I have $500 Per Week Budget

by MrLeN
28 replies
I am well paid at the moment, working 14 hours a day.

I want to try to use the money I am making to create an online business.

What do you suggest?

If you had $500 a week budget, and you're starting from scratch -- how would you turn that into a reliable income?
#$500 #budget #week
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  • Profile picture of the author RedWung
    Try to buy a stock. In a stock market. Or I should say learn more about stocks.
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  • Profile picture of the author DWolfe
    Originally Posted by MrLeN View Post

    I am well paid at the moment, working 14 hours a day.

    I want to try to user the money I am making to create an online business.

    What do you suggest?

    If you had $500 a week budget, and you're starting from scratch -- how would you turn that into a reliable income?
    Put your money on hold here for a minute and visit the Offtopic forum and read a great thread that is active. Ewen, Savave, Animal44 are giving some great advice to a newbie in the thread. Take a look at all the advice some of the best on the forum currently - https://www.warriorforum.com/offline...l#post11405569
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  • Profile picture of the author Kay King
    You are advertising an MMO business in your sig - and asking how to build an online business?



    I would never start with "I have $500 - how should I spend it" - I'd start with "this is the result I want - what do I need to achieve it".
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  • Profile picture of the author itteab
    Save up more money and learn about Real Estate. It is the fastest way to get more money
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  • Profile picture of the author ryanbiddulph
    Turn things around Len; building a thriving online business is more about what you spend, energy, effort and practice wise, and less about spending money.

    What are you passionate about? Start there. Pick a niche you enjoy working. Tie the niche into solving a pressing problem. Focus on the skills to develop and service to render, and give little thought to money investments right now.

    Ryan
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  • Profile picture of the author Daylynne
    Take a good sound basic course in on-line marketing. There are many, but stick with the top guys courses -- they are sound and you can earn as you go. They are generally quite inexpensive, but do the study and apply yourself. You will amazed at how much fun it is, and how you can make a solid steady income. I will give you a few names if you write me. I feel it wouldnt be fair to put their names in here. :-)
    Daylynne
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  • Profile picture of the author affmarketer101
    You can invest in establishing a team on MMO like merch, dropshipping.
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  • Profile picture of the author ashwinsd
    Build an email list of buyers in your niche.
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  • Profile picture of the author MrLeN
    Hmmm, I didn't see any good advice yet.
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  • Profile picture of the author HarrieB
    Buy an already running business from flippa or other marketplaces. It can be websites, android apps or shopify stores.

    If u want to start from scratch, u might end up wasting a lot of money on testing/implementing things and u may not get desired revenue.

    Rest, if u can state what are ur preferences, others may also help..
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    • Profile picture of the author MrLeN
      Originally Posted by HarrieB View Post

      Buy an already running business from flippa or other marketplaces. It can be websites, android apps or shopify stores.

      If u want to start from scratch, u might end up wasting a lot of money on testing/implementing things and u may not get desired revenue.

      Rest, if u can state what are ur preferences, others may also help..
      That sounds like not a half bad idea.

      Basically, I want to have some kind of business up and running where I don't have to provide support.

      My thinking is something like:

      1). Create an email list on a niche that will gladly accept weekly offers. Gadgets would be good, but not gadgets -- that's flooded.

      2). Put $500 every week for a year into advertising to grow that list.

      3). Direct people to people to purchase stuff (what ever that stuff might be).

      4). Try to find aftersale products for my known buyers.

      That's the best I can come up with.

      But I am asking around here in case someone can tell me something better.

      Things like: "do/learn online marketing" or "buy stocks" or "start drop shipping" are like "well duh" comments .. I am looking for a little more texture in the responses.

      I could also just go invest in some off-line business.

      I don't know .. I've never had $500 a week spare before, so now that I do I want to make it work for me.
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      • Profile picture of the author Steve B
        Originally Posted by MrLeN View Post

        2). Put $500 every week for a year into advertising to grow that list.

        Yes, and no.


        $500/week will help you advertise any business ... but be very careful ... paid advertising done right is not easy or necessarily intuitive for a newcomer.


        Before you spend that kind of money on your business (whatever it is) learn the paid advertising game, start very small and grow into it. There are ways to make advertising pay for itself and then some! If you don't learn to use your money as seed money that grows into income, it will be very easy to blow through your cash in no time at all.


        Of course, you should have a converting offer, a good sales system and a back end in place first. But using your cash to market your business is a way to shorten the usual early growth "blues" of most new businesses that struggle to get traction.


        Steve
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        • Profile picture of the author MrLeN
          Originally Posted by Steve B View Post

          Yes, and no.


          $500/week will help you advertise any business ... but be very careful ... paid advertising done right is not easy or necessarily intuitive for a newcomer.


          Before you spend that kind of money on your business (whatever it is) learn the paid advertising game, start very small and grow into it. There are ways to make advertising pay for itself and then some! If you don't learn to use your money as seed money that grows into income, it will be very easy to blow through your cash in no time at all.


          Of course, you should have a converting offer, a good sales system and a back end in place first. But using your cash to market your business is a way to shorten the usual early growth "blues" of most new businesses that struggle to get traction.


          Steve
          I actually understand all that, and thoroughly agree
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  • Profile picture of the author MrLeN
    P.S. My signature has nothing to do with this thread, and I am not "advertising" anything. It's just something that happened to be there from a year ago, which is about when I was last on this forum. I removed it.
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  • Profile picture of the author Sid Owsley
    Don't be so quick to spend your money. You can invest your time in educating yourself about starting an online business first. That's the biggest investment you should be making right now. Act like you don't even have that $500 to spend every week so that you make good decisions about starting an internet business.
    If you're thinking is along the lines of; I'll get this internet business up and running, making lots of money in a week or two you may be expecting too much too soon. Continue to ask questions and do research about specific niches or businesses you're interested in.
    Pick a good course to learn about something your interested in like email marketing, e-commerce, etc... and think about some of the skills you will need to have some knowledge of for your business to be successful like copywriting, web design, google analytics etc... You don't have to be an expert at any of these but it's good to have some knowledge of 2-3 of the skills and keep adding to your skills.


    Enjoy your outcome!
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  • Profile picture of the author Steve L
    Originally Posted by MrLeN View Post

    I am well paid at the moment, working 14 hours a day.

    I want to try to use the money I am making to create an online business.

    What do you suggest?

    If you had $500 a week budget, and you're starting from scratch -- how would you turn that into a reliable income?
    I'd just get a domain name and start a blog. Help an audience that you're apart of. Research their pain points online and get to helping them! Eventually you can sell them something.

    IMO it's better to out teach than out spend your competition.
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    • Profile picture of the author MrLeN
      Originally Posted by Steve L View Post

      IMO it's better to out teach than out spend your competition.
      I like that.
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  • I would take the time to learn a skill and educate yourself, perhaps invest some that money into education at first to lessen the chance of failure. After educating yourself and trying some things you'll have an idea of what you want to do. Good luck bro
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  • Profile picture of the author DIABL0
    I can tell you what I do and works for me...been doing for over 17 years.

    I heavily promote PPL (pay per lead...lead generation) offers. This is because there is no credit card / purchase required to complete an offer. All a user has to do is fill out a form, so conversion rates are typically much higher compared