Chapter Ten - Moneymaking Ventures to Choose From

There are tons of moneymaking/business ventures to choose from. All you need is an open mind to spot and grab moneymaking opportunities around you.

Connection Power

The more people you know, the better chances you have of attaining financial success. How is this so?
If you network with many different persons, each with their own distinct talents or capabilities, you can ask for their services and earn a profit share every time someone else needs their services.
For example, your cousin is looking for a ghost writer to write a report. You can then ask a writer friend you’ve recently met in a seminar if he is willing to write a report for your cousin. If your friend accepts the offer after negotiation, he could give you a certain percentage of the earnings (sort of like a referral fee).
It’s just like a matching game. Connect the dots. You refer a wedding planner you’ve met in a party to your former classmate who’s getting married. You refer a lawyer you’ve met during a training session to your boss who’s looking for someone to handle his legal case. Then you can ask for a fair share of the earnings just for referring. The possibilities are endless!
The most important thing to do is to meet as many people as possible from all walks of life. Get their contact numbers, befriend them, and earn their trust. The big bucks will follow.

The Potential of an Internet Business

Is there a business that doesn’t necessarily require manpower, inventory, and a large start-up cost? What if I told you this business can be done on your spare time, and the earning potentials could be massive as long as you apply the proper basic techniques?
This is the power of having an online business. Probably the biggest advantage of marketing on the internet is that there’s no face-to-face selling involved, and you can work at the comfort of your own home.
So if this is a very lucrative venture, why isn’t everyone doing this? Statistics show that more than 90% of those who try to start an internet business fail during the first few years.
Now don’t be discouraged. Many people fail because they’re doing it without an actual plan and without the proper guide. But even college drop-outs and slow learners can market successfully on the internet if they know the basics and the proper techniques.
To be successful in internet marketing, the first thing you should do is to find out what hot, in-demand product people want so badly. You don’t give people what they NEED, you give them what they WANT. There is a big difference. People buy based on emotions, and they justify their actions later through logic.
For example, an e-book that explains what people should do to prevent accidents might sound something that they need, since their lives depend on the information. But guess what? It’s something that they may NEED, but it’s not something that they WANT.
But let’s say you’re dying to have a well-sculpted body, and here’s an e-book that shows you how to have stunning 6-pack abs in less than a month. Even though it’s not necessary for you to have 6-pack abs, you’re most likely to buy the e-book because you WANT it. See the big difference?
OK, so how do you know what people want?
Go to this link: http://inventory.overture.com
Type a keyword, then a list of related words would be automatically listed, along with the number of searches. The larger the number, the more in-demand the topic or subject is. Here’s a tip: Search for words that are related to your field of interest. That’s because the more you’re interested in what you’re selling, the more motivated and successful you will become. Compile your research and brainstorm on a product that best compliments your field of interest and the demand of the marketplace.
Take into consideration also how many are selling that product. Type the word on any search engine and you’ll found out how many are supplying that resource.
Now that you know what product you’ll be selling, how would you market it?
You can join affiliate programs and promote products as an affiliate. That means you’ll be acting like an agent for the product, whether it’s an e-book, software, or other resource. The vendor will give you a certain commission for every sale you’ve made. This is a great start if you don’t know how to create a product of your own, or if you don’t have a large capital to start-up with. For a list of affiliate programs, see:
http://www.clickbank.com
http://www.AssociatePrograms.com
To learn more information on how to make money through affiliate programs, I highly recommend the e-book selling at http://www.SuperAffiliateHandbook.com
If you have some money to spend, you can buy resale rights to ready-made products, so that you’ll get 100% of the earnings. Just make sure they are not overly saturated in the market and that you follow the resale rights rules. The links below provide you with resale rights products every month:
http://www.self-improvement-millionaires.com (for self-improvement)
http://www.thelostfiles.com (for public domain)
The above websites are also membership sites. The beauty of these types of sites is that they earn recurring passive income from their members.
You may also want to hire professional writers to do the job for you. The most recommended place to find good writers is:
http://www.elance.com
Now if you’re passionate about the subject and you’re really into writing and you have the time, why not create an e-book yourself? It’s actually more gratifying when other people commend you for your writing masterpiece.
So now you have the product. What’s next?
Well, you have to build a website. Use HTML editors like Frontpage, Dreamweaver, etc. to make your webpage creation task a lot easier.
Very Important Note: Put a subscription form to collect email addresses on your website. Offer something valuable like a report or e-course in exchange for their email.
Your website’s main purpose is to either get the sale or to capture your visitors’ emails so you can follow-up with them anytime you want, using what we call an autoresponder. You can sign up for a free autoresponder at:
http://www.freeautobot.com
When you’ve earned some cash, switch to a paid autoresponder because it might affect your credibility if you’re using a free one. You’ll also have more options if you use a paid autoresponder service like:
http://www.aweber.com
http://www.getresponse.com
To publish your website on the internet, you have to apply for a hosting service and get a domain. The hosting service is like your rental fee for having your website uploaded and made available all over the net, while your domain is the actual link or name of your website. Some hosting account already offer free domain name registration, like http://www.homestead.com . If not, then you can get a domain name at a very cheap price at http://www.godaddy.com . Use the search engines to find the various hosting accounts and compare the advantages and disadvantages of each.
Next comes the all-important task of marketing your product.

