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Monday, February 28, 2011

A Simple Formula For Getting Rich


Reprinted by Permission


Note to readers: I’m reposting this article by my friend Michael Masterson at Early to Rise. It’s really good….and yes, he talked about me….but it’s still good!

Be sure to grab a copy of Michael's new book: 

The Pledge: Your Master Plan for an Abundant Life (Agora Series)


A Simple Formula For Getting Rich
By Michael Masterson

Would you like a simple formula for getting rich?

Here it is: Find a popular product that is selling for $100. Find a supplier in China to knock it off and sell it to you for $10. Then sell it to the market for $50, half the price it’s selling for everywhere else.

This is the formula the Walton family used to make Walmart the biggest retailer in the world. It is also the formula that Target, Macy’s, Rooms to Go, Amazon, Best Buy, and just about every other major retailer in the U.S. has used. And they account for just a fraction of the hundreds of billions of dollars’ worth of Chinese products imported into the U.S. every year.

Nobody can resist a bargain. And that’s how these retailers stay in business. By selling in-demand goods at discount prices.

The key words here are “in demand.” You aren’t going to get rich selling left-handed monkey wrenches at half price.

In a past Journal, I told you about my friend Bernard. He emigrated here from England about 20 years ago and started a business selling furniture shortly after he arrived. He made a pretty good living for himself because he was a great salesman. But when he started selling Chinese knock-offs of popular furniture lines, he became rich.

I have another friend who made over a million dollars in less than a year by simply brokering wholesale health products that he purchased in China. Again, he focused on in-demand items. Once he found a Chinese manufacturer that could provide the quality he needed, he simply phoned up the CEOs of health supplement businesses. When he told them how much money he could save them, they fell in line, one after the other.

And a college dropout named Valerie Johnson made a fortune selling footie pajamas for adults that she had made in China. (More about Valerie in a minute…)

All of these people experienced the immense wealth-building advantage of being able to sell a popular product for a fraction of the market price. When you can do that, you don’t have to:
  • Have a name in the industry
  • Have connections
  • Know anything about marketing
  • Have big bucks to fund the business while it grows
I have talked about this strategy for more than a decade. But, until now, I have never been able to recommend a specific way to do it.

In the old days, you had to have big bucks and/or big balls to get into the Chinese knock-off business. That was because you had to travel to China, meet with dozens of suppliers, select one you thought you could trust, and then pay him a large sum of money to meet his minimum manufacturing requirements.

But all that has changed, thanks to the Internet.

In fact, there is one website — a mega-site — that can give you pretty much anything you could possibly want. You can stipulate what you want and how much of it you want, and it will give it to you at the price you need… almost instantly.

This site — and some support services that are tied into it — make it possible for you to set up your own international trading business, acting as a highly commissioned broker, hooking up U.S. buyers with Chinese manufacturers.

This is a very exciting situation. For the first time in history, individuals can compete on a nearly equal footing with the world’s largest retailers. They can buy modest quantities of popular products extremely cheaply… and have them delivered to the States in a matter of days.
America is a country of entrepreneurs. 

There are tens of millions of us who are constantly looking for ways to start new businesses to increase our wealth. Most people have no idea how easy it is to start up a Chinese import trading company… but word is getting out. I don’t think I’m sticking my neck out by predicting that this trend will accelerate very quickly in the next few months. So the time to get in is right now.

This business is going to be hot because it offers entrepreneurs everything they dream about. 

They can:
  • Start their business at home.
  • Work part-time or on weekends.
  • Earn a second income independently… privately.
  • And stand a good chance of becoming rich!
If that sounds good to you, read on. I’m just getting started.

China is, by far, the world’s leader in manufacturing and exporting cheap goods. It exported $1.2 trillion worth last year. And, despite the worldwide recession, it is expected to increase that number next year.

The Chinese government is committed to exporting. If their exports shrank significantly, that could seriously jeopardize the country’s economic growth. Given the hold China already has on the U.S. economy, it is absurd to think that the Chinese will lighten up on their exports, no matter what kind of noise comes out of Washington. In fact, they are cranking up their exporting machinery. And one of the ways they are expanding most quickly is by selling directly to small U.S.-based entrepreneurs. The website I mentioned above is a big part of that.

I believe in investing in trends. I have made all my big profits by doing so. I know that it works. I like catching a trend after it has already begun — but you don’t want to wait too long either, or you will end up getting in when it’s too late. (Most people who got into real estate four or five years ago know just what I mean.)

