Dot Com Mogul Checklist...

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I don't think I could ever truly accept being called a Dot Com Mogul. It's way too pretentious and egotistical for me. If anything, I'm more of a Clark Kent to a Lex Luthor. However, a while ago, John Chow came up with a check list of things that would need to be done to attain that honorary status. Let's see how I measured up for January.

  • 1. Your income must come about as a result of the money you make from the Internet - CHECK!
  • 2. The minimum internet income level is $10,000 a month (you cannot add income from other sources to hit this $10K level) - CHECK!
  • 3.You have no jobs outside of the internet - Totally Unemployed! CHECK!
  • 4. You have a personal blog with your name as the domain name - Well...uhh... Yeah! CHECK!
  • 5. Your blog must be updated at least once per week - Twice on Sundays. CHECK!
  • 6. A Google search of your name must be at the #1 spot - CHECK!
  • 7. You must be willing to help dot com mogul wannabes - My comments and MSN are always open. CHECK!

Well, looks like I made it. For January, I have Dot Com Mogul status. Now I just need to work on the other 11 months of the year. I don't think I'll quite make it for February, but oh well. I'll just keep plugging away. Being able to make those requirements in the first place means that they are achievable, and once something is achievable, you raise the bar. That's why I want to add a couple more things to the list.

  • 8. Give time, money, or anything of value to a charitable cause each month.
  • 9. Personally help at least one person establish their online presence via a blog or website or help them enhance one they already have every month.

I always thought that the list was lacking some social responsibility aspect. We all have a duty to give back to society and that is reflected in number 8. I also felt that giving people an opportunity to express themselves on the web, like I'm able to everyday, was something that a true Dot Com Mogul should be encouraging as well. That brought about number 9. Here's what I did about it for January...

In January during CES, I took part in the TigerDirect Charity PC Race where I was able to build a PC to giveaway to a school of my choice. Although my time of 7:47 was only good enough for 4th place, I did beat John Chow and Bob Buskirk. In the end, we did something good, despite our little competition.

Initially, the PC's were to be donated to a school, and a US one at that due to the Tax issue with TigerDirect being a US based company. However, after a bit of leg work, and a couple of phone calls, I managed to get them to ship it to one of my favourite charities, the BC Children's Hospital Foundation. I should probably get them some games to play on it this month. That's on my to do list. That takes care of number 8.

For number 9 in January, I helped friend and over featured extra, Leo Chiang launch his web presence. His blog was lovingly crafted by me and it appears that he's having quite a bit of fun with it. My help a webless person project for February this month is already in the works.

The journey continues! πŸ™‚

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  • How many sites do you own? 10k a month is impressive.

    • All the sites that are currently in operation are in my blogroll under "The Network".

  • I foresee one major obstacle in your becoming a Dot Com Mogul viz., your blog is a Dot Net.

    I doesn't matter because you are the #1 Dot Net Mogul (on Google as well for the search terms).

  • Leo

    hey Stephen!

    Second day on MyBlogLog and I'm seeing a nice steady increase in traffic, thanks for the reference. Let me know of anything more like this to sign up on.

  • Leo

    Thanks Stephen for all your help and support. Hopefully in due time my site will be successful enough for me to be unemployed.

    • No problem! Dot Com Moguls help Dot Com Wannabes πŸ˜‰

  • lets see how i stack up...

    1. Your income must come about as a result of the money you make from the Internet - CHECK!
    2. The minimum internet income level is $10,000 a month (you cannot add income from other sources to hit this $10K level) - not even close...
    3.You have no jobs outside of the internet - Nope
    4. You have a personal blog with your name as the domain name - not yet...
    5. Your blog must be updated at least once per week - CHECK!
    6. A Google search of your name must be at the #1 spot - CHECK!
    7. You must be willing to help dot com mogul wannabes - Sure, even though im not one myself....

    I guess thats not too bad considering im still new to this whole thing..

  • you have inspired me to learn how to make an income from my blog. I am currently in an ongoing battle with WCB and an income at this time would be kind of cool. Can't keep spending the savings while I wait for WCB.

    • Ouch. I hope that works out. The delay probably is because they are totally disorganized and inefficient in a lot of areas of their operation, despite the fact that they've actually gotten a lot better in recent years.

