In the Episode 6 of his podcast, Jim Cockrum explains how to make your first $100 online. He starts out with a list of business models not to start with and things that can help you determine whether you should listen to a certain ‘business guru’ or not. Then, he goes on to outline how exactly to start making money online, a key part of which is selling physical products.
In the fifth episode of his podcast, Jim Cockrum talks with his guest, Bryan Young, about selling used books on Amazon. The two lay out specific criteria about which types books to purchase and how to go about starting such a business, as well as brainstorming different directions it could go in.
In the third episode of his podcast, Jim Cockrum talks to Chris, a guy who sold a custom Volkswagen Beetle to Jerry Seinfeld. The main points of his talk are email marketing, getting with the gatekeepers in your niche, and just in general getting access to people who want to hear what you have to say.
In the fourth episode of his podcast, Jim Cockrum talked about having multiple income streams.
Having multiple income streams is a way to reduce the risk of completely losing income. If you only have a job, that’s one income stream. If you get fired or your job becomes obsolete, you’re completely without an income; you have zero income streams. However, if you have a job, an Amazon Merch side-business, and you do some consulting, that’s three income streams. If one gets terminated, you still have two to fall back on.
A common misconception is that the different income streams have to be vastly different things. However, it’s better if they all play off of each other. You might have an account on Amazon Merch, an account on Spreadshirt, and a course on how to design t-shirts. This way, your income streams all complement each other. They’re all different aspects of the same thing; this keeps you focused on one main path.
In the second episode of his podcast, Jim Cockrum has a guest, Brett, on to talk about selling on Amazon using the PPI (Proven Performance Inventory) method.
Brett went from $400 to an 8-figure business. One of his strategies was utilizing Amazon Sponsored Ads, but not in the way you’d probably think. Brett doesn’t mass-purchase products and then try to sell them using ads. Instead, he uses the ads as a tool to figure out what people are searching for and how many of them are searching. After figuring out the niche and the search keywords he has to put in the product title/description, he buys multiple units on Amazon. But he only uses ads to figure out what to sell and what keywords to use; once he knows those things, the Amazon algorithms will direct the customers to him, and he’ll be the only one with the exact keywords that that certain person used. He finds specific searches that other people aren’t catering to and caters to them himself.
Bundling is another important thing. When you have a big item that you can add a few small, complementary items to, you create something that no one else has, and you can then cater to very specific niches. People tend to associate more value with bundles than the products separately, even if you charge more for the bundle. (They don’t know if you’re charging more for the bundle.)
What’s most important, though, is doing it. Be smart about what you do (don’t just try everything that comes down the pipe), but do it.
In the first episode of his podcast, Jim Cockrum talked about “simple strategies that will grow any business quickly”.
A big point he made was that a book is your best business card. When people see that you’ve written a book about a subject, they’re going to assume that you’re fairly knowledgeable about, if not an expert on, the subject. They’ll view you as a leader in your field and flock to you.
He also briefly mentioned email marketing/having an email list and how that’s the number one tool you can have as an online businessperson.
However, the concept he pressed the most (and the other two things I mentioned above are a part of this) was a community. You need a niche to market products to. You need to connect with gatekeepers. You need to have a group of people to talk to about ideas. Ultimately, people are what matter. You make money by providing value. You make money by serving others. Without connections, you won’t be able to do much at all.
Bohm-Bawerk stated that present goods, as a rule, are worth more than future goods of equal quality and quantity and that there are three reasons for this. The first reason is that, over time, the supply of goods is expected to grow and thus be worth less in the future. The second is that people are incapable of correctly judging what the future will hold. They are more likely to buy things based on the certain now rather than the uncertain future. The third is that goods in possession now have more time to be invested in long processes, thus yielding a greater output sooner.
Eugen von Bohm-Bawerk was another follower of Carl Menger. He spent some of his time as the Minister of Finance of Austria, and his major works were Capital and Interest, Positive Theory of Capital, Critical Excursions, and Karl Marx and the Close of His System. His main work was destroying all the previous theories of interest on capital and presenting his own.
Friedrich von Wieser was a follower of Carl Menger, and he viewed his work as expanding on Menger’s. Wieser’s major works were On the Origin and Principal Laws of Economic Value, Natural Value, and Social Economics. He actually favored an interventionist state and thought that economic value was “natural” and existed no matter the government at the time. He also was the first to use the phrase “marginal utility” and began development of the concept of opportunity cost.
Leon Walras was a French economist. He was one of the three men who championed the subjective theory of value. His major works were the two volumes of Elements of Pure Economics. Walras also focused on general equilibrium analysis, which looked at every market, as opposed to partial equilibrium analysis, which looks at a few individual markets.