Bookwise Is Not a Cult

I ran across an interesting blog post today entitled "BookWise: Book Club or Book Cult."

Despite the sensational title, the post is pretty fair in its listing of the pros and cons of Bookwise membership. With only minor errors (e.g., you do not have to buy Bookwise's chosen selection of the month in order to receive a free e-book and audiobook each month), the author lists the standard member benefits. More exotic benefits (e.g., world travel for top-ranked associates) are not addressed.

The author's impressions of Bookwise are largely accurate. But I disagree with the writer's conclusion:

"Bottom line, I don’t understand the appeal to an individual looking for a home business. There are so many various ways that buyers can find books. BookWise doesn’t have a cost advantage, nor does it offer specialty or hard-to-find books."

I think this is wrong for several reasons:

1. Bookwise actually does provide millions of items for sale, including hard-to-find books. [in fairness to the blog author, his comments might be based on Bookwise's pre-December 2007 features -- at that time the book selection was quite limited]

2. Bookwise has all the advantages of any multi-level system (i.e., residual income, product is supplied, business organization is automated, etc.).

3. Unlike most multi-level businesses, Bookwise does not require elaborate presentations, parties, or other showcases of the products. People are already familiar with the product (books), so there is no need to convince people of the product's usefulness. Nor do Bookwise Associates have to deliver products -- the books are shipped directly to customers, who place orders directly with the company.

4. Unlike other MLM (multi-level marketing) businesses, Bookwise provides extensive training to its members -- not just training about how to succeed in this business, but training about how to succeed in all aspects of financial life.

5. And finally, Bookwise is managed by two celebrity businessmen, Richard Paul Evans and Robert Allen, both of whom know how to mentor future business owners.

You do not have to have a cult-like loyalty to Bookwise to believe it makes sense as a home business. In fact, for avid readers like myself it combines the benefits of a book club with a business component that I can get excited about.

As always, you be the judge. Watch the on-line video at: http://www.winninginthemargins.com/ (you can use my passkey -- 109375).

Let Bookwise Do Your Taxes -- or at Least Tell You How To

I never would have guessed that my favorite Bookwise benefit would be the tax advice. As an Associate, I have access to "Taxwise" podcasts that are accessible via the Bookwise website.

I have listed to a number of them, hosted by Ronald R. Mueller (author of It's How Much You Keep That Counts! Not What You Make). Amazingly, they are quite entertaining.

Mueller's pitch is that joining Bookwise will save taxpayers thousands of dollars, regardless of how well their Bookwise business does. He argues that Bookwise Associates who join with the intent to run a profitable business can benefit from tax deductions for (among other things): the monthly Bookwise fee, a home office, miles driven on Bookwise business, travel costs, healthcare costs, and a host of other deductible expenses.

Prior to joining Bookwise, I had tried to research the very tax topics he discusses, but I was unable to find any good materials. Now, after listening to his lectures, I intend to read his book and follow its advice.

There are many hidden benefits to Bookwise membership. If you want to learn about a few more of them, watch the free video at: http://www.winninginthemargins.com/ (use my passkey, 109375).

Bookwise Day 27: Beating the System

I have been a Bookwise Associate for almost a month now, so it's time for a progress report.

Lowering My Costs

On Day 2, I realized I could beat the system by buying low-priced books through the company and reselling them on eBay, Amazon, or wherever. My monthly Associate fee is $35, but I ended up spending $45.50 the first month to get a more expensive book selection. I then sold that book on-line and netted $40.00 (after shipping, fees, etc.). My net monthly Bookwise cost, therefore, was $5.50.

This month, I have ordered four books, and I intend to resell all of them for a profit. Instead of going $5.50 negative this month, I expect to be about $40 on the plus side.

Creating Residual Income

The Bookwise system is designed to create streams of income for Associates who introduce new Associates to the company. The easiest way to do that (it seems to me) is to refer people to the winning in the margins video, which provides a good introduction and a link to the registration page.

