How to Earn $20,000

[soggyindo]

I'm enjoying the "What would you do with $500,000" thread that's happening here.

I thought we could try the other way around. Instead of ideas on spending money - how would you all earn a given amount of money?

Say $20,000 a year.

From domaining/ developing/ parking/ hiring out services to domainers and developers. It has to be domain related, in some way.

You're starting today - and without much resources - for instance money left over from a modest pay packet.

Let's assume a basic level of web knowledge too - ie. you know about backordering, basic website building, and you're not a newbie evaluating names.

What would your strategy for most easily earning that $20,000 figure?

:gl:

 

[soggyindo]

Even with the economy the way it is, making $20,000 in just 30 to 60 days with a minimal investment is extremely easy to do if you have some common sense.

I'm doing it over and over and over again, and in a shorter period of time, even in this economy.

If it's possible legally - how would you do it, pray tell?

 

[-REECE-]

Legally is the problem imho.

Definitely no easy way to make 10-20k per month starting with nothing legally without it taking some serious time. If you're the Iranian hacker, well then I guess it's another story.

If it's possible legally - how would you do it?

 

[soggyindo]

Legally is the problem imho.

Definitely no easy way to make 10-20k per month starting with nothing legally without it taking some serious time. If you're the Iranian hacker, well then I guess it's another story.

illegally, also some must be making a packet on the fluctuating stock market ATM.

domains i can't see it, unless you're talking the top of the market and massive capital

 

[-REECE-]

Pump + dump with penny stocks certainly is potentially very lucrative... Sad our world rewards those who break the rules more than those who follow them.

Success in this world seems to mean: do illegal things but don't get caught or do it before rules are put in place outlawing it. It's sad, however I'd imagine there's at least 10 times as many people making a good living online through illegal activities as legal ones.

illegally, also some must be making a packet on the fluctuating stock market ATM. domains i can't see it, unless you're talking the top of the market and massive capital

 

[domaino]

I would stop sitting on my chair, posting on an Internet forum and actually get out there and get what I want. Now far be it from me to adopt expert status when it comes to the Domain Industry, but from the way I see things, in any line of work, to be earning that kind of money, you've got to put in the hours. You've got to live and breathe domains.

You can't think your way into success - you can only achive success by getting out there and making a start. Anyone who focuses ENTIRELY on a monetary goal is very unlikely to achieve said monetary goal - before the money must come the passion and drive. Once you learn the in's and out's of your industry then you can focus on being successful (be it financially or otherwise).

It's about more than just you and your computer - get out there and promote your assets. Walk the streets, set yourself up and dedicate yourself to the cause - attend conferences, take risks, network. Motivate yourself to achieve something and stop at nothing to achieve it. Everyone has dreams, everyone has ideas, few have the will and drive to follow them through.

 

[soggyindo]

Acquisition: Don't worry about revealing trade secrets in this thread if you don't want to. We're more interested in sounding out what different people's approach/ intelligence would be around an arbitrary goal - $20,000 p.a. - and made as easily as possible. Sort of a NP survey ATM.

Would you recommend traffic names? Flipping domains? Flipping Sites? Mass Development? Targeted Development? Services? Etc...

Domaino: Good point. Until intention is turned into action it won't amount to much. Although working smart is 90% of the trick too.

Almost anyone can earn $20,000 working a job (online or not), whilst setting up assets and passive income earning the same money is pretty smart IMO.

 

[soggyindo]

Subscription based website using PayPal payments. Think of a monthy service and charge between $4.95 and $15.95. That's the sweet spot from my experience.

what sort of subscription sites work? i'm guessing you need something more than just a blog on interesting odds and tips.

do you mean something like a drop service, tutorials, or something else?

 

[MicroGuy]

what sort of subscription sites work? i'm guessing you need something more than just a blog on interesting odds and tips.

do you mean something like a drop service, tutorials, or something else?

It can be any service that provides a value to the customer month over month. In this price range, subscribers are often unlikely to cancel and just let the recurring charges continue.

For example, I have a $9.95 per month Vonage softphone that I've never used, yet I keep paying the monthly charges rather than take the time to call and cancel. To call would cost me around $50 (opportunity costs) so I have not bothered.

Think of any service of value to 5000 people (with credit card) out of the Earth's population, then get them enrolled and retire. It's not easy, but if your site is compelling it will work.

 

[ecigs.net]

You're starting today - and without much resources - for instance money left over from a modest pay packet.

Let's assume a basic level of web knowledge too - ie. you know about backordering, basic website building, and you're not a newbie evaluating names.

If I had to start again, I would do things exactly the same.

I would totally dedicate myself to one site.

You should buy the best site you can, in a field that you love (and would enjoy working on for a few years) and dedicate yourself totally to it.

Anything will do: marbles, books, bikes, toys, yarn, seeds, whatever you love. Then put all your time and energy into making your site the leader in your field. If you sell marbles, make the ultimate marble site. Get absolutely obsessive. Everything you do should be aimed at making that site sticky. If a marble lover finds your site, the site should be so sticky that the visitor will bookmark it and come back. If your site is good, the visitors will tell others and your site will be successful.

