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Looking at ideas that work
In part 1, we mainly looked at the fact that we have very little chance of creating huge wealth for ourselves in a short space of time unless we win the Lottery or other (unlikely) means. We also noted that there are so many get-rich-quick promotions popping up daily and it is so easy to get drawn into an ‘amazing opportunity’ and lose a fortune.
I do feel that many of the ideas described by people who have made their wealth using certain opportunities and techniques are fairly genuine, in that it worked for them. However, they are describing what they did to gain success to a very large audience and remember, they made all their wealth using these methods before you knew about them!
Also, if many people attempt to use the exact same formula, then the uniqueness is gone and the whole opportunity will be somewhat diluted.
I will give an example of the very popular print on demand T-shirt idea using a stock image or some funny catch phrase printed on the shirt. The business idea is absolutely fine, you upload an image to a print on demand company and then register on one of the many free online shops. Customers will order the T-shirt, pay the shop electronically and the linked print-on-demand company will take care of the printing, packaging and delivery of the item to your customer.
The attractive part is that you can set things up once and then sit back and enjoy the passive earnings. However, the earnings are very small as everyone in the chain takes a commission for their service. The current cost of services and materials are rising globally and as a result the sellers are raising the retail cost of their T-shirts significantly, just to break even. This in turn leads to less people buying the product and instead going to a discount store and buying a T-shirt there at a fraction of the online store cost for something similar.
There are many opportunities like the example above that I feel are in fact genuine and I will probably give more examples later. But the main issue is that by the time we hear about these real opportunities, too many people have jumped in and we are too late to get started due to the sheer amount of competition in an already established market.
So the big question is, are there any opportunities that are still worth pursuing? I believe there are and I will examine those that I feel are still able to give an income.
The obvious place to look first is in the area of Social Media.
Most people already know this and so we do still have the problem of dilution and saturation. However, if you have a unique idea or niche then it is still possible to create a Youtube channel, a TikTok profile and various other similar video platforms and earn an income from followers and watch-time and of course through advertising. With a large enough amount of followers and ‘hits’ it may be worth trying some affiliate marketing by promoting and selling other people’s products. Affiliate marketing is a complete subject by itself and would require a separate article to discuss it but there is plenty of information about it that can be found online. With a large amount of followers the encouragement of fan support through Patreon or similar is also worth trying.
Not everyone is a natural video star though and creating a video using voice and showing one’s face is not for everyone or indeed the majority of people I have spoken to. Also, it will take time to build up a fan base so if you are hoping for big quick earnings through being popular on Social Media, then it might even take many years before your channel takes off. I can remember starting a Youtube channel in 2008 and I religiously added content to it each week for many years. It still exists today with just over 140 subscribers but I will admit it never took off the way I had hoped it would. This is mainly down to me and the material I chose for content. The established top earners on Social Media platforms really do earn well but you need to be ‘special’, have unique material and often a large personality to match. Above all even if you have all the right qualities, you need to be patient and not expect overnight success. Maintaining your social media channels as they grow is extremely time consuming so the successful guys often use some of their earnings for employing editors and promoters, etc.
The next area can be very attractive to many people due to the perceived opportunities, this is the somewhat taboo area of crypto currency. I really like the technology and have even made a few tutorials on what a Blockchain is and how it works, but I will not go deeper into the subject for two reasons:
Firstly, I feel that crypto investing (especially using the alts-coins), is similar to the stock market in that you can take a risk and buy a coin or token that you think could multiply in price and you can subsequently lose a fortune with possibly no way back from the loss. Secondly, there already exists a plethora of articles about crypto currency out there already some are good and some are bad and people really need to decide for themselves. It’s a bit of a gamble and we could get lucky but I really do not wish to be an influence in this area.
Buying and selling
It’s a simple formula, we buy something at one price and we sell it at a higher price. This is a massive area and It is something that has been happening for hundreds of years. The trick of course is to buy at the lowest price and sell as many as possible at a good mark-up in price. Anyone wishing to put in the amount of work needed should thoroughly research the area of the items they wish to buy and sell and see what the potential competition is doing. Each type of item you wish to sell will have different legal rules and these rules will vary from one country to another. With mass production on-going in Asia and the mark-up being so fine from competing retailers, it is quite difficult to to make your millions.
I would suggest then, that it would be best to find that unique item or niche and sell that item as something ‘uniquely special’. If you are able to make the item yourself then even better. For example an artist can paint or draw something unique and turn the work into a poster or a ‘limited’ framed print. The prints could be hand signed to add value and authenticity. Greetings cards could be printed from scans or photographs of the original art work and sold in packs. Promoting and marketing your product is essential but fortunately Social Media is on your side to help with getting you product known. Ebay and other similar online market places are also a great way to see if a product will sell and will allow a new seller to get an idea of how the process works. Online selling comes without the cost of a store to sell your product although you may need local storage if you plan to keep many items or if the items are large. To make life easier some sellers will use Fulfilment by Amazon (FBA), where an item is stored and shipped by Amazon and any returns handled as well. There will be fees though and they will charge for storage space and the orders they fulfil. Full details can be found on Amazon and full research is recommended.
In the previous article (Pt 1), I mentioned that everyone has a skill and I gave some basic examples. If you don’t want to show your face and you don’t want people to hear your voice on Social Media platforms, then how about giving advice and writing about your skills!
In the next article (Pt 3) I will go into depth about this with various ideas to make some good earning opportunities. Please follow to know about the next article.
Best wishes,
Andy Willis
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