How much $$ should I save before starting IM?

by HowieM
29 replies
I'm making about $300 dollars a month with Fiverr, and I have $50 in my paypal atm. I have NO idea where I'm going to start in IM, as I've already had a $150 fail niche website.

A solid $$ amount I need to save would be helpful. Thanks guys!
#save #starting
  • Profile picture of the author Istvan Horvath
    You are already doing IM, LOL
    You are "marketing" your skills on the internet = selling fiverr gigs.

    Unless you get at least a vague idea WHAT else do you want to do on the internet... how could we give you any meaningful advice? We cannot think for you.

    Save for what? To buy the next shiny object? I could recommend a few (with my affiliate links) for several thousands :p
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    • Profile picture of the author HowieM
      Originally Posted by Istvan Horvath View Post

      You are already doing IM, LOL
      You are "marketing" your skills on the internet = selling fiverr gigs.

      Unless you get at least a vague idea WHAT else do you want to do on the internet... how could we give you any meaningful advice? We cannot think for you.

      Save for what? To buy the next shiny object? I could recommend a few (with my affiliate links) for several thousands :p
      Snappy :rolleyes:

      I was just asking for a vague idea on what would be a good amount to be able to get my startup going, and then having some to fall back on.

      And I meant independent IM, which I do not put Fiverr into that category.
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  • Profile picture of the author Istvan Horvath
    And for "vague" questions you get vague answers - that's the rule of thumb of any forum.
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    • Profile picture of the author russells
      There are many answers depending on the angle of opinion. But I'll give you my advice for what it's worth. I am a full-time IM'er (well, I don't work full-time but I make a full-time income if that helps).

      Your starting budget will depend largely on what business model you want to follow as well as what strategy you use to build that business.

      The majority of business models will only cost you the price of a domain name and hosting to start. After that it's a case of driving targeted traffic to make the sales. Then comes the traffic method - free or paid and there really is no one size fits all budget.

      I didn't save a penny to start my business three years ago. I had enough money to open the business - i.e purchase the domain and hosting - then I got to work on driving targeted traffic to make sales. Initially, the money I made went straight back in to scaling it up or learning more. SO my starting budget was around $20 LOL.

      I also advise that you don't leave all your eggs in one basket. Be diverse. I have affiliate sites, my own products and I've got offline clients. This is a great way of doing things in my opinion.

      Why? What if one month my affiliate sites suck. So what, I'm still got checkes coming in from my clients and from my own products/reports and the same applies for each stream.

      I'm going off-topic slightly but what I'm trying to say is there is no solid answer. Your budget depends on what business model you want to follow and what methods you use to make sales.

      I could throw $1k at you, $5k but the real answer for me is $20 and re-invest your profits. That's the quickest way to grow if you haven't got 1000's to 'blow' when you're learning marketing.

      I hope that helps a little.

      Russ
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  • Profile picture of the author HowieM
    And I did not get a realistic $$ amount. I'm sure it can't be to hard to answer.
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    • Profile picture of the author Istvan Horvath
      Originally Posted by HowieM View Post

      And I did not get a realistic $$ amount. I'm sure it can't be to hard to answer.
      It's hard because it is a nonsense question. That's what you wanted to hear?

      I've tried to explain to you in a nicer way why you shouldn't push it... but you didn't get it.
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  • Profile picture of the author thomtyro
    Banned
    IM is very broad term... You can't just say
    A solid $$ amount I need to save would be helpful.
    When you started Niche Marketing why are you giving up? I can make 10 niche blogs for that amount of money you have spent and ... Start reading, pick 10 strategies and make an updated one.

    BTW, how did you lose $150 in only one website? Did you pay for some strange linkbuilders?
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  • Profile picture of the author jayshankard
    All you got to do is promote your $150 fail niche site without spending any money. Learn SEO by reading threads after threads on this forum and you will know how to promote your site by onpage and offpage seo.

    promotion methods include backlinking through blog commenting on high Page rank blogs or sites, link exchange etc...

    As a starter, you can learn keyword research and find out what is required by your $150 failed niche website to come up on top of search results then you can promote your site with your skills of Search engine optimization(seo) to get the required results and Voila, you are an IM.

    Ofcourse their are more methods of doing Internet marketing.
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  • Profile picture of the author rainman
    Originally Posted by HowieM View Post

    I'm making about $300 dollars a month with Fiverr, and I have $50 in my paypal atm. I have NO idea where I'm going to start in IM, as I've already had a $150 fail niche website.

    A solid $$ amount I need to save would be helpful. Thanks guys!
    No need to save... just start (or keep doing the fiverr thing and scale it up)

    Affiliate products are the easiest to sell... Try CJ or Clickbank - maybe sign up for some JV invites for bigger commissions.

    Free marketing is simple too... Distribute keyword articles to select directories, then build backlinks to those articles to drive traffic.

    Same goes for video marketing... Use TubeMogul to distribute, then build links back to the videos.

    If you want to automate some of this, check out Article Marketing Robot for article distribution... and SEO Link Dominator for backlinks.
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  • Profile picture of the author juniorich
    Originally Posted by HowieM View Post

    I'm making about $300 dollars a month with Fiverr, and I have $50 in my paypal atm. I have NO idea where I'm going to start in IM, as I've already had a $150 fail niche website.