      I think I've been more inspired by the comments. I've got a lot of blog entries in my head that I want to put down as a result of the great feedback from everyone.

      • i have a really good idea for my next review for my site, i just need the time to write it out. Im sure everyone will enjoy it, or at least anyone who spends a lot of time here and on johns blog.

  • Congratz on your dot com mogul status Stephen πŸ™‚

    Currently I only score a 3/7. Biggest problem is the income requirement and the fact that I still don't have a personal blog. I'm considering to start a blog but I'm not sure whether I'll be able to write enough interesting posts πŸ˜›

    • If you start a personal blog, don't forget to always do it for yourself first. Otherwise, you'll never update it and it will die. Once you get it going, stick to updating it weekly, then every couple days, then daily if you can swing it. Make it a habit.

      • and im sure that once you have more financial freedom, and leave the current full time job you get to post more often right? Im not sure how many hours you put into your sites stephen, but i fyou follow a schedule like john posted a few months back, im sure you have enough time to post every day right?

        • That gave me an idea for a blog post. I'll answer that soon πŸ˜‰

          • do we get to find the daily life of stephen fung? i hope it involves ripping up the local bike trails catching some super gnar air!!

          • You will today. Stay tuned πŸ˜‰

          • i would post my daily routine, but it is full of working for the man and going to school so i can get a better job for the man, and in my free time trying to be the man...

          • Hmm Perhaps this may have something to do with the "What's in your fridge chain" that has been cycling around. I know you got tagged for it!!!

          • The difference between John Chow and Stephen Fung is that the killing baby pandas is not a part of the daily routine for Stephen πŸ˜‰

          • I help wee baby pandas and John kills them. There must be a balance πŸ˜†

          • ...and yeah I got tagged for that thing. I got tagged twice. If I have nothing better to do, I'll take pictures inside my fridge.

        • I think most of us should have better things to do than look at whats in your fridge but maybe I'm the only one disinterested in that chain

          • whats in my fridge? bottled water...i live on campus and havnt stocked it in a while, besides its a mini fridge so there isnt too much that can go in there, not even a pizza box, you think they would at least make the dimensions for a college fridge to fit a pizza box...

      • My 15 year old son is following your advice, he just bought his domain name. He has his sights set on becoming the dot com mogul before he graduates from high school.

        It's a proud moment when your son is actually motivated to do interesting and exciting things with his life at his age.

        • That's very cool. There are a lot of young bloggers coming up through the ranks πŸ™‚

          • i know i wish i had started about 3 years earlier. but when i was starting web design i always thought that blogging was a cop out because it wasnt very original, it was just a template.

          • You guys are all lucky to have the technology at your fingertips like you do now days, when I was a teen, some of us more motivated teens took our hobby and turned it into a business. The police seemed to have a bit of a problem with our choice of locally grown retail product though, ROFLMFAO.

          • I get it! πŸ˜† πŸ˜‰

  • As a freelance writer, right now 100% of my income is writing for websites (including my own blog, of course), so if you consider that making money on the interweb, I satisfy eight out of your nine requirements. I'll let you venture a guess as to which one I don't satisfy (yet).

    Good post Stephen. And it was good to actually see you in person today.

    • Yeah! I think that Pho place will be taken over by bloggers and interweb people one of these days.

      Sounds like your income is derived from the Interweb to me πŸ˜‰ Just don't count the stuff you do for "Print Media" and you'll be good to go πŸ˜€

      • A dabble in a couple of offline things from time to time, but they're pretty few and far between. I'd say I'm on my way to "someday" be in the same league as you and John and so on. πŸ™‚

        On a side-note, I can't imagine going back to a regular 9-to-5. Working out of my home on a schedule that works best for me (and being at home with my bunny)... I don't think I'd be inclined to trade that in, even if the "regular job" could pay me more (like you, though, I'm making more as a dot com mogul-to-be than I was prior).

      • Oh, one thing that I forgot to mention/ask was: do you think it better that I focus on getting backlinks for michaelkwan.com (my freelance writing business) or for btr.michaelkwan.com (my blog)? The former does contain links to the latter. The response that I received from John's commentators some time back was to go with the main site and if people were interested in the blog, they'd click accordingly.

