1. Advertising
    y u no do it?

    Advertising (learn more)

    Advertise virtually anything here, with CPM banner ads, CPM email ads and CPC contextual links. You can target relevant areas of the site and show ads based on geographical location of the user if you wish.

    Starts at just $1 per CPM or $0.10 per CPC.

Traditional Business or Online Business? How would you do business with $10k?

Discussion in 'General Business' started by GAdsense, May 14, 2013.

  1. #1
    If you have $5k or $10k what business would you prefer to do? and why?

    I've been in to online businesses since quite a few years, since I was literally a kid. I've always considered it as a side income. Learned many programming languages, coding and software skills. It has been an year since I've coded anything serious. So yes, I no more code and I'd need atleast a month review to get started. I've earned through different methods, one of them is Adsense but mostly freelancing.

    I tried doing jobs, but the returns were so low based on my qualifications and timings were 9+ hours that I couldn't cope up with it. So I preferred freelancing. I've done SEO for quite a good time so yes, I am knowledgeable about how to do these things.

    Freelancing was going good, I had my team and a few clients. Lately, my two main clients switched their business model and I am receiving no work since a couple of months. I am not working with my team too now, though I have some contacts to get things done.

    Problem: Suddenly, income stopped. I have no business going on niether i want to do job as of now. As for that, I'll have to refresh my programming skills. I have a few months, say around 6. In this period, I'd like to setup a business and get things going on for me. I consider job my last option because it would be very hard to grow on job. I've always been business minded and believe that business GROWS. What should I do? For this reason, I am looking for doing business.

    Thanks.

    Worst Part: I've lost a GOOD sum of money in stocks/forex. So now, its a do or die situation.
    Last edited: May 14, 2013
    GAdsense, May 14, 2013 IP
  2. gkuang2

    gkuang2 Active Member

    Messages:
    103
    Likes Received:
    7
    Best Answers:
    0
    Trophy Points:
    60
    #2
    I would stick with online, since you already have some experience and you know what you are doing with the SEO. You have many more options with an online business, since you only have 10k. You can do drop shipping to minimize the risk. But with a traditional business you would need to pay rent and buy inventory up front which would cut into your savings. I would also stop with the forex trading, it doesn't look like its working out for you and just focus on your online business. You need to focus on one thing at a time to really succeed. Business by itself is already hard enough, but when you mix in your stocks it can get overwhelming. Have you tried selling your SEO service on like SEoclerks or fiverr. This would be a good place to start to start making money, if you know what you are doing. It also seems like you had prior success with freelancing, why you stop? I would get back to the basics and go from there. Hopes this helps.
    gkuang2, May 14, 2013 IP
    GAdsense likes this.
  3. topcoder

    topcoder Member

    Messages:
    51
    Likes Received:
    7
    Best Answers:
    0
    Trophy Points:
    43
    #3
    With only 5-10k, you're going to have a hard getting a successful online business going. It sounds like you just need to go look for a job at a normal business that's hiring a programmer of your talents and build up a little more cash. Then work on a side online business in your free time. 5k doesn't last long when you have to eat, pay for rent, elect, water, phone etc.

    Stock Market is just a gamble: Some make it rich, some lose their fortunes.
    topcoder, May 14, 2013 IP
    GAdsense and gkuang2 like this.
  4. gkuang2

    gkuang2 Active Member

    Messages:
    103
    Likes Received:
    7
    Best Answers:
    0
    Trophy Points:
    60
    #4

    I think he meant he has 10k budget for online business, i might be wrong. But yea topcoder is right, if 10k is all you got, its probably best to go get a job to get some income first. You don't want to be homeless trying to make this work. IM is very tricky and would take a lot of time and money.
    gkuang2, May 14, 2013 IP
  5. Oozen

    Oozen Active Member

    Messages:
    100
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    58
    #5
    If I had your skills I would sell custom signup splash pages to non-technical co-founders who want to test out their ideas. Even though it sounds simple a lot of people don't know how to make a signup form with an image background to start collecting emails for their upcoming app release.

    You could charged $100 per customer. If you don't know how to design or use photoshop just create a contest here for $20 - $30 and keep the difference as profit.

    $100 x 20 customers a month is $2,000. You could sell the price as a package that includes consulting on how adsense works and then upsell whatever else you want to add like SEO tips.

    You could do all of this with less than a $500 investment for the contest designs.