I have posted a link to www.winninginthemargins.com on this website, and have provided my passkey for the site (109375). Several people have visited the site and watched the video using my passkey, but no one has registered with Bookwise to date.

Over time, I believe people will register in this way. I will also consider doing more to market my business.

Profiting From the Extras

I have listened to about 25 of the free 1-hour broadcasts included on the Bookwise website. They cover topics from tax planning, to writing, to running a successful network marketing business.

The tax lectures have been of particular interest. They consist of lectures by Ronald R. Mueller (author of It's How Much You Keep That Counts! Not What You Make), offering tax advice to small business owners.

Mueller promises that if you read his book and listen to his lectures you will save thousands of dollars in taxes. I do believe that I will save a couple thousand dollars this year because of his good advice (even though I have not read his book yet). We'll find out for sure next April.

Conclusions

I have no regrets about joining Bookwise. I do wish I had gone to the first annual convention, but it just was not possible with my work schedule.

Ultimately, if I cannot take advantage of the multi-level marketing aspect of the business I will be disappointed. The experience has already been educational, though, and I believe I will be able to make a real go of this.

Canadians can now be Bookwise

In my last post, I discussed the recent Bookwise announcements. But I forgot an important one:

Bookwise is now available in Canada! This is the first expansion outside of the United States, but Bookwise's founders have made it clear that many more countries will follow.

I have noticed that a significant number of the visitors to this blog are located in Canada. Welcome to Bookwise. If you have not watched the free introductory video yet, follow this link:

http://www.winninginthemargins.com/ (use my passkey, 109375).

Bookwise Will Compete with Amazon.com

In the early Bookwise podcasts, recorded last spring, Richard Paul Evans and Robert G. Allen repeatedly refer to Amazon.com as they discuss the future of Bookwise. It is clear now that they planned from the first to compete head-to-head with the largest bookseller in the world.

At last week's first-ever Bookwise convention, it was reportedly announced that Bookwise will offer more than 1.5 million items (in books, music, movies, and games) beginning in December 2007. To put this in perspective, the company currently only offers a couple hundred books at any given time.

Additionally, orders will be dispatched immediately, just as they are from other online booksellers. Bookwise will keep an inventory of about 385,000 items on-hand at any given time.

Associates (like myself) will be given new websites, through which we can sell these items. For any sale, 40% of the profit will go the Associate from whose website the sale was made.

This truly is a revolutionary new way to sell books. If you plan to join, now is the time: To join Bookwise, click here. To watch the free introductory Bookwise video on-line, visit http://www.winninginthemargins.com/ (and use my passkey, 109375).

Bookwise First Annual Convention

The First Annual Bookwise Convention is going on at this very moment. In fact, right now Smashmouth is probably performing for the Bookwise Associates.

I wish I could be there, but it just would not work out for me this year. Maybe next time.

Instead I am at home listening to a PresidentWise broadcast on the Bookwise website. Past teleconference training sessions are archived on the Bookwise site as podcasts. I have listened to a number of them, and they are pretty interesting.

Hopefully Bookwise will post audio excerpts of the annual meeting. Over the past week, rumors circulated of "big announcements" that would be made at the meeting. I will be excited to see what comes out of it.

For now, remember to watch the Bookwise video on-line at http://www.winninginthemargins.com/ (using my passkey, 109375). And to join Bookwise, click here.

Correction - Bookwise Started October 2006

On Day 11 I just have a quick correction:

I have stated in a couple different blog entries that Bookwise began in March 2007. Actually, the company started in October 2006 and just celebrated its 1-year mark.

Many of the current weekly broadcasts and other features of Bookwise started in March 2007 or later -- that was the source of my misstatement. Bookwise is a quickly evolving company, and has already progressed far beyond its humble beginnings.

Remember to watch the introductory video on-line at http://www.winninginthemargins.com/ (using my passkey, 109375). And to join Bookwise, click here.