        • Michael I think you should promote the main site but perhaps in the future consider making the main domain your blog and coming up with a freelance writing business name to spin into its own domain. Then promote both so they are more targeted as far as audience goes.

        • I think Kris was going in the direction that I would suggest. I feel that your name, or your blog, is always a reflection of yourself in a personal capacity, therefore it should always be an arms length away from the business side of things.

          If I was in your situation, I would promote the services as a seperate professional business, perhaps like Kris said, start a new site and use your domain name as your personal blog. You can advertise your business through your blog, and you can make mention of your blog from your business, but I wouldn't mix the two.

          It's like with Futurelooks. I don't link my blog on that site. That's my business. My personal blog is for me and sometimes my views and my somewhat goofy or personal posts may not portray the image that I want Futurelooks to portray. Hope that helps πŸ™‚

          • Thanks for the advice. Something for me to consider as I slowly grow my business (and my blog). Right now my name is my brand and the blog is totally secondary.

    • I just noticed that the last point says to help a person *every month*: does that mean a new person every month, or help a person (possibly the same person0 every month?

      • I will try to help one new person every month, though there might be some repeat offenders πŸ˜‰

        • that could be another idea for a contest, 1 on 1 training with a mogul himself. I would probably do some fear factor stuff for that one.

        • I think most "moguls" are helpful to newcombers because they were in that situation once and quite possibly not that long ago. No matter how big I become or how much I make I always want to make it a point to help others however I can, like they say, don't forget your roots.

          • I agree completely, if i ever reach the point where i can give up a regular job and rely on the internet to pay the bills i will help out everyone I can to the best of my ability.

          • And it's not even about competition. We all benefit from having high quality and successful blogs out there, as it raises the potential revenues for all of us.

          • exactly, if you put a link to another successful blogger people are likely to go to both of you in the future and use both of your resources to hopefully accomplish the same thing, in which case they will link to the 2 blogs that helped them, thus creating a giant sphere of linkage.

          • I think that is a great attitude, I tell all the members within my Thinkreferrals Business Network that you need to reach out and help others all the time if you want to be successful. It is a fact that what goes around, comes around.

            I have seen that happen time and time again. The most successful people in any business are also the most helpful people.

            I will use Gary from BlueFur as the prime example, he is one of the most helpful people I have ever met in Business and he does it without expecting anything in return, that is why he gets it back all the time.

  • I need this inspiration. Thank you for sharing. I absolutely LOVE writing my blog, and would do it for free -- actually, I am doing it for free, right now. So, it's nice to see there might be some light at the end of the tunnel. Don't they always say, do what you love and the money will follow?

    • Thanks for stopping by SusieJ! I think that based on the things that you blog about, there is no lack of love. Hopefully as your traffic increases, you'll be open to exposing your blog to different ways to monetizing your content (text-link-ads, Ad Volcano, PayPerPost, ReviewMe etc). Not everything works the same way on every blog so don't be afraid to toss a program if its not performing, especially after giving it ample time.

  • Congrats on your status as a Dot Com Mogul there man. You've definitely helped me a lot with a few things. In the next few days I'm going to finally get my domain name and some hosting, then I get to learn web design all over again (it's been a few years). Expect some more MSN messages to head your way, lol

  • Congrats on making those goals. Thats absolutely awesome, hope I can hit them someday. I think the addition of helping others and becoming socially responsible are great. I'm glad to hear you donated the PC to a good cause. I am sure they will get good use out of it. Whenever I am in the process of getting a new computer I always donate mine to a charity of someone who is unable to afford one. Nothing is more rewarding than helping others in my eyes. Well that and being rewarded for hard work.

    • The one thing that all successful people say that makes them happy is when they can give away their money near the end of their lives to charities and good causes. I say, why start so late? By making it a habit and sticking with it, I'll be happy all the time πŸ˜€

      • You hit the nail on the head. I have been donating since I was probably 12. Not always physical things but often I donate time for a cause. I am an eagle scout here in the Boy Scouts of America and I think they biggest value they can instill is the ability to give. I'd like to see you keep us updated on your giving ventures as well as your business ones.