The trend toward inexpensive knock-offs is not brand-new. But it is far from over, that’s for sure. The certainty (yes, I am sure of it) that the Great Recession will continue to haunt us for many years ensures the growth of low-price buying in the United States.

The Great Recession is decimating high-priced retailers. Upper-middle-class consumers are feeling pinched economically and are, therefore, cutting back on their discretionary spending.
But here’s something to keep in mind about recessions: When consumers are feeling bad about their financial situation, they don’t buy fewer products (as they should). They buy more.

Buying lifts their spirits. It makes them feel better about themselves. So they buy more, but they shop for bargains. And that fact of life is great for all the entrepreneurial businesses that are selling knock-offs from China.

What I’m saying is that we are going through a multibillion-dollar shift in the buying habits of the American public. The working class will continue to buy from Walmart. But more and more middle-class people will look to other sources of super-cheap goods — and not just Target and Marshalls.

As I said, that means big opportunities for entrepreneurs who want to follow in the footsteps of the Walton family and get into this wonderful business of selling Chinese goods to the still-huge U.S. market.

Let’s Get Back to Valerie…

When Valerie got her idea about selling footie pajamas for adults, she had absolutely no experience in the textile business. What’s more, she knew nothing about product sourcing or how to run an online business.

And yet, using very little money, she was able to create a home-based business that is bringing in seven figures. These days, she works according to her own schedule and answers to nobody but herself. She is very happy with her new life. She attributes her success to finding a source that allowed her to import the pajamas exactly the way she wanted them, for pennies on the dollar, from China.

You’ll read all about it in the attached report. You’ll also read about others like Valerie. For example:
  • A woman, pregnant with her first child, started her business back in 2004. She needed some maternity wear but didn’t like what was available at the stores she shopped in. The clothes were bland and unflattering. She was looking for something a little sexier and more exciting, but the only places that carried what she wanted were very expensive boutiques. She figured there were a lot of other pregnant women in the same boat. So she found a source in China for the kind of maternity clothes she wanted to wear, and went into business. Today, her company brings in over $1 million a year.
  • A married couple started importing flags from China in 2001 and reselling them on the Internet. Their business took off right away, so they expanded their offerings. Now they are generating revenues of more than $25 million a year.
The Opportunity Is Yours for the Taking

You can start your own business by importing Chinese goods and selling them directly or on the Internet. You can get exactly what you want, and have it made so cheaply you probably won’t believe it at first.

You can have the manufacturer deliver it wherever you want, too — to a distribution warehouse, to a wholesaler, or to the end customer. It’s as easy as pushing a few buttons. That’s how sophisticated this “underground” market has become.

What you need first, though, is a little bit of education. You need to know how to:
1.      
1.     Research all the really hot markets.
2.     Locate reliable manufacturers.
3.     Create purchase agreements that ensure your full satisfaction.
4.     Find buyers eager to take your products at big discounts.

Because the people at ETR see the Chinese import business as a big and growing trend, they have created an information product that will get you started right away. I was invited to consult on it, and I gave them these suggestions:
  • It must be easy to understand.
  • It should be written for the layman who has no experience importing or selling products.
  • It must cover all the bases. (I gave them the four-point list above. I told them to make sure all of that information was included.)
  • It must explain how this business can be started on a kitchen table.
  • It must explain how it can be done part-time or on weekends.
  • And, finally, I advised them to price it as inexpensively as they could.
The program does everything I had asked for and more. Not only that… the ETR team persuaded ETR’s own Marc Charles to develop it. Knowing that Marc is involved makes me feel even better. Marc is indefatigable when it comes to developing and improving his products. And he knows a lot about the Chinese import business, for he has done it himself.
Now Is the Time to Take Action!

Here are eight reasons why you should get into this market right now:

1. You can start out small. Many an empire has been started from a spare bedroom or the kitchen table. You don’t need a huge office or a lot of overhead.

2. You will be your own boss. No more stupid memos and dress codes and meetings! You have the chance to do everything the way YOU want to.

3. You can make your own hours. You can work two hours in the morning and go golfing the rest of the day if you feel like it.

4. You have unlimited profit potential. You can make as much money as you can spend. Want to make an extra $2,000 a month? Okay. Need to make an extra $10,000? No problem. It’s all up to you. The sky’s the limit.

5. You don’t need any employees. (If you’ve ever had employees, you know what I’m talking about.)

6. You can run your empire from anywhere. All you need is a computer and an Internet connection. Go ahead, work from the side of the pool. It’ll be our little secret.