You can take your earnings and buy more domaina related to your main site. Those sites can then be used to get more visitors for your main site, which then earns more money. Then you can afford more domains related to your main site and the cycle continues...

 

[snoop]

For example, I have a $9.95 per month Vonage softphone that I've never used, yet I keep paying the monthly charges rather than take the time to call and cancel. To call would cost me around $50 (opportunity costs) so I have not bothered.

Sounds crazy to me, how is making a phone call going to cost you $50? and even if it did you'd be getting a 140% annual retrun on your $50.

 

[jdenwar]

Sounds crazy to me, how is making a phone call going to cost you $50? and even if it did you'd be getting a 140% annual retrun on your $50.

Which phone service are you using which cost you $50/call????

 

[MicroGuy]

If the call takes me 20 minutes it would cost me $41.66 worth of time. Like this post is costing me $$$. I probably should go ahead and cancel. :talk: $$$ :talk:

Edit: Just tried cancelling and customer support closed at 9:00. :cy:

 

[mindless]

You should buy the best site you can, in a field that you love (and would enjoy working on for a few years) and dedicate yourself totally to it.

As much as i agree with finding something you enjoy I am not sure it would make much business sense to take 3 years of hard effort to finally hit that 20K mark. I think that is more hobby than business. If we are talking $XX,XXX yearly revenue here then it best not take me 3 years of effort on one site or the ROIT is not looking good.

 

[soggyindo]

As much as i agree with finding something you enjoy I am not sure it would make much business sense to take 3 years of hard effort to finally hit that 20K mark. I think that is more hobby than business. If we are talking $XX,XXX yearly revenue here then it best not take me 3 years of effort on one site or the ROIT is not looking good.

i think i'll sign up for your side of the argument. passion is important - but if you're passionate about marbles, drumming, and Caribbean holidays, i'd first start a site on the latter. You're more likely to get good PPC, affiliate and ad revenue than on marbles, and perhaps at the same amount of effort.

there might be a niche that has been overlooked - - and there is a living to be made in just about anything - - but for the $20,000 challenge go for the ROI and after kick back with your hobbies later.

:bingo:

microguy: i don't think i'm any wiser about the subscription thing. unless you mean start up a phone company with a really long waiting time for cancellations.

what are some on-line examples - - that our not clueless but not highly skilled hypothetical dude could try - - even if they are not ones you yourself are using?

 

[MicroGuy]

microguy: i don't think i'm any wiser about the subscription thing. unless you mean start up a phone company with a really long waiting time for cancellations. what are some on-line examples our not clueless but not highly skilled hypothetical dude could try - - even if they are not ones you yourself have tested?

Ok...here's one example off the top of my head:

"Start a website that offers insider secrets to making money parking domains. Charge $4.95 per month to access your insider blog offering tips on selecting, buying, and parking domains. In addition, you provide a support ticket system to answer subscribers questions. Register Domainer-Insider.pro and market the site using YouTube videos, oh...and give aways a few domains each month too." Badabing.

( ...think of a service, build a site, market, build subscribers, retire. Badaboom. )

 

[soggyindo]

Ok...here's one example off the top of my head:

"Start a website that offers insider secrets to making money parking domains. Charge $4.95 per month to access your insider blog offering tips on selecting, buying, and parking domains. In addition, you provide a support ticket system to answer subscribers questions. Register Domainer-Insider.pro and market the site using YouTube videos, oh...and give aways a few domains each month too." Badabing.

( ...think of a service, build a site, market, build subscribers, retire. Badaboom. )

k cool. +rep added. the support ticket system is the missing ingredient i wasn't thinking of.

although surely you've just given yourself another job/ salary - which is a lot less desirable than autopilot/ asset building/ other passive methods?

that 'retire' bit i don't see. unless you can eventually pay someone to do the call center part?

 

[MicroGuy]

...that 'retire' bit i don't see. unless you can eventually pay someone to do the call center part?

Recruit your best customers and give them free subscriptions plus a little change for handling the tickets sytem. We must be innovative, creative, and positive minded at all times. Wax on, wax off. Lol.

This is an interesting read: http://en.wikipedia.org/wiki/Subscription

Just trying to be helpful. Have a great evening....I'm out. :D

 

[shockie]

If the call takes me 20 minutes it would cost me $41.66 worth of time.

i wish i had your hourly wage... :red:

 

[soggyindo]

Recruit your best customers and give them free subscriptions plus a little change for handling the tickets sytem. We must be innovative, creative, and positive minded at all times. Wax on, wax off. Lol.

This is an interesting read: http://en.wikipedia.org/wiki/Subscription

Just trying to be helpful. Have a great evening....I'm out. :D

no, i appreciate it Mr Miyagi!

It's great seeing everyone's different bets for the best way to achieve the hypothetical task. i see a reality tv show coming on....

:lol: + :zzz:

 

[-REECE-]

J-O-B stands for Just Over Broke. :D

i wish i had your hourly wage... :red:

 

[jdenwar]

i wish i had your hourly wage... :red:

J-O-B stands for Just Over Broke.

:lol:

 

[shockie]

J-O-B stands for Just Over Broke. :D

being "just over broke" still beats being broke! :D