$10 Million Dollar Business From Home – Possible or Not?

I’ll probably get some flak for even thinking out aloud on this bold subject line (more on that in a while). Maybe some jealous folks out there are secretly wishing ill for me. In fact, a local celebrity blogger came by this blog a couple of months ago and called me a ‘wanna-be’.

But then, I’m not in business to please everyone.

As I am writing this, I am in the middle of registering for a US company and working towards centralizing my affiliate program and network of sites under the AMLOH banner. (FYI AMLOH is the initials for “Aik Mun LOH”, my Chinese name in reverse)

I need to get a fax machine too, on top of several other requirements to prepare myself for the next phase of expansion in business. Trying to grow my business on a local sole proprietorship is like trying to grow a tree in a small tupperware. I am going to maintain the Work from Home order and lifestyle in spite of peer pressure (which I’ll talk about that some other time).

So building a $10 Million Business From Home… Is It Even Remotely Possible? That’s about RM36.2 Million to Malaysians.

I want to find out and I’m making a run for it. πŸ™‚

I’ve heard of 3 such people so far earning an 8 figure annual income working from their home office. 2 of them being Internet Entrepreneurs, and the other one a multi-talented entrepreneur.

I also realize that my vision paper that I’ve stuck to my wall needs a minor change – I should be adding another zero there, really.

Wait… let me add it now.

Okay, I’m done. πŸ™‚

Now…

A former mentor of mine once told me that if I wanted to dream BIG, it must not be only something I really want, it must also be a little bit intimidating. When I was 16, the idea of making a million Ringgit took a long stretch of imagination. A couple of months ago, I wanted to take the stake to a million in US Dollars. But to be honest, I don’t feel the intimidation. With some hard work and a clever strategy, I know I would get there. And maybe because of the weakening Dollar, the goal seemed too achievable all of a sudden.

So I re-issued myself a more daring, more challenging, more intimidating goal….

The 10 Million Dollar Mark!

Now on another level of brutal honesty (besides feeling very intimidated right now), I haven’t planned out my strategies to achieve this goal yet.

I know a few things for sure:

– Being a ‘PLR Extraordinaire’ isn’t going to be enough, NOT AT ALL.

– Making $10 Million needs a totally different strategy from one on making a $1 Million.

– I need to be a better business person.

– I need a new and more expanded network of business people.

– I need to explore other avenues of business besides Internet Marketing alone.

And I will find out:

– If I will ever make it…?

– If yes, how long will it take? 5 years? 10? 15? 20? … Or forever?

Whether I would give up my Work from Home lifestyle in this pursuit would be worthy of even my own speculation. I could see the need for engaging full-time staff, nonetheless. Many believe that it’s not possible to grow a $10 Million Dollar Business from home, though I’ve already seen at least 3 people proved otherwise.

I’d really like to see if I can be the 4th person in my own books or not. Or is working from home to build a $10 Million Dollar business like growing a tree on a tupperware too?

What do you think?

Posted under: Thoughts

9 comments

  • JT on December 2, 2008 at 3:29 AM said:

    Hey Edmund,

    Having YET reach that level, I’ve nothing valuable to share but this quote by Alex Mandossian who said “to go from $100,000 to $1,000,000 you need to know the hows but to go from $1,000,000 to $10,000,000 you need to know the whos”

    Hope you find some meaning in it.

    Good luck in reaching that $10 million mark! πŸ˜‰

  • James B. Allen on December 2, 2008 at 8:31 AM said:

    Edmund,

    Having met you in person and seen what you’ve accomplished already, I have absolutely no doubt you’ll be able to achieve this goal.

    It will probably happen even faster than you expect it.

    As to whether whether or not a home business with that type of income would be like growing a tree in a tupperware bowl – well, as you get closer to your goal, you can always build a bigger house. πŸ™‚

  • Edmund Loh on December 4, 2008 at 7:02 PM said:

    Hey Johnson, that’s great, I didn’t give that much thought earlier. πŸ™‚ Yeah will need all the luck I can get too. LOL thanks!

    James, yeah we’ll see if I can still maintain the WAH lifestyle by then and in the pursuit. Or if a brick-n-mortar had to bridge the dream. πŸ™‚

  • AmmarZahar on December 4, 2008 at 7:45 PM said:

    Hi, Edmund..

    Im so proud of you as a successful young Internet Marketer from M’sia (as I am). I’ve read your ‘Secret of Millionaire Student’ and what can i say is there are tons of good information. Now, I’m following your blog and make you as a model.

    I followed your twitter and i will be very proud if you following me back.

    Hope to see you and please inform me if you organize a seminar or gathering around KL..

    Regards,
    AmmarZahar

  • Your friend from Sabah on December 6, 2008 at 7:32 AM said:

    Hey dude. Good to see your blog working again. Sorry again about that last time… Am camping in Sabah now for two weeks. Good to see you being so consistently progressive; best of luck and if you need an emergency tech monkey try me! Jajaja.

  • Najat Engineer on December 7, 2008 at 8:55 PM said:

    when I first started I said

    if I can make $1 then I can make $100

    after I made $100 I said I can make $1000

    and then $10,000 and $100,000

    I didn’t make a million yet but I believe I can

    it’s all on your mind, if you think you can and believed in it

    You Will Make Your $10,000,000

    Wish you all the best..
    Najat

  • Jagdeep Singh Senghera on December 16, 2008 at 10:00 AM said:

    Edmund, I think this is an awesome intention. There is no reason why you should get any flak about it.

    I’ll suggest get your hands on Dan Kennedy’s stuff. He is the man when it comes to building a high income online business and in my opinion the best marketing guru out there.

  • Edmund Loh on December 17, 2008 at 7:25 AM said:

    Sorry for the late comment reply folks. Been going about a bit lately…

    Ammar,
    Sure thing! Hope you found the Secrets of Millionaire Students helpful in the long run and that you would refer back to it now and then. That’s what I do to some books for years. πŸ™‚ And I hope SOMS deserves that mainstay in your book shelf.

    “My Friend From Sabah”,
    What’s with the cryptic alias? πŸ˜‰ (but yeah I know who you are!) Sorry to trouble you out of the blue that time; I’m a noob at tech stuff. How I got the blog sorted out again was a miracle. LOL and yeah, if I need a monkey wrench I know where to get one!

  • Edmund Loh on December 17, 2008 at 7:27 AM said:

    Con’t…

    Najat,
    Thanks for the best wishes. πŸ™‚ Hope you come back to this site often too.

    Jag,
    Some people have a lot of time at their hands to sling mud and shoot more flak than all the wars in the world combined. LOL out of jealousy I suppose.

    Thanks for the recommendation, will check out though I know Dan K publishes a gazillion book titles. πŸ™‚