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MichelleT

posts: 2

Apr 15, 2008 12:47 PM ET Quote Report Abuse

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SherylCPA`s idea is spot on ... digital information. This is my business model and I do pretty much nothing to sustain it, all of the work was done on the front end to set things up

The glamorous side of the digital information business is the lifestyle ... The not so glamourous side is how you get there.

The business is easy once you know how to do it. But if you dont know anything about it you will probably fail many times before you strike gold.

Most people give up and come to the unfortunate conclusion that it is impossible to make money 100% online.

I am proof that it can be done, but it did take me 3 years to figure everything out and develop a system that works on autopilot.

My business is selling ebooks and software online. I dont use eBay ... The systems i use run 24/7 and the products sell whether i am there or not.

The majority of my time is spent answering support questions from customers and tracking or tweaking my advertising campaigns.

But I didnt start out with my own products, I started out with something called `affiliate marketing` (promoting other peoples products 100% online)

This can make you $2K+ easily once you master the systems of driving traffic and converting the traffic.

Who does affiliate marketing? And what does it looks like?

Got a favorite blog you like to visit in your industry? Chances are they are doing affiliate marketing to earn revenue.

You can do the same ... start a industry blog on a topic you specialize in. Develop a following for the blog and promote products specific to your visitors interests.

After a while you`ll know enough about your visitors to possibly develop your own product (ebook or software) based on their needs. Tip: you dont need to be a

writer ... there are people you can hire to write for you they are called "Ghostwriters". And there are people who can develop software for you ... they are called programmers. Writers and Programmers are super easy to find on freelance sites.

For passive income that is hands off this is the only way I can think of.

Hope that helps you in your quest.

snpkukuk

posts: 14

Apr 15, 2008 12:48 PM ET Quote Report Abuse

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Go back to the part where you started to think about all the things you`re good at - not just the work stuff. I bet you would be amazed at the variety of ways in which you are an everyday expert.

When I interviewed people for a book about people just like you making money from the things they already know, I was amazed at the creativity of people. Moreso, I was amazed at how a niche interest -- something very small and specific is the key to thriving in this new creative economy.

Here are a few examples of people making a great deal of money running information-based businesses...

www.hotsauceblog.com - this guy is an expert on hot sauce. That`s it! He started the blog to showcase his love of hot sauce and his small collection. It blossomed into a full-time business that he loves and makes money.

www.hungry-girl.com - also information only. This is a woman who wanted to lose weight herself but felt like she couldn`t find resources that were speaking to her. She developed a technique for swapping unhealthy ingredients in recipes for healthy ones. Now its a full-time business.

www.snowboardsecrets.com - At 40 years old, Lauren wanted to learn how to snowboard. But the only information she could find was geared towards young kids--who for the most part are into speed and style. Lauren wanted to learn safely. She started a web site to learn and share what she learned with other "mature" snowboarders.

I hear your concern about being a good writer. But I think you`ll find that you don`t have to be a great writer to talk about the things you know. Alternatively, you could take an online writing class to improve (www.writersonlineworkshops.com is a good start) or you could hire a college student or high school student to edit your writing relatively inexpensively.

Figure out your niche - the thing you`re really good at and can share with people, then let the rest follow.

MarkB

posts: 36

Apr 15, 2008 1:10 PM ET Quote Report Abuse

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Hi Ilyat,

Is it possible that you may be placing too many restrictions on how to go about getting to the point that you want to get to? You want to be able to earn an extra $2k per month by only doing lite work in evenings and on the weekends. You need something that is scalable and flexible, and is web based.

My first thought is that in order to bring in $2k a month in income (not sales), someone or something is going to have to do the hard work to get to that point. If you are either not wanting to be that person, or not able to, then you need to consider other ways the work will get done. I have 2 suggestions for you.

1. Have your money work for you. Unfortunately most of us are not in a position to make this choice, but if you are, then this may be the route that you will need to go. Someone or something is going to have to work hard to earn you $2k a month in income, and cash is a great way to make that happen. If you have it available, consider making private investments in a business or businesses. There are several ways that you can structure private investments that meet the requirements that you have stated.