    That small niche market is greater than 20 customers a month from all around the world but with your SEO skills you could easily bump that up to 100 customers ($10,000 a month). Very little work with a very high return.
    Last edited: May 14, 2013
    Oozen, May 14, 2013 IP
  6. GAdsense

    GAdsense Active Member

    Messages:
    1,083
    Likes Received:
    45
    Best Answers:
    0
    Trophy Points:
    88
    #6
    @Everyone
    Thank you sooo much for all your wonderful responses! It feels great to have you guys with me. Thank you, really! :)

    @gkuang2
    Totally agree with you, one needs to focus at a few things only, if not one. I've stopped working in Forex, it is not my cup of tea. I've only some money invested in Stocks, however, I do not speculate or trade anything these days (since a long time). Yes, I am on Fiverr and received no success at offering SEO gigs. However, I've recevied dozens of article writing jobs with 100% feedback. Though, in March, I went to Dubai for finding a job and settling down there if possible. It was a great learning trip in my life for a month's time, learned ALOT of things with respect to life. But couldn't find any reasonable job, so I came back. While I was in Dubai, I received a few gigs to which I couldn't respond due to the busy schedule in Dubai. And I am no more receving gigs from Fiverr too because of the few bad ratings and the time gap.... So why did I leave freelancing? Well, when I started freelancing. I knew nothing much than blogging at blogger. So I used to write articles for people, optimize adsense revenue, make them simple designs, edit content or design, do a little coding and that's it. That's how I've started making money while freelancing. It really made me happy that I could actually earn something online. That's when I joined a professional 3 years software engineering course. While doing the course, I extended my skills and started working with professional people. So when I started understanding programming and all these things throughly, I used to discuss projects with people and secure some jobs and then supervise the work. It was not possible to do all by my own, since I was learning skills and did not have very good grip at many things to do it professionally. So I built a team. It was going all good but then the main clients were a group of friends who switched their business model. So the kind of work we were doing for them, its all over in a couple of weeks.

    I don't live in US, so 10k is a HUGE amount for me. Responsibilities are increasing, just got engaged a few months back so practially speaking expenses increase too. So all I have is an year's time to completely settle down and start earning a good monthly income.

    @TopCoder
    Well, that's a very practical advice I must say. Stock market, I don't want to consider that an option. I'd now like to settle down with a proper business, either it be online or offline that pays me monthly to cover my expenses.

    The best thing I like about online business is you don't need much to start with. That's something great about it. I remember earning my first $100 via adsense through a blog I made at blogger. And then from that I purchased domain, hosting and never looking back from there. So 10k is a huge sum for me, while thinking big you're right, its not much, but it's the amount of money I have and need to succeed badly. And yes, I do have some more to eat, live and cover expenses.

    I am living in Pakistan so the remenuration for a job isn't much and if I opt for a job now. I'll be in more trouble after an year as job is still a job and I'd be stuck in this vicious circle from where I won't be able to quit and start something of my own. The opportunity cost will be TOO high by then. What do you say?

    @Oozen
    Ooh, I like numbers! That's a good idea, really appreciate your detailed input friend. I've been there, done that practically, the only problem is marketing it and actually getting those 20 orders. For $100, not many people want to get it done. Or should I say, the price to reach those people (marketing) and get them to order your package is more than what you earn. I can do basic designing, well I call that basic and it's been months since I touched Photoshop for making a design. However, its not a rocket science for me and can easily get something done on my own. I'd love to hear your views on this and how do you think we can get many orders?

    @Everyone
    Once again, thank you so very much guys and girls. I know and understand it takes tremendous amount of effort to guide someone and help them to get started again. Salute all of you for that! :)
    GAdsense, May 15, 2013 IP
  7. GAdsense

    GAdsense Active Member

    Messages:
    1,083
    Likes Received:
    45
    Best Answers:
    0
    Trophy Points:
    88
    #7
    One more thing, the reason I started with freelancing is because RentaCoder.com - Loved their freelancing site and how Ian managed it. A few years ago, they changed it to vWorker.com and it was still good. But now, they've sold it to a different company and now they are known as freelancer.com. I don't like the freelancer system much and they have a lot of flaws. Besides, there arbitration process and administration is not as great as it was before. So.... I tried Elance but not much success so far. Just one work with 5 star rating and that's it. I've been trained to not chase the money however, the truth is sometimes you need to think about money too... I am sure you guys have been there and know much better by what i mean and the kind of situation I'm in.
    GAdsense, May 15, 2013 IP
  8. topcoder

    topcoder Member

    Messages:
    51
    Likes Received:
    7
    Best Answers:
    0
    Trophy Points:
    43
    #8
    @GAdsense
    I know what you're talking about that "Vicious Cycle", where things are too "comfortable" to quit, but it consumes all your time, that you'll most likely never reach your full potential. This happens to most everyone, only a few will have the opportunity and drive to overcome this challenge.

    A lot of people say you should be thankful you're employed, but in your head you know employment is holding you back. It's one of those double edge swords you face in life, where the perceived risks don't outweigh the potential rewards.

    It's a tough spot to be in and I think the majority of the worlds population is that same spot.
    topcoder, May 15, 2013 IP
    GAdsense likes this.
  9. GAdsense

    GAdsense Active Member

    Messages:
    1,083
    Likes Received:
    45
    Best Answers:
    0
    Trophy Points:
    88
    #9
    @TopCoder


    You made me smile, it's always good to know you have company in the kind of "situation" you're dealing with.

