- What's up, everybody, and thank you, One Percent Better,
for having me, for those of you who don't know
who I am, my name is Jaspreet Singh
and I run the Minority Mindset YouTube channel
where we talk about entrepreneurship, business and money
so on this video, I'm gonna be talking about five things
people do not tell you about making money
online so let's get right into it.
So entrepreneurship has been glorified a lot recently.
Shows like Shark Tank and The Profit
have been super popular, Instagram entrepreneurs
look so cool and now with the growth of social media
and the internet, there are internet millionaires popping up
on every corner it feels like, right?
Before, if you wanted to start a business and open a store,
for example, you would have to come up with designs
for your products, manufacture them,
and buy all the inventory and once you do all that,
you have to find a good location for your store,
start paying rent and utilities and then you have to hope
that people come inside of your store and buy your products.
Your main customers were people that passed by your store
and you would focus on advertising to people
within 20 miles of you because they were the ones
that would be shopping at your store.
Now, you can have a store without paying for rent,
without paying for utilities, without having a storefront
and without buying any inventory.
You could partner with a manufacturer and have them create
and ship your sales any time you get an order.
It's called drop-shipping so since you don't have to worry
about these costs, your profits and gonna go
through the roof and now instead of marketing to people
within just 20 miles of you, you can market your products
to the seven billion people around the world.
Okay, maybe not all seven billion people.
I mean that number does include babies
and the people don't have internet
but there are over two billion people on Facebook
so you have way more potential customers
and way more profits, right?
Well, it's not as easy as it sounds.
Here are five things that people didn't tell you
about making money on the internet
and starting a business with a digital presence.
First, it's not what you sell but how you sell it.
This is what the majority of people get confused.
You can have the best and most amazing product in the world
but nobody knows about it, you will fail.
Lots of people focus on having the perfect website
or the perfect product for the perfect webinar
but these are all useless unless you have traffic.
Focus on building a brand and building value
so people have a reason to come to you.
Once you have traffic and you have potential customers,
now you can worry about the other things.
One of the most common questions I hear from people is,
is my idea of a good business idea?
Let me be completely honest, your idea is worthless.
It does not matter what your idea is,
it's what you do with your idea.
Is a good idea to paint smiley faces on rocks,
call them pet rocks and try to sell them?
Maybe not but Gary Dahl did it and he made millions.
He made millions selling pet rocks.
It's not what you sell but how you sell it
so focus on your message and focus
on your marketing and focus on getting traffic.
Give people a reason to come to you.
The second thing is time.
Jeff Bezos, the founder of Amazon said in an interview
that it takes 10 years to become an overnight success.
It's the same with making money on the internet.
There's a lot of people sell you the programmes
and the courses, making it seem like it's so easy
or that it happens without that much effort but the truth is
it takes a lot of time and it takes a lot of hard work
but they don't tell you this because get rich slowly
doesn't sell very well, there will be situations
where you'll have to spend an unreasonable amount of time
to do a small little task, it's overwhelming and it sucks
but everybody has to go through it.
If you looking for get rich quick,
this is not the place to do it.
Third, contrary to what most people say, stop selling.
When most people try to start a business on the internet,
they put their focus on selling and getting clients,
I know not selling sounds counterintuitive
but think about it like this.
When you go shopping at a grocery store,
you're gonna see the brand name Froot Loops
and then you see the knockoff version of the cereal.
There isn't much difference in the products themselves.
They might even be the exact same thing
but the brand name will get more sales
and they can charge more money for their cereal
because they're focused on building their brand first.
Most people trying to make money
on the internet are generic products.
All they do is focus on selling.
They'll do whatever they can to get a sale at whatever price
but if you really wanna make money,
you have to build a brand.
The reason the majority of people don't do this
is because that means you have to sacrifice
some of today's profits to build your brand
but it can be a lot more beneficial to you
and your business in the long run.
Fourth is competition, when you're on the internet,
there will be other people in the same industry
as you and that's okay.
If there are other successful businesses
in your niche, that's a sign that there are paying customers
in your niche but that also means
you have to be different and stick out.
Too many people try replicating exactly
what a successful business is doing.
Stop doing that, why would somebody follow you
or go to your brand if they can just go to the bigger brand?
You have to be different, don't be the majority.
One thing that was tough for me to understand
was that your job isn't to get everybody to like you.
It's to cater to your target audience only.
For example, with our Minority Mindset YouTube channel,
we made it very clear from the get-go that our mindset
of not wanting to be like the majority of people
isn't for the majority (chuckles) of people.
If you try to please everybody, you will fail.
Find your target audience and forget
what other people think, the more you can stick out
and be unique, the stronger people
will be attracted to what you're doing.
And number five, you have to be aware of scams.
(sighs) This was something I had to learn the hard way.
When I was launching my last e-commerce business,
5 Water Socks, I was approached by what
I thought was a marketing company.
These guys made me a bunch of bold promises
with a 100% money-back guarantee so I trusted them
and sent them a lot of money.
Well, the next day, I had a bad feeling in my gut
so I asked these guys for a refund because I wanted to do
the marketing myself, as soon as I asked for the refund,
this company blocked my number and they ignored my emails.
I talked to an attorney and found out that I was scammed.
My money was gone, it sucks and it happens
but don't let these scams and crooks stop you,
just be aware of them, I lost most of our marketing budget
but we were still able to do over $21,000
worth of sales in our first month.
You have to keep going even when things get hard.
(chuckles) This scam was actually the reason
I started Minority Mindset so people don't fall
into the same traps that I did.
Scams are out there so take everything with a grain of salt
but you have to be open at the same time, it's a balance.
I hope you guys found this video helpful.
If you wanna learn more, be sure to check out
and subscribe to the Minority Mindset YouTube channel
because we released new videos on entrepreneurship business
and money every single week, take you again,
One Percent Better, for having us.
And is always, keep hustling.