        • Probably one of the most precious things to give is time. You've done well πŸ˜‰

          I will for sure keep everyone up to date on the little, medium, and big things I do every month. Have to make it a habit πŸ™‚

        • Giving of your time is equally if not more important than giving money. Within my organization, we sponsor charities and charity events on a constant basis.

          We also just found a way to donate 6 used laptops to the Langley Lions because they needed them to give to a seniors home to run some software that was designed to help people who had strokes learn how to speak again.

          Doing things for people who need help is by far the most rewarding thing about being in business.

          • give a man a fish, feed him for a day, teach a man to fish and feed him for life....

      • I agree. There are far too few philanthropists out there, but we can all help change that, now can't we?

        • I agree. There are far too few philanthropists out there, but we can all help change that, now can’t we?

          You bet we can πŸ˜‰

  • I have been reading your blog for a few months now (one I check on each morning). Its interesting to read how you handed notice in at your regular day job to work full time online (or retire as you put it ;)). What were income levels like when you took that plunge? and have you seen a steady increase each month since you retired?

    One of my sites is slowly picking up and went from $4/Month to around $600/Month over about 8 months. It just dropped to next to nothing over the last 2 weeks, but after reading and studying a bit I see exactly the problems and started to work on them the last few days. It seems like Google is picking the site back up again and the plan is now to build and build as it is what I enjoy most.

    Thanks for the inspiration Stephen!

    • When I started concentrating on the sites, my income doubled. I was able to make DOT COM MOGUL level income for the first time last year. I only missed the benchmarks because my name was not #1 on Google. Since then, I've had triple digit increases to when I was just doing the business part time and now my Blog is #1 on Google thanks to loyal readers like you πŸ˜‰

      I'm currently making more than I did when I was employed and it's been that way since I quit. Man! My retirement anniversary is coming up soon! I'll definitely have to do a recap!

      Before I quit, I saved enough money from my job that if I had to dig into reserves, it would be no problem. I wouldn't recommend that anyone quit their day job unless they have a plan B and a C. For me, plan B was some savings that I put aside that had nothing to do with my retirement funds that would last me at least 3 months. If you have to touch your retirement funds, you need to go back to work. Don't ever touch your retirement funds!

      Plan C was to dig into my HELOC (Home Equity Line of Credit) a little. Plan D, well, that was to go back into the workforce. Since I left on very good terms with my employer and my department was doing awesome when I left, I know that if I asked, I'd always have my old position back. Fortunately, my GF knows that it's my dream to do this, so if I still needed more time to get stable, she'd support me. My parents have even been talking about me to their friends. For the first time, I feel that they are extremely proud of me.

      Having a great support system in place is also very important when making these life altering decisions. They allow you to focus on the task at hand.

      Keep things rolling Matthew!

      • Backup plans are always good and even more when it comes to supporting your family. It's great to hear that your income now pays more then both did together.

        • Backup plans are an absolute must. Putting all your eggs in one basket is really risky business.

        • I agree Michael. One thing people often overlook is the fact that their site may tank one month and you are left high and dry. Diversifying online not only with websites but also with advertisements is absolutely crucial for building a large, yet stable income. I think of it like diversifying on the stock market.

      • That is a great way to plan a future. Sometimes when the future is planned for you, you have to go to plan E and F and G and fly by the seat of your pants for a while. It is far less safe but I must admit that it has it's benefits, I was forced to learn things that I would never have even looked at. There is a reason for everything and for me it just directed me to this new aspect of my life.

  • Congratulations Stephen, im glad you hit mogul status for january, good luck with the rest of the year...maybe I can be helped by you somtime, although I wouldnt really be considered helpless...

    • Well, judging by your blog, you're already taking things and running with them. You're already ahead of the game by showing initiative. I guess my best advice would be to not quit, and do it cuz you love it πŸ˜‰

      • thanks for the compliment stephen. I guess the next step is to just keep watching and reading your blog as well as John's blog to see where I can improve and develop more traffic.

        I have a really nice idea for a site but I just dont know how the scripting would work. Hopefully in the next few years I can learn it because im a computer science major right now.

        Thanks again and good luck with february.