There are several types of strategies to promote your product all over the net.

1. Article writing and submission to article directories.
Put your resource box or author profile at the end of your article. This is one of the best ways to market your product because it establishes your credibility. It also gives you massive exposure when a newsletter publisher who has a large database of subscribers uses your articles, or when a big time website owner puts your article in his/her webpage. Some famous article directories are:
http://www.ezinearticles.com
http://www.ideamarketers.com
http://www.articlecity.com
http://www.goarticles.com
http://www.learningfolder.com/submitarticle.aspx
http://www.authorconnection.com
If you have the money and you want to save on time, you can use a mass article submission service like:
http://www.submityouraticle.com
http://www.articlemarketer.com
http://www.articleannouncer.com
2. Posting at forums.
Search for forums on the internet that caters to your product category. For example, you’re selling a hypnosis e-book. Search for “Hypnosis forums” on the net and sign up. You can ask questions or offer advice (which establishes your credibility). At the end of your post, your signature line would be seen and your product would get some exposure.
3. Searching for Joint Venture partners.
There might be some big time vendors, marketers, or publishers who have the same target audience as you do. Just imagine the income potential if you can tap into their database of subscribers. This is called leverage. It’s their subscribers, but you are able to promote your product to them through your Joint Venture partners. Remember that many big time marketers won’t reply back to you if you ask them to promote your product. To increase your chances of success, subscribe to their newsletters first, then compliment them on their website, products, etc. Befriend them and try your best to establish their trust first. And when you send out your proposal, give them an irresistible offer like a much bigger share of the commission. Give them a sample copy for evaluation. Offer to promote their products to your own list. Outline and identify the benefits they’ll be getting as a result of your Joint Venture proposal.
4. Other internet marketing strategies.
If you have some available cash at hand, you may publish your ad in newsletters or magazines that target your specific audience. Probably the best place where you can find publishers that cater to your target consumers is:
http://www.thedirectoryofezines.com
You may also do pay-per-click advertising (not free), search engine optimization (free), and even offline advertising promotions such as printed
t-shirts, mugs, etc. All you need is a little creativity to make some good money.
Internet marketing covers a much more intensive scope than what I’ve written above. Using the search engines, you may find tons of e-books that can teach you on how to market successfully on the internet. You may also subscribe to as many internet marketing newsletters as you can to get free information and updates regarding this very lucrative venture.