    Well, its a tough, a very tough spot. Because If I follow up on the job mindset, I'll need to start revising my skills which will take a months time. More than that, it would be even more difficult at a later stage of my life. You're very right and you understand the situation extremely well.

    I've never felt so tired in my life as I am these days...let's hope for the best. :) Thanks mate!
    GAdsense, May 15, 2013 IP
  10. qwikad.com

    qwikad.com Well-Known Member Affiliate Manager

    Messages:
    1,927
    Likes Received:
    238
    Best Answers:
    1
    Trophy Points:
    140
    #10
    I agree with the posters who suggested sticking with an online business. The reason is obvious. With an online business you can reach millions, not so much with a local business.

    Create something that people want, rather than basing your next project only on what your set of skills is or what you can do. It always pays back when you are customer oriented. Find a niche that you know is in demand and invest your time and money into that.

    For instance there are millions of marketers out there looking for web traffic. Or you can try something related to social media (since lots of people spend an enormous amount of time on social media sites).
    qwikad.com, May 15, 2013 IP
    GAdsense likes this.
  11. matt_62

    matt_62 Well-Known Member

    Messages:
    1,331
    Likes Received:
    276
    Best Answers:
    12
    Trophy Points:
    195
    #11
    Here is another thought. Create small scripts or programs, try to create a site to promote them. You are skilled at seo so you could get this done in no time, and actually start selling some of your own scripts. Like, i was looking for a clone of "whatpageofsearchamion" and found that about 20 other people had posted this same request on different freelancing agencies.... make the script, sell it for $50. You might sell 1 copy a week, so spend a few weeks making 10+ scripts, sell 1 of each copy per week = $500 residual income. If you cant sell enough, offer commissions to affiliates and have it all automated.

    doubtful you could make alot selling that script idea, it was just used as an example....
    matt_62, May 15, 2013 IP
    GAdsense likes this.
  12. GAdsense

    GAdsense Active Member

    Messages:
    1,083
    Likes Received:
    45
    Best Answers:
    0
    Trophy Points:
    88
    #12
    @Qwikad
    That's exactly my view point. But then a time comes, when you're more concerned about making money. With IM, you need to keep trying such ideas. And making regular income can take enormous amount of time too. I like to be an entrepreneur and would love to continue walking over this pathway.

    The reason I did freelancing was also because I needed a regular flow of income. Hope you're getting me...a little hard to explain.

    @matt_62
    Good example. For making such scripts, I need to re-grasp my programming skills. Okay, it might take a month or so but I can take it back to life for making such scripts. Though, making such scripts would take time as you mentioned. Well, since I do not do black/gray hat SEO, I don't use any softwares, just the brain work. So SEO takes time too, it isn't an overnight thing. For better results, you need to spend money too for paid submissions. Selling those scripts is a real question. The script should be such that no body else is offering and after launch of themeforest and such related sites. Almost everything needed is there or otherwise, the script that's needed is way too hard to get it done for the price. I really appreciate that you've shared an example.

    Great dialougues! This will surely lead me to a positive change and continue to be hopeful. Thanks guys!
    GAdsense, May 15, 2013 IP
  13. Oozen

    Oozen Active Member

    Messages:
    100
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    58
    #13
    @GAdsense

    There are several ways you can target that small niche directly.

    1. Quora - Just do a search for non-technical co-founders and you can directly contact them.

    2. Facebook Advertising - Set your target users to people who like Code Academy. com etc...

    3. Hacker News aka news.ycombinator. com - Tons of new users there who don't know where to start.

    You will most likely have to either build a blog or a news letter to build your client list up. With your skills that shouldn't be hard. Just give a tip a week and promote your customized signup forms that increase signup conversions the rest of the days.

    Anything you do will require you to do some leg work so just start small and build from there. There is nothing that you can do that will just bring you money without any effort. Hope this helps. Good luck. +1
    Oozen, May 15, 2013 IP
    GAdsense likes this.
  14. dale911

    dale911 Member

    Messages:
    62
    Likes Received:
    1
    Best Answers:
    0
    Trophy Points:
    33
    #14
    I have owned 7 businesses in various states. By far the most disastrous and expensive business was a brick and mortar store. When the US had the recession in 2009, I got hammered to the tune of 40-80k losses per year for 3 years. I was about to go bankrupt with it when a buyer came along. With what he is paying me, I'll walk away with about 160k loss over 3 years. My online business is by far the most profitable and I'm continuously looking for ways to do SEO cheaply and generate more traffic. You could build a lot of leads just by emailing people if you are doing SEO. I'd even be interested in hearing what you had do say. I have found that phone calls work best to get sales. You certainly have the skills needed to be successful and when all you need is a computer, your costs remain super low.
    Last edited: May 15, 2013
    dale911, May 15, 2013 IP
    GAdsense likes this.