Let’s ask a question. A hypothetical one.
You’ve lost access to all your money. You also have none new income stream. All you have is about $150 in your PayPal account, a laptop, a place to work from and an Internet connection.
You also have your skills and your previous connections, friends, partners.
And your goal is simple.
Build a business in 24 hours that will earn you a steady income of at least $100 a day. I know this is not much, especially for Singapore, but remember that you’re starting with nothing and all your capital is just $150.
Can you do it?
Yes, and I’ll show you how.
I’ll show you three models. And yes, you can apply these whenever you want. You need not be in such a situation.
Arbitrage – Buying Low & Selling High Other People’s Skills
You’d think everyone price shops online for buying services.
You’d be wrong.
Most people don’t care about the cost as long as it is convenient. For every penny pincher you have ten people who will just pay whatever you ask.
And this opens an interesting opportunity for you.
You find work other people want to do and then you farm it to someone else. Basically, you find someone to pay you $5000 for a service and then you pay someone else $2500 (and make a big deal about how you’re overpaying) for the same service.
Your only work is to find the demand, find the supply and get the money. You may also have to check the work but it takes just a few minutes.
This is how most marketing agencies work.
When you hire someone, you’re not working with that person. You’re talking to the account manager. You’re talking to the person handling your job, not doing your job.
So you’re going to this guy, pay him $2000 for a website. And you think John from Nebraska, United States is doing the work.
Nope. You’d be so wrong.
John will then go to Sanjay from Delhi, pay him $500, offer him a $250 bonus if he does it on time and on specs and then pockets the difference. While Sanjay is working on his website, John watches Netflix.
It is wrong?
No.
Sanjay in this case would never get this opportunity and for him that $500 is a fortune. He would get $200 for the same work in his country. So it’s a win – win – win. You get your site, John gets his money, Sanjay gets a superb pay for his work.
And you can replicate this model with ease.
You can go on UpWork and find opportunities there. Or look in your network. And then you go to Fiverr or one of the Filipino or Indian outsourcing sites and find someone to do it.
You pay nothing in upfront. You release money to the supplier only when it’s done, and it’s done as you like it.
This is the soul and heart of commerce. You buy low and you sell high. I guess you already know your $300 Nike shoes are made by some worker in Cambodia being paid $2 per hour. And this is how it has always been. The same works with agencies. Find opportunities. Take the money. Find someone cheaper, preferably half the price to do it. Pocket the difference.
Instant profit day. Your total costs? Maybe $50 – $100 in membership fees on different sites and 20 – 30 minutes to manage all of this.
Affiliate Marketing – Leveraging Other People’s Products For Your Own Profit
Creating a product takes a lot of time and money.
And unless you know what you’re doing, it’s usually not the best starter move.
However, you can always sell what others have done and earn 50%, 75% and even 100% for your effort.
I’m talking about promoting digital products from ClickBank and JvZoo. The idea here is simple.
You find a product that you like.
You look at the commission structure. This is usually between 50% and 100%. Since product developers are interested in building their lists, they don’t care if they lose all their money on the upfront. I mean, it costs the same to deliver one digital product or five thousands. There’s no actual cost.
You then sign up for the service. I think all are free as an affiliate. Only the private affiliate networks ask you for money and you don’t need them now.
And then you leverage whatever audience you have.
If you have a big Facebook list, you can create a video presenting and selling that product. If you have a blog, then you can write an article there. If you have a mailing list, you email promo or a sequence.
You already have access to some audience. It’s impossible you don’t. You don’t need a mailing list of 50.000 people. Even a normal Facebook list has buyers. Even your personal list right now.
I mean, take it this way, aren’t people on your list who want to lose weight?
Or earn more money?
Or improve themselves?
I doubt it. Buyers are everywhere, not only in formal lists. You have them in your email list, on Facebook, on LinkedIn. And even if these are not targeted lists of people who have a problem, want what you’re selling, can afford it and are actively looking for a solution, you can still find buyers there.
You can find a product in 30 minutes.
You can write a nice post to promote it in another 30 minutes.
You could have sales coming in the same day. Some affiliate offers pay by PayPal which means you’ll get the money within 24 hours. Others take longer but it’s still quick.
Freelancing – Trading Your Time For Money
First, let me say I’m not a big fan of this.
I believe a business is when you have systems working for you when you earn money by creating something that brings you money.
Freelancing is not one of those things. You trade your skills for an income and it can work for some people but it’s not something to do long term.
If you had only 24 hours to get a side income, and you had no other options, freelancing could work nicely for you.
You get an UpWork or freelancer.com account. Or you go to Warrior Forum in the “Looking To Hire Section”. Or you write a post on social media promoting your service.
You’re very likely to get a job. If you’re a good writer or you know how to use Photoshop or you can offer tax advice or any other skill, you’ll find people who need it.
Then you’ll offer this service and you’ll get paid for it. It’s not glamorous but you can easily earn a few hundred dollars within one day if you do it. It is money on demand with the downside that you don’t earn after for your effort.
Most business models I teach you focus on doing the work once and then enjoying the benefits again and again.
With freelancing, you do the work once; you get paid once and then you start again. Sure, you can work with the same person but it’s a translation of time to money.
But again, in some circumstances, if you have some spare time or you want a quick buck, trading your time for money is a sure way to earn that little (or much) extra.
So Which One Of These Make The Most Sense To You?
Making money is not about hard work.
It’s about knowing what works and doing that.
If you take someone who has no skills and no know how, no matter how much he works, he won’t get a lot. But if you take a millionaire, strip him of everything he has and let him start over, he’ll make thousands or tens of thousands of dollars just like that.
Money and building wealth is not some secret force that only a few lucky one posses. It’s just a matter of knowing what to do and following instructions. It’s like having the key to a lock.
You put it in and it’s open. You’re in.
Best regards,
Imran
