It is nature that we want to make quick money and generate a good amount cash in the shortest period of time. In fact, I have been asked by many people about this question whenever I’m in a networking event or some seminars. The response I gave is YES! But its never easy for people who are new to the Internet Business Ecosystem.
I will be sharing with you two methods that you can earn some quick money fast and at the same time, establish a sound Internet business model. Do not get carried away thou.. Everything requires practice and experience. But you still need to make the first move.
Selling things you already have
The first method is to sell something that you have. Easy? You can start off with eBay by selling away some of the things you have but of little use/value to you. eBay and forums work wonders for selling away your stuff. I still use eBay these days to sell things that I want to get rid off.
Selling physical items is the fastest way to generate cash for new Internet Entrepreneurs. While putting up your item listing, you will also get a feel of the market demand. And before you know it, you may even identify an excellent niche to supply the hungry crowd out there! On top of these, you will also learn how to write effective headlines and have people take actions to bid on your items =) Frankly, writing persuasive copy is very important trait for Entrepreneurs.
I am not an expert in eBay, but you will definitely pick up valuable tips from Connie Ong’s blog here.
Let us move on to my expertise next –
Taking over profitable websites
The other way is to buy over a website that is currently earning money =) Although it’s not easy for new Internet Entrepreneurs to acquire website, this is indeed a tried and proven way to generate passive income quickly (provided you have some capital upfront). Some people call this method Site Flipping. But for me, I prefer to call it Website Investment because I tweak and improve the site and keep it for passive income other than selling off for one-time profit.
As website investment is a huge topic by itself, I will write a few blog posts about this the next few days and include some of the pointers for you if you are interested. I just want to highlight that it is much easier to start having passive income this way as compared to owning a property, writing a book or owning stocks.
The ROI (Return On Investment) is often near infinity when we talk about Website Investment. Imagine this, you pay $1,200 (about 12 months revenue in average) for a website that gives you $100 every month. You will break even on the 12th month (earlier if you managed to tweak it for huge improvements). After the break-even month, you will continue to receive the passive income without much work.
Do let me know if you have any questions particularly on website investment and I will help to clarify in my next post.
Can you please clarify more on the website investment?
Hi Jimmy, please refer to this post for more details on website investment – https://www.websproutconsulting.com/online-business-ideas-singapore