Real Estate

One of the widely selected businesses in the passive income group is real estate. Why real estate? Because people perceive this business as almost sure profit business. Majority of families dream of owning a house. This makes the real estate market a huge market. It is also a general perception that a house is an asset. It is usually the biggest single investment for an average income family.
The perception that it is a sure profit business is not always true in reality although the chances of making a profit against losing money is higher. There are times real estate properties are sold at a loss; not to mention those properties that have been mortgaged to banks or financing companies when the appraised or loaned money in exchange for the house is always lower than prevailing or actual price, should the house be foreclosed for non-payment of loans.
The perception that a house is always an asset is also not correct; it can (in many instances) be a liability. If you own a house or intend to have one, consider the following factors to determine if it is an asset or a liability:
1. Property tax (which is an expense).
2. Mortgage payment to the bank or loan company (consider the interest charge which is also an expense.
3. If you are having the house rented to a tenant, is the rental enough to cover above-mentioned expenses?
4. Other incidental expenses (including maintenance).
Offset the expenses against the income you will generate from the house and you will know if it is an asset or liability. If you are using the house for yourself, compare these expenses to the rent you would pay your landlord. Assuming you are confident that the house won’t be foreclosed in the event of non-payment of loans, you have to consider the value of the house against the total money you will invest on it once it has been fully paid for. That way, you will know if the house you bought is too expensive or not, and if you are going to make money out of it once you sell it.
The mortgage payment you make to the bank may leave you without any savings, and you will miss out on other opportunities to make money because of your obligation on the house.
What you just read are eye openers or wake up calls just in case they haven’t occurred to you. They are not meant to be recommendations. It is a case-to-case basis depending on the situation. Still, the decision is yours.
When it comes to the value of the real estate property you own or want to buy, some of the determinants that can make it more valuable or less valuable are:
1. Location.
2. Accessibility to transportation, schools, stores, church, and service-oriented establishments.
3. Security of surroundings.
4. Environmental condition like elevation (susceptibility to flooding), road condition.
5. Sanitation or cleanliness of surroundings (is it near a dumpsite?)
6. Weather condition; in temperate climates, a corner lot is more expensive but a corner lot in snowy areas is cheaper due to more work involved in shovelling snow.
If you are looking for a house to buy, you can make an offer as low as half the asking price if you feel it is too high. Do not think that a much lower offer would offend the seller. It is part of business. If consumer items on sale can go as low as half the regular price, a house can also be priced in the same manner.
If you offer to buy a house and the seller accepts but you are still having second thoughts if you want to buy or not, you can come up with conditions like: “subject to approval of partner,” wherein your partner could be your wife or business associate or a friend.
Should you be in the business of buying or selling real estate, a good practice would be to find buyers first before closing a deal with sellers even if you have found the seller first. With this kind of set up, your profit is realized the moment you buy the house, not after you sell it.
In the business of owning real estate properties intended for rental to tenants, hire a property manager or supervisor. A good manager when you pay him/her well is an asset for your business. He/she will reciprocate what you pay with dedicated service and valuable information which you can use for your other real estate businesses. It also allows you more time and attention to other moneymaking ventures which makes your work a lot easier.
Information about bargains on real estate can be available in law offices and in foreclosed departments of banks and loan companies. Court houses handling civil suits regarding land disputes are also sources of information. It is most likely that properties for sale are handled through bidding.
You can also buy a big piece of land and sub-divide it into small ones before putting it up for sale, similar to sub-division developers but in a small way. This is one way to increase the value of the house you sell, thereby increasing your profit margin. Or you can do it the other way around - by buying small lands linked to each other; consolidate it into one big piece, and sell it to a ready buyer.
Another possible source of real estate business is memorial lots. Some rich people invest their money into buying many pieces of these lots and wait for prospective buyers. Your marketing arm can be the sales people of the very company where you bought the lots from. They just draw commissions from you every time a transaction they recommend materializes.
The options on real estate are various and numerous. Your creative juices can be put to good use in this line of business.

Investing

Investing can be a very profitable venture if you have the right knowledge about it. Investors can be categorized into two:
First are the ones who invest their money on ready-made stocks like a packaged deal. They can be likened to RTW (ready-to-wear) clothing. They are similar to buying a computer that comes with the seller’s recommendation of monitor, CPU, printer, keyboard, etc. combined to make a package. Or it is like a set menu in a restaurant. The investor doesn’t have to worry or think much, leaving the choices in the hands of the broker.
The second type of investors are the ones who make, create, assemble, or customize their own investments. They are known as professional investors because they come up with their own creative combination of investment packages. They can be likened to tailor-made clothing.
Being in this category requires extraordinary skills such as the following:
1. You must be able to see with your mind what is usually missed by others. The mind works creatively. It is like predicting something that is likely to happen.
2. You must be able to position yourself as the important go-between or middleman. It’s like arranging a deal between a buyer and a seller in real estate.
3. You must be able to organize professional or smart people - people who are even more intelligent than you are in their own field of expertise. You hire their services and utilize their talent to suit your creative ideas.
In a way, wealth does not always come in the form of money. Wealth is also knowing how to invest. Knowing how to invest is active thinking. The more ways you expose or exercise your mind on investing, the stronger and more creative it becomes.

