store with my wife, writing posts for my blog, putting out a weekly podcast, teaching an ecommerce course and holding an annual conference all at the same time.
In fact, it was only recently that I quit my... My Keynote Speech For Sellers Summit 2017 And A Peek Behind The Scenes
When I first launched the Sellers Summit last year with my partner Toni Anderson, I was terrified.
I was scared that I wouldn’t be able to sell tickets.
I was scared that I wouldn’t be able to find high quality speakers to talk at the event.
And I was scared that I wouldn’t be... Amazon Affiliate Store Vs Blogging Vs Ecommerce – A Comparison Of 3 Online Business Models
One of the biggest advantages of running an online business is that it’s inexpensive to start. For as little as $5 per month, you can launch a business that can potentially make you 7 figures and beyond.
Now as far as online business models go, most people gravitate towards starting a blog, an Amazon affiliate... Why Good Grades Often Lead To Failed Businesses
Growing up as an Asian American with strict parents, I was expected to get good grades in whatever subject I took. There were no exceptions.
And even though I haven’t taken a class in decades, the thought of getting a B still sends chills up my spine.
In fact, I occasionally have nightmares where I’m... How To Get Lucky – 3 Ways To Improve Your Luck In Business And Life
Every business requires a little bit of luck in order to succeed. And often times, success depends on timing and being at the right place at the right time.
But do you ever wonder how some people keep getting lucky over and over again? Is it just a coincidence that some entrepreneurs... How To Become An Entrepreneur: Convincing Yourself To Take Action And The Key To Behavioral Change
I’ve been helping would be entrepreneurs for nearly eight years now and one thing I’ve discovered is that you can’t really push someone to take the entrepreneurial plunge.
Either you have the desire to start your own business or you don’t and most people can’t get over the uncertainty that’s involved with how to... 5 Habits Of Successful People That I’ve Witnessed Personally In Business
As someone who writes about entrepreneurship and teaches others how to sell physical products online, I make a habit of following as many successful people as I can.
It doesn’t matter if you’re famous or just starting out, I’ll at least check out your website to see what you have to say.But even though... A Sneak Peek Inside Our New Warehouse And The Story How We Got Here
As part of running my blog and my podcast, I often get questions from readers who want to know more about the early years of our business and how it has evolved over time.
How did we get started?
How much inventory did we carry early on?
Did we run it from our house in the... The Lazy Mans Guide To Starting A Successful Online Business
When you put yourself out there by writing blog posts about your successful online business, interviewing popular guests on your podcast and throwing ecommerce conferences, there’s a tendency for people to put you on a pedestal.
“Steve, you must work your ass off. Do you ever sleep?”
“Steve, you are the most motivated person I know”
“Steve,... Why Running A Business Is Always A Sh!t Show In The Beginning
One of the reasons I love documenting my online business ventures is that I have the ability to go back in time and re-live some of my experiences running a business.
And this came in handy the other day when a reader asked me the following question.
Steve, it seems like you always know what you are... How Long Does It Take To Start An Online Business?
I receive many questions via email every single day but my #1 most asked question is…
How long do you think it will take for me to make money with my business?
Here’s another common permutation of this same question…
I need to be able to make money in 6 months, can it be done?
And finally my favorite…
Can... How To Find What Makes You Happy And My Reflections On Life After Quitting My Job
It’s been a solid 4 months since I resigned from my day job so I wanted to take a moment to reflect on my experiences with unemployment and how to find what makes you happy.
Here’s the thing.
Most people have this rosy vision of quitting their job and being their own boss but personally, my transition... Private Label vs Retail Arbitrage vs Dropshipping vs Wholesale – 8 Ecommerce Business Models Compared
Every time I look at my Facebook feed, I see a brand new business guru pushing yet another ecommerce business model. And while most of these methods of making money online are in fact legit, the sheer number of choices is pretty overwhelming.Should I start my own website?
Should I sell on Amazon?
Should... Read This If You Are Hustling Hard But Not Seeing Results With Your Business
There’s a saying that entrepreneurs are willing to work 80 hours a week to avoid working 40. And if you’re spending 80 hours per week on your business, then power to you.
But what if you’re putting in the time but not seeing the results? Here’s an email that I received from a reader... My First Keynote, The Future Of Ecommerce, And How I Convinced My Wife To Go Out On A Second Date
People often ask me what keeps me motivated to sell handkerchiefs online. And it’s a fair question to ask because…
I’m not particularly into handkerchiefs, linen napkins or linen towels.
