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Abstract Income: How to Support an Abstract Lifestyle

Recently I have been participating in the Niche Site Duel, more as an experiment than anything else. But the reason I have been playing around with things like this is I am trying to build myself a strong income stream. A stream that comes from multiple sources and ideally that can be eared from any country in the world.

To do this, I have been setting up income businesses. An income business (versus a value business) is a business that you can set up for relatively low costs, that will bring in consistent income. While many income businesses are now forming online, they dont have to be online. An example of an income business would be a cafe, restaurant or convenience store. They are never going to turn you into a billionaire, but they allow you to earn your income yet still have more control over your life (at least that’s the idea, doesn’t always work out that way as im sure many restaurant owners would argue).

Currently here in Vancouver, I am exploring the possibility of a value business. A business that has the potential to make lots of money but comes with high risk, more stress, less flexibility etc…

While I have been travelling though, I have built one online income business that has managed to make me a decent profit and is continuing to grow. This business has been an ecommerce business. The model I followed was the same as the one given in the 4 hour work week by Tim Ferris, and truly does work. While it can be a bit of work initially, it does pay off in the long run.

I am launching a new site in the next couple of weeks that will be a free course to show people exactly how to build an online store. Its going to be AMAZING!

No seriously, I already have 4 hours of video content, with loads more coming. It will show you how to go from absolutely nothing, not even an idea (although if you already have a product or idea that will help) to owning your own ecommerce store.

It will include product research and selection, domain research and selection. Build the back end of your store (don’t worry, you don’t need to be a techie!) including setting up tracking and payment processing. Designing your store. Building the content. Plus building a marketing and customer retention strategy.

So make sure you subscribe over to the top right as this site is going to kick ass and be totally free!

Vinay

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4 responses to “Abstract Income: How to Support an Abstract Lifestyle”

  1. I can’t wait to hear about this! I’ve had a bunch of ideas about this but I usually am not sure what to do about the actual product itself. I don’t know who to dropship with. I have a friend who works in China who says he knows a bunch of people who run little factories that can produce just about anything so I’m hoping to learn to utilize that connection in the next few months

  2. Hi Patrick, yes there is lots to consider when building an ecommerce store. A dropshipper is someone who supplies the product, handles the inventory and shipment. Almost like an affiliate – the only difference is you process the payment, not them.

    A fulfilment company will stock YOUR product, handle inventory and shipping. Customer service too if you want to pay for it. So a fulfilment company is probably what you would look into if you are bringing in your own products from China.

    ecommerce, like lots of internet marketing is about knowing your metrics. Know the cost of getting traffic advertising, the cost of goods, inventory and shipping. Then work out your return. Then make sure you have enough margin in your product to deliver it.

    The difficult part of this equation its pricing traffic (in both money and time) and is where many people fail. But it seems you have a decent amount of experience in this 🙂

  4. Vinay’s Eshop wiz course ROCKS. He takes you through everything you need to know, step by step. It is better than anything I have seen or read, online or offline, about setting up an online store. Once you have that figured out, check out his free traffic whiz videos to send gobs of traffic to your new store.

    Vinay knows his stuff.

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