Welcome To IMLicious!
Hi there, Edmund here.
Welcome to IMlicious!
If you are someone who is interested to replace your day job income with your own online business, you have come to the right place. I have set up this website for that purpose. That is, to help you build a long-term asset while you are still working so that you can eventually quit your day job and start controling your own destiny.
And for students who are still schooling, the online industry is also a great avenue for you to learn how to build a business from scratch because the start-up capital is very low. If you do it correctly, you can even graduate without a job.
Personally, I have known people who started their own online business at the age of 19 and they are financially independent by the time they graduate from university. Therefore, if they can do it, you can do it.
Before you start any business, you need to be clear about why you want to do it. The main reason why people fail in business is because they are not clear about what they want.
Once they encounter the slightest obstacle in their daily life, they will give up on their dreams and settle back to the vicious cycle of going to work and paying bills till 65. I mean there is nothing wrong with that but I always believe everyone has a seed of greatness in them. We are designed for success but programmed by the society to fail.
Having a definite major purpose is the key to success in any endeavour. As Napoleon Hill from Think and Grow Rich says, “Whatever The Mind Can Conceive And Believe, It Can Achieve!” For myself, I am sick and tired of working for someone. That is why, I decided to take charge of my own destiny a few years back.
In fact, now I enjoy working from home and receiving checks in the mail. Well, there is definitely hard work involved. I only started making some money online after a few months of hard work. In fact, I have set a goal to make US$10,000/mth by the end of 2016 so that I can retire my mum and myself.
Once you have identified your goal, you can then proceed to select the business model that you would like to pursue. According to The Next Web, there are 9 business models that you can choose from:
1. Brokerage -> You bring buyers and sellers together to facilitate the transaction process. (Eg. Paypal)
2. Advertising -> Eg. Blogging
3. Infomediary -> You provide a service to educate people about a given market by through independent research. (eg. Quantcast.com)
4. Merchant -> You are acting as the middle man between the consumer and the manufacturer.
5. Manufacturer (Direct) -> You manufacture your own products and sell it to end-consumers directly via the internet.
6. Affiliate -> Promote other people’s products. Commissions are given based on a profit sharing model. (Typically 50% to 75%)
7. Community -> Some good examples would be Facebook, Twitter.
8. Subscription -> Services that they need to use on a monthly basis like web hosting.
9. Utility -> Pay as you go approach.
In reality, you can have a combination of 2 of them or a few of them at one go. It really depends on your business budget. Personally, I prefer to go for the Affiliate and Advertising combination because it is a great way to get started without any inventory or customer support required. In fact, you can get started for under US$50.
Here’s the calculation:
1. Domain Registration – About US$11/yr
2. Web Hosting – About US$10/mth
3. Emailing Service – (About US$20/mth)
This explains why the online business is the way to go if you are keen to start your own business. Furthermore, the online world is 24/7. Therefore, you can make money while you are sleeping. 🙂
I would recommend that you get started in a combination of both affiliate and advertising first. Then you can scale up your business to include other business models like eCommerce which is a huge and growing industry. I will discuss more about this area of business when I begin to go into it.
So let’s get started!