    A solid $$ amount I need to save would be helpful. Thanks guys!
    1- $9.95 per month for hostgator babycroc plan * 12 = $119.4
    2- $6.99 .com domain name
    3 $0 for getting experiences from warriors

    That is $126.39
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  • Profile picture of the author RichardF
    You don't need a single cent to get started, as it can be done with free sites like Squidoo/Hubpages etc. It's better to have your own sites, but if you don't have any money is better to just jump in, get your feet wet and start learning.
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  • Profile picture of the author AmandaT
    I started with a free blog page on blogger and for my first website... $8 for my domain, 1 cent for my first month of hosting and $8 after that, and I have GetResponse free version for my autoresponder. $8.01 for my first month. From there you just have to advertise and get your website out there. It'll take some work but it can all be done for free. Honestly, to tell you how much you need we need to know what your plan is, because most basic plans can be done for next to nothing unless you need to outsource something or buy something extra.
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  • Profile picture of the author Evil Sniper XV
    Here's a hint from what I've learned... buy something that is already working. (Flippa.com)... save up like 1000 bucks, and buy a site on there that is making at least a good amount of profit per month. Get the domain, sit back, save some more, buy another. That's what I'm thinking about doing.
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  • Profile picture of the author matt5409
    Originally Posted by HowieM View Post

    I'm making about $300 dollars a month with Fiverr, and I have $50 in my paypal atm. I have NO idea where I'm going to start in IM, as I've already had a $150 fail niche website.

    A solid $$ amount I need to save would be helpful. Thanks guys!

    how much to save?

    how can we answer?

    you might be 16 living at home paying no rent. on the other hand you might be 22 with college/university debt and a huge bank loan working a minimum wage job. only YOU can answer that...
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  • Profile picture of the author bhuff85
    Are you looking to save to INVEST in your business ventures or save to have money to LIVE off of while you pursue IM?
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  • Profile picture of the author trytolearnmore
    Find where your strength are, read more about IM branches and then become an expert in one area.
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  • Profile picture of the author LB
    You can spend as much as you want, from dollars to millions, when starting a business...but the best place to start is with a single customer willing to pay for what you're offering.
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    • Profile picture of the author doorkicker13
      Enough for a domain and hosting. I strongly believe you should do all of the footwork yourself the first time around, and once you have a grasp for how things work you can start outsourcing.

      You can get started for less than $75.00USD, easily.
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  • Profile picture of the author tucan
    outsource to people in third world countries
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  • Profile picture of the author Jake Gray
    You actually don't need much depending on what you wish to pursue.
    This could include product creation, niche sites, etc. So, get a basic idea
    of what you want to start doing and move on from there. Fiverr is not a
    stable business plan. Give it some thought.
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    • Profile picture of the author edlewis
      If you want to make some real money and build a business....you need a PLAN before you start.

      It will save you money...and prevent you from jumping from one "opportunity" to the next.

      My advice is product creation...but that isn't for everyone.

      But...having an idea where you are going always helps...and stops you from getting off track when the newest "shiny new toy" is presented to you.

      To steal a line from the Cheshire Cat - "If you don't know where you are going, any road will get you there."
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  • Profile picture of the author leadmonster
    I would say if you still have the niche website. You should find out exactly what you did or didnt do. Grow that site instead of like the previous gentleman said and buy the next shiny object. You should look into some SEO and use some of that Fiverr cash and buy backlinks and article submissions for a bulk number to be submitted to article directories. Then create some web 2.0 pages like Squidoo or Hubpages. Then syndicate all that material and if you do this correctly you will see some results overtime. But at least you will be doing something. Oh yea do not forget about keyword research and that is huge as well!

    If you need help or have questions. PM me

    Jermaine "Lead Monster" Steele
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    • Profile picture of the author Ehanson
      You don't need a lot of money to start a business, some people stared their business with barely any money.

      Others' invested a lot of money into their's. While it's true that having more money means you have a greater budget for outsourcing tasks and thus scaling your business, you don't always need money to make money.

      You mentioned you're making $300 per month on fiverr currently which is more than other people are making.
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  • Profile picture of the author herb44
    sounds like my friend you are already an internet marketer with the fiver gig. I like to keep at least a five hundred dollar warchest. why-you might want to buy software to help automate some mundane tasks. and software can get kinda pricey. also buying domains and hosting costs twenty dollars a whack-so next i would suggest go do some cpa marketing but keep your budget to about two hundred and you should be fine!
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  • Profile picture of the author celente
    I would say you need a domain and hosting and little bit for paid traffic.

    There is more than enough info in here to help you if you do not have money though.
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  • Profile picture of the author hari12345
    HI HowiEM, if you don;t have any idea how to start just go to WSO....there are lots of books for newbies..you can use that...
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  • Profile picture of the author GeorgR.
    Originally Posted by HowieM View Post

    I'm making about $300 dollars a month with Fiverr, and I have $50 in my paypal atm. I have NO idea where I'm going to start in IM, as I've already had a $150 fail niche website.

    A solid $$ amount I need to save would be helpful. Thanks guys!
    Do you want to MAKE money or spend money? Hint, hint ...
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