Other Recommendable Moneymaking Ventures

One of the best-liked source of passive income is the network marketing business, also popularly known as multi-level marketing. You need not come up with a huge capital unlike the common or conventional way of doing business. It does not require any employee. You do all the work yourself. But it requires hard work and patience. You must be committed and it takes time to realize a six-figure per annum income.
Portfolio Income is derived from paper assets; i.e. stock market, bonds, mutual funds, notes (IOUs) and the like. Most professional investors invest in this kind of income. This kind of investing requires financial skills. The wider the scope of financial skills you have, the better your chances of creating wealth.
Some people prefer to specialize on a certain field. The world of specialists is a world of learning more about less. As their knowledge increases on a certain field, their area of coverage decreases. From where they are employed now, it will be difficult to look for another job of the same line and income. That is why, it is advisable that they become union members of their field of specialization for their own protection.
As much as possible, you must venture into a business that doesn’t require your presence much, giving you more time to look for other opportunities. Small businesses like coin-operated machines (gumballs, joy rides, snack foods and drinks) situated in shopping centres are favourites. The individual sales come in small amounts but the volume comes big when totalled and the profit margin is very attractive.
If you are acquiring a franchise, determine your return of investment and be meticulous on the terms stipulated on the contract.
People with special skills on music and writing collect royalties from their intellectual properties. Collector’s items (stamps, rare coins, antiques, paintings, precious stones and metals, cards) usually appreciate in value. There are countless other businesses you can consider going into. Only one thing to keep in mind. Know the business first before you go into it and keep your mind as creative as it can be.

Marketing Your Business

Businesses that give great emphasis to their sales and marketing strategies have a better edge of success even if they are just ordinary. A product or service that is better than the ordinary in terms of quality might be able to survive the market even without a good marketing strategy, but the combination of good marketing and product quality, especially with a reasonable price, is a sure hit. However, ordinary products where poor marketing strategy is employed will have difficulty penetrating the market, thus gathering dust on store shelves and counters. It is the marketing and selling techniques that give an ordinary product or service the extra push to make it extraordinary. This is the reason why big corporations spend millions just to promote their products or services through extensive sales training of their staff and through massive advertising.
A very effective yet free advertising method is through word-of-mouth. When you provide great product/service and establish friendly relationships with your customers, they will come to naturally like and trust you. They will then recommend whatever you’re selling to their friends. Their friends will then tell other people, and so forth. The result: more and more customers coming in without any advertising effort on your part. The important thing is for you to continuously provide the best product/service you could ever give. Once you’ve gained their trust and friendship, you’re in good business.
Not only will your current customers refer their contacts, but they themselves will regularly patronize your offers. You may then present to them other goodies that are complimentary to what you are selling, or offer them more expensive products.
Loyal customers are true treasures. Treat them as your best friends, and they will reciprocate your friendship with profits.
Finding Out What Works
If you're selling a product, test and track different prices. Some might think that a higher price would result to fewer sales. Not necessarily the case. It might even bring about more sales because it will have a higher perceived value. That's why it is necessary to analyze the results of each test.
The same principle applies when you're selling multiple products. Test and see which combination of goods or prices would trigger people to buy your package.
To know what people want, you have to actually ask them. Conducting surveys is a very effective method. If you can ask open-ended questions (questions that can't be answered with a simple "yes" or "no"), that would be better. By doing this, you're able to get inside their minds and find out their desires and buying behaviours. To entice them to fill up your surveys, give them a small gift or token of appreciation.

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