How To Start An Internet Business From Anywhere. Even Malaysia!

Posts Tagged ‘online business’

Making Millions Online – All Just Hype?

Wednesday, April 22nd, 2009

Creating any old website online doesn’t mean you’ll become an Internet millionaire. Not everyone who tries can do it.

Although there are plenty of success stories out there, you still have to use your common sense. Those millionaires chose a need in a market segment and created something to fill it.

Their business made sense. (Except that guy who made the million pixel page)

Are there Internet millionaires out there?

Of course ther are, just think Google, E-bay, Amazon, Digg.com, Engadget and a host of other websites. That’s your proof.

With so many websites out there, is it possible to become one too?

Well of course it is, but it’s not going to be easy. You need to fill a need that your target market segment are asking for.

The Internet is a great way to sell products and services, and alot of people have made a great deal of money online this way.

Some comapnies operate completely off the Internet. Think some of those design companies that exclusively do Elance jobs. There are some very rich companies on that website!

Before e-bay there were no auction sites, before Amazon no online book selling sites. But look how successful those sites are now.

Internet millionaires start with an idea and make it into reality. They make their product/service stand out from the rest. They believe in their idea so much they risk their own money and other people’s money to bring their idea to life.

They then make their business so big that the competition doesn’t worry them at all.

Can you take that risk?

If you want to be one too, you’ll need to find a market that is largely untapped. You’ll then have to take some financial risks to get your idea out onto the Web.

If it works, you might become rich, if not, you might lose all your money.

I ask you again, can you take that risk?

Well I’m gonna try, who’s with me?

-William

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Posted in Internet Business | 2 Comments »

10 Tips on Internet Marketing For Online Businesses

Friday, February 20th, 2009

Online marketing, or Internet marketing can be quite a complex thing to some, quite simple to others. There are many methods of doing it out there, but what do you think are the essentials things that you need to do? Let yourself be the judge:

  1. If you already have an existing customer base, to sell more back end products to them. You’ve already built the trust, so why no build on that as you’ve got the credibility.
  2. Upsell to new customers. Make it a habit to offer something a little bit better for a higher price. If they decide to buy the original product, then offer them something else.
  3. Use other businesses out there to cross promote products that aren’t your direct competition. This will enable you to reach a larger audience at a lower cost.
  4. JV (Joint Venture) with other Internet marketers/ businesses. Same as above, you’ll be able to create a much better profit margin as your costs are less.
  5. Offer an affiliate program for you product or service. You may not need to advertise again if you offer an attractive enough product, as your affiliates to the brunt of this cost.
  6. Barter/ trade with other businesses if you don’t have the revenue to buy advertising. Trade banner adverts, e-zine ads, links etc.
  7. Out source. This can save on employee costs (for most countries), equipments costs, tax, expansion and other miscellaneous costs that come with having a workforce.
  8. Give things away free with your offer that have a high perceived value. This can be in the form of books, members only area, e-reports and more.
  9. Viral marketing can get your business all over the Internet in a very very fast way. Give free things away in your advert and encourage people to give it away as well.
  10. Use an auto responder to follow up with all your prospects. It can be a newsletter, an ezine, an update or even just a reminder list. Don’t let them get away!

Hopefully some of these tips help you in your affiliate marketing tasks. There’s alot of power in Internet marketing for online businesses and I believe everyone should give it a try.

Later,

-William Lee

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Posted in Internet-Marketing | 5 Comments »

Tax For Internet Businesses Continued

Tuesday, September 2nd, 2008

This is the follow up from my previous post regarding if bloggers need to pay taxes.

Below is the email that I sent to the Inland Revenue Board (IRB) of Malaysia regarding tax for internet businesses, such as blogs and websites which generate money from foreign companies, such as Google Adsense or its equivalent.


Hi,>>I am about to start an Internet business using blogs. I am trying to>make money from Google's advertising services, Adsense. But if they pay>me, it'll be in US dollars and the cheque will be sent to me in the>mail. Will I need to declare this as earned income? Or are there other>rules and regulations for Internet businesses?>>Thanks,>>-William


Here is their reply.



Dear William,

Your e-mail dated 28/08/2008 refers.

There are no specific income tax rules for internet businesses. The income that you earn has to be converted to Ringgit Malaysia and declared in the Return Form for that year.The conversion rate is available in the Guide Book which can be accessed on our website www.hasil.gov.my by clicking forms > B/BE 2007 Guide Book.

Thank You.

S.PirahaspathyCustomer Service CentreInland Revenue Board of Malaysia.

So it seems that there is still quite a ‘Grey area’ for Internet businesses, as they mentioned that there are still no ’specific rules’ for internet businesses as of yet. The forms can be downloaded as shown below.

My advice however, is to declare everything you earn, as you never know when you might get audited. If you run your blog as a business, perhaps you could find a way to get tax benefits from tax deductible business expenses? I’m still not sure about what these could be, but I’m going to read up and find out for myself.

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Posted in Tax | 6 Comments »