2. Have employees work for you by considering purchasing an existing business. Purchasing an existing business is a great way to avoid the time, effort and expense of starting a business from the ground level. However, even for this option you have to have money to get started. Plan on spending the time that you will be working in the business to be high level management type stuff. Employees, customer communications, accounts receivables and payables, that type of stuff will be what will demand your time while you are working in the business. So if that is not your thing then beware of purchasing an existing business.

I don`t think that any of us have enough information about you to make good suggestions about what may be an option for you. But whether it is a hot dog stand or an information product sold on the web, turning it into a 2K a month income is going to be tough to do unless it is something that you are passionate about, and even then it is going to difficult.

Let me know if I can be of any assistance!

Mark Bebout

sdietzer

posts: 1

Apr 15, 2008 1:17 PM ET Quote Report Abuse

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snpkukuk,

Thanks for your post but how in the world are these people making any money at all off of these blog sites? Advertising? Google Ad?s

ClarenceMiddleton

posts: 12

Apr 15, 2008 1:26 PM ET Quote Report Abuse

Points: 0 Vote

Hey Ilyat,

Don`t over look vending. Candy, Soda and Snack machines are great profit potential for passive income. You can also use Day labors to handle task you can`t. Also look into small investment into businesses that could earn you residual income.

Vending is pretty stable. You can also find place that would let you rent vending machines, so you don`t need a large amount of cash to get started "even though renting is alot more expensive then buying"

find a few good location, place the machines, fill them, they check them once a week. Easy money.

bjortandcompany

posts: 7

Apr 15, 2008 1:35 PM ET Quote Report Abuse

Points: 0 Vote

There has to be something that you are good at that can help other people and you can make money at the same time.

-------------------------

Kelly H.
Bjort & Company, Inc.
http://www.bjortandcompany.com
"The Eye Patch Kids" DVD
http://www.cafepress.com/bjortandcompany

scyahoo

posts: 2

Apr 15, 2008 1:58 PM ET Quote Report Abuse

Points: 0 Vote

books i am working with-
FOUR HOUR WORKWEEK by timothy ferriss
and
HOW SMALL BUSINESS TRADES WORLDWIDE by john spiers

i am working on several things now. I am focusing on design and the luxury marketing for half of my projects.

Armando

posts: 1

Apr 15, 2008 6:21 PM ET Quote Report Abuse

Points: 0 Vote

To be honest this is a tough thing to accomplish. Business takes work and focus -- or a lot of capitol so you can guide and others can work. If you let me know your skills I might be able to guide you. I did a comprehensive search with a partner when we both left big corp jobs last year. We are thrilled with the final decision and happy we put the time in to research all the options. I am willing to share some lessons learned if you want to share some details about your quest. I have some coaching experience and like to share good data so pls do not hesitate to reach out.

Armando
www.cmitsolutions.com/southnassau

GreetingCardGoldmine

posts: 17

Apr 15, 2008 10:26 PM ET Quote Report Abuse

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Hi ilyat,

It seems like blogging would be a good model for you. A lot of the suggestions you`ve received apply to blogging or were great examples of blogs that make money.

With blogging you can take any topic or product or niche that you have a passion about and find ways to monetize it. Find affiliate products that you can sell, write an e-book, develop your own product to sell etc.

You don`t have to be an expert writer to blog. Start writing and you will get better. You do want to establish a relationship with your readers but once you have a blog established it could be possible that you might only update it three or four times a week. That fits in with your absentee owner business model. You aren`t absentee but you certainly don`t have to blog everyday.

What could you write about and never get tired of. Tennis? Throw out some ideas and maybe we can come up with suggestions on how monetize your idea.

-------------------------

Mary
24/7 Greeting Card Store
www.GreetingCardGoldmine.com

pafinny1

posts: 1

Apr 16, 2008 9:16 AM ET Quote Report Abuse

Points: 0 Vote

Hi Ilyat,

I am currently a distibutor of "Xango", I receive residual income from the work the distributors under me earn when they ` do the work`. Contact me for more info.

Patty

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