7. You can learn everything you need to know in under an hour.

And I left the best for last…

8. You don’t need to have a ton of money to get started. You’ll actually learn methods that can get you started for less than a couple of hundred dollars.

Chinese import is a multibillion-dollar industry. And the fastest growing portion of it, I predict, will be small-time entrepreneurs taking advantage of the new Internet technology.

If you purchase Marc’s China Wholesale Trader program, you will be given access to a website that we recommend you start with. Here are some of the reasons why:
  • It facilitates more than $6 billion in transactions every year…
  • Boasts more than 47 million registered users…
  • Hosts more than 6 million virtual storefronts…
  • And reaches buyers and sellers in more than 240 countries and territories.
Despite all this activity, it is entirely under the radar and unknown to most people.
This website not only connects you with sources to have your products made, it helps you locate buyers (including some amazingly big and qualified buyers). When you see it, you’ll be very impressed.

The attached report will introduce you to some other ways to sell products on the Internet. The easiest (and least expensive) way is on sites like eBay, Amazon, and Yahoo Small Business. But there are many others you will want to know about. Marc is currently researching them and will provide the buyers of his program with new contacts on a continuing basis.

When you sell through these high-traffic online marketplaces, you don’t even need a website. Just list your products on one or all of them. You can customize your listings so they stand out, too. And, for a small fee, you can actually feature your products on their front pages.

You’ve no doubt heard of Marc Charles, the man behind the China Wholesale Trader program. He is often referred to as “The King of Business Opportunities.” He has launched more than 40 successful businesses over the past 28 years (and advised on many more). One business (an ad rep agency) produced more than $6 million in sales in 36 months with a start-up budget of less than $2,000.

Marc began his Internet adventure in 1993 by reviewing more than 8,500 websites for Yahoo! Unplugged. His reviews (which became a bestselling book, online resource, and interactive CD) were featured in Wired, Bloomberg Personal, Internet World, Internet Edge, Web Digest, and Business 2.0. In 1999, he developed the first e-mail newsletter advertorial. (And e-mail advertorials continue to be one of the most powerful marketing tools on the Internet.)
Marc’s passion is identifying bricks-and-mortar and Internet business opportunities for start-up entrepreneurs.

With the China Wholesale Trader program, his goal is to help aspiring entrepreneurs get in on this lucrative market quickly and easily. In the program, you will learn:
  • How to know if an exporter is legit. You’ll find out what a “trust pass” is and why it can make all the difference in the world to your success. Get this wrong and you’re guaranteed to fail.
  • How to make sure you know the lingo. Other importers will think you’re an old pro, which means they won’t try to take advantage of you. You can learn all the necessary terms in under 2.5 hours.
  • How to correctly handle the exchange of money, whether it’s dollars, yen, or euros. (Don’t worry. You’ll get it right.)
  • How and when to make a whopping 40% to 100% commission on certain key items.
  • Where and how to spot the hottest products. For example, which would you rather sell: heavy machinery or simple herbs and spices? One is much more profitable than the other, but the answer may surprise you. (Here’s a hint: It’s not heavy machinery!)
  • How to get started with little or none of your own money.
  • How to make money without touching a single product. (I really like this one.)
  • How to pay for the program with the money you’ll save on your own personal items — items your neighbors definitely won’t have, but will kill to get.
And that’s just the beginning.
You will also learn:
  • How to order in small quantities. Sometimes you can even order one item at a time so you won’t have to keep your money tied up in inventory.
  • Where to find a thousand companies looking to do business with you right now. This very minute. (The competition is fierce.)
  • How to get name-brand items at prices so low we can’t even show them to you or the manufacturer would sue us.
  • How to travel almost for free, to all sorts of exotic locations around the world. Manufacturers will basically pay for you to visit them.
  • How to get your own next big idea manufactured for peanuts.
If it feels like I am trying to sell you on Marc’s program, it is not an accident. I believe this is a bigger market than information publishing, and information publishing is the business that has, until now, been my number one recommendation to ETR readers. I like this better because you don’t have to know anything about writing do get in on it.

Plus, the market for manufactured products is even bigger than the market for information. All you have to do is find out what consumers are already buying, and then sell them the same things at a fraction of the cost.

If, for any reason, this program doesn’t get you going and raking in the money, you can get a full refund at any time. So there is really no reason not to take a look at the offer. Just remember… this is the beginning of a big trend. The sooner you get in on it, the better you will do.


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