I don’t use any of my own products on a regular basis and I’m definitely not the target demographic for my store.
But here’s... Behind The Scenes Of My First Ecommerce Conference – The Sellers Summit
Most of you probably don’t know this, but I’ve always dreamed of giving a keynote speech at a conference. In fact, it’s been on my bucket list for quite some time.
But here’s the thing.
While I’ve been asked to give speeches at conferences before, no one has ever approached me to give a... Why I Finally Quit My Job And 8 Life Lessons I Learned In The Process
For the past 5 years, I’ve been asked the following question over and over again…
Steve, why do you still have a day job? Why do you work when your businesses generate so much money?
Well several weeks ago, I finally gave notice at my job. Soon, I will no longer be an engineering director... A Peek Into The Glamorous Life Of A Small Business Owner
Everyone knows that starting and running a small business is glamorous. In the past few weeks alone, I’ve read at least a half a dozen stories ranging from “How I made $1027.53 in a single day!” to “How you can work 4 hours a day and be rich as a small business owner!”.... How To Fight, Win And Prevent A Credit Card Chargeback
Whether you sell physical or digital products online, at some point you’ll experience a credit card chargeback no matter how good your customer service is or how great your products are.
Now before I begin, I want to explain the definition of a credit card chargeback. As you know, whenever you buy anything with a... You’re Going Out Of Business…But Did You Really Try? Or Did You Just Give Up?
“Oh yeah, I tried being an entrepreneur a few years back but it was just too hard and I went out of business.”
“I tried the whole blogging thing but couldn’t get it off the ground”
“I tried selling online but every product I could think of had too much competition”
I don’t know why, but lately I’ve... With Just These 3 Business Skills, I Created 3 Six Figure Online Businesses
The beauty of running an online business is that you don’t have to be physically present to make money. As a result, a lot of online entrepreneurs are able to create highly scalable businesses from anywhere they want.
In fact, leveraging the Internet is how I’m able to run a blog, an ecommerce... How To Figure Out What You Should Do For A Living If You Hate Your Job
When I was a kid, I always tried new things just for the heck of it. I never thought about it too hard. I simply went with the flow and followed my interests wherever they took me.
For example…I spent one summer reading the encyclopedia all day because I was curious about all of... Millionaire Success Habits And How One Simple Change Can Lead To Business Success
If you’ve been a reader of MyWifeQuitHerJob.com since the early days, you probably remember that I used to refer to myself as a lazy piece of c$%^.
Now depending on the person, laziness can have different definitions.
To some people, being lazy is sitting around and watching television all day.
To some... 3 Examples Of Short Term Thinking That Will Ruin Your Ecommerce Business
“How long would it take me to become great under you?” he asks.
“10 years,” the master swordsman replies.
“I don’t have that long,” says the student. “I want to be good soon. What if I worked very hard and dedicated myself completely to the task?”
“Ok, 30 years,” he says back.
“But that’s even longer,” the student says... How I Achieve Work Life Balance Despite Working Full Time, Running 3 Businesses And Caring For 2 Kids
I recently came across a statistic from Fast Company magazine that really surprised me. According to the American Sociological review, over 70% of employees in the United States struggle with finding a balance of work and play.
70%!?!! Does this number sound a bit high to you?
When I look at my life,... How To Run A Business With Your Spouse And Still Maintain A Happy Marriage
Recently in a podcast interview, I was asked a question that took me off guard.
Steve, do you recommend working together on a business with your spouse or significant other?
Here’s the thing. Starting and running a successful business is enough of a challenge as is. But when you add working with... How To Grow 3 Six Figure Businesses While Working A Full Time Job With 2 Kids
Beginning in 2007, all of the businesses that I’ve been involved with have consistently grown in the double or triple digits every year. And overall, I’ve started 3 six figure businesses online.
First, there was my ecommerce store that I launched with my wife in 2007.
The following year I began blogging at MyWifeQuitHerJob.com. 2... Student Story: How Lauren Makes 6 Figures Selling On Amazon And Her 2 Prong Approach To Ecommerce
This post was written by Lauren, a student in my Create A Profitable Online Store Course.
One of the basic tenets of my course is to validate your niche or product idea on an established marketplace like Amazon before investing in a full blown shop.
And as part of the class, I offer... How Adding A Payment Plan Can Affect Your Sales – The Good, The Bad And The Ugly
Are you considering adding a payment plan for your digital product or service? Then you must consider these pros and cons before you pull the trigger.
When I first launched my Create A Profitable Online Store Course in 2011, the price was only $299.
But as I continued to add content to the class and... My Results Selling On Amazon FBA After 4 Months And The Pros And Cons Of The Platform
On MyWifeQuitHerJob.com, I often write about the need for motivation and determination when it comes to starting a business. After all if you don’t have the drive, then you will never take any action.
Well today I have a confession to make. I had major problems motivating myself to sell on Amazon.Our... Should You Sell On Amazon And Will It Cannibalize Your Online Store Sales?
My wife and I started our online store back in 2007 and ever since our first year when we made 100K, we’ve been growing in the double and triple digits.
But here’s the thing. With every passing year, we are finding it more and more difficult to maintain our double digit growth. ... Why Artists Fail In Business And How To Go From Artist To Entrepreneur
This post was written by Arree Chung, one of the students in my Create A Profitable Online Store Course. What’s cool about Arree is that he’s a professional artist who writes and illustrates his own children’s books. Plus he’s Asian too. (I have absolutely no idea how he convinced his parents to go... How To Start A Podcast In Under 2 Hours – The Best FREE Podcast Tutorial Available
When I first decided to start my own podcast, the benefits were already clear in my head.I already knew that having a podcast would expose me to an entirely new audience
I already knew what I wanted to say and how I was going to run it
I already knew that that I wanted to get... Owning A Business Vs Working A Day Job – What Everyone Needs To Know
If you read a lot of business and entrepreneurship blogs like I do, you’ve probably noticed that almost every article out there glorifies quitting your day job.
Quit that soul sucking job of yours and call your own shots!
Why work for someone else when you can be your own boss?
Fire your boss and live happily ever... How To Get A Podcast On iTunes And Rank #1 Without A Huge Following
This post will teach you how to get a podcast on iTunes and how to rank #1 for your category without an audience or a huge following based on personal experience. Enjoy!
There I stood, hovering behind my computer monitor and nervous as hell as I prepared to hit the “publish” button on my... How To Prevent A Website Crash When You Make The NBC Today Show
12 seconds….That’s all it took… 12 minuscule seconds of being on television and the traffic and order volume for our online store completely blew up! Plus, our website didn’t crash:)
This past week, our online store Bumblebee Linens was featured on NBC’s Today Show and it was quite possibly the most exhilarating 12 seconds that... Dropshipping Vs Carrying Inventory – An Inside Look At The Financials Of Two Live Online Shops
Recently my buddy Andrew Youderian announced that he’s selling his successful dropshipped online store, TrollingMotors.net. Now normally someone selling their website isn’t a big deal. But what is really unique about Andrew’s sale is that he’s selling it all by himself without a broker via a dutch auction on his blog.
Therefore all of... What A Six Pack Taught Me About Starting A Successful Online Business
6 pack abs. It’s something that most guys want but will rarely achieve in their lifetime. For me, I’ve wanted a 6 pack since I was in high school but was never able to quite get over the hump.
Even when I was playing junior olympic volleyball and in the best shape of my... How To Transition From Selling On Ebay To Running Your Own Online Store
Way back before my wife and I started our online store, we were primarily selling on Ebay. In a nutshell, we would import textile goods from Asia, throw up a bunch of auctions and then monitor them closely for sales.Those of you who have followed me since the beginning also know that I... My Thoughts On Making Money And Planting Money Seeds
A little while ago, I published a post on how to start a blog and why blogging can be better than ecommerce. Now normally, I tend to focus most of my subject matter on ecommerce because ecommerce is where I’ve had my biggest success thus far.
But recently in the past few... 4 Skills Every Well Rounded Internet Entrepreneur Should Have
One of the questions my readers often ask me is which theme I use for my online store. And the answer I always give is that I don’t use any theme at all. I designed the entire look and feel of my online store from complete scratch by myself.
And even... How Do You Know When To Give Up On Your Business?
I am a big advocate of persistence. That rare quality in certain people that drives them forwards against all the odds is something that I am fascinated by, and aspire to.Photo By Nikhil KirshHaving said that, blind persistence is rarely a good thing. Einstein defined insanity as “doing the same thing over and over again... Why You Don’t Have To Follow Your Passion When Starting An Online Store
I often get asked by my friends whether I truly enjoy running my online store and whether selling wedding linens really floats my boat. In fact, most of my friends still find it hard to believe that I’m in the linens business in the first place.
Most of my friends don’t understand how... When To Quit Your Job Especially If You Don’t Need The Money
It’s still early on in the year, but our online store is poised for yet another 30%-40% increase in year over year profit.
And believe it or not, our little online wedding linens store has now shown 4 consecutive years of double digit growth.
At this point, the shop easily makes more than... Why Selling On An Etsy Store Is A Bad Idea Compared To Running Your Own Shop
As part of my weekly regimen, I like to read and participate in various small business forums and one of my favorites is the Etsy forum.
For all of you who have never heard of Etsy, Etsy is a marketplace for do it yourself and handmade goods. Similar to Ebay, Etsy provides... Dropshipping Vs Affiliate Marketing: Which Online Business Will Make You More Money?
Most of the readers who visit MyWifeQuitHerJob.com fall into opposite extremes when it comes to their online business goals.
Either they want to go all out, create their own products or import their goods from Asia for maximum profit or they want to start an online store as a side business using the most... Making A 6 Figure Income With Our Online Store – How Much Work Does It Take?
A few people have emailed me lately asking questions about how much time we spend running our store on a day to day basis and I completely understand why. Running a business can be difficult and time consuming so it’s important to understand what one is getting into before taking the plunge. I... Mistakes Made In Finding Products To Sell: How My Wife Lost Her Favorite Hobby
One of the pieces of entrepreneurial advice that I hear the most often is to start a business based on something you are passionate about. Pick a niche based on something you enjoy doing and turn it into a business.
Whenever I hear this advice, I start to roll my eyes because... How Much The Average American Can Save On Taxes By Having A Business
Many would be entrepreneurs hesitate to start their own business because they think it is too risky from a monetary perspective.
In fact, most people don’t think starting a business is even worth trying unless they can come up with a grand slam profitable idea.
Of course profitability is an extremely... Breaking Down The 100K A Year Barrier With Your Small Business
Several of my friends and acquaintances that follow MyWifeQuitHerJob.com find it hard to believe that our online wedding linens business can possibly make 100 thousand dollars a year in profits for selling to such a tiny niche.
And they are correct. We don’t make 100K a year. We make much more than... How To Make Time Equal Money 24 Hours A Day
I never understood how the phrase “Time is money” could ever apply to my life. After all, no one was paying me 24 hours a day so how could my free time possibly translate to money?
How could wasting time watching television or playing video games cost me anything when no one was... Should You Leave Your Cushy Job And How Long Should You Stay?
You may have experienced this pattern before. You start a brand new job and work extremely hard in the beginning to establish yourself and your reputation.Photo by Just Taken PicsAt first, the nature of the work is extremely challenging. You are constantly learning and trying to keep up with your coworkers. ... Why Real Estate Made Me A Millionaire and Investing In Stocks Did Not
I am proud to present a guest post from Julie Broad. 8 years ago, Julie and her husband set out to free themselves from their J-O-B’s. Starting with just $16,000, they bought their first investment property.
Today, they are real estate millionaires and Julie officially retired from work at age 31. ... The Tradeoffs Of Owning Your Own Business Vs Working A Day Job
Ever wonder whether the people who brag about their small business wealth are really living the high life? Most of what you read on the web about starting your own business tends to be over glorified because everyone is always trying to sell you something.
When all you see are get rich quick... How To Build Wealth By Spending Money Wisely
In a previous article on MyWifeQuitHerJob.com, I discussed different ways that my wife and I save money on a day to day basis without drastically affecting our lifestyle.
While finding good deals and extending your money is an important aspect of accumulating wealth, deciding the right things to buy and avoiding spending altogether is... The Secret To A Healthy Relationship With Money
Do you believe that money is the ultimate panacea? Have you ever thought to yourself, “If I just had more money, my life would be so much easier and less worrisome?” Most people tend to think this way until they amass some wealth and the opposite happens. Their life gets harder... Why You Should Never Start an Ebay Store
If you want to build a profitable ecommerce business that stands the test of time, you need to register your own domain and start your own web site.
Most people who aren’t tech savvy often question their own abilities and end up relying on 3rd party marketplaces like Ebay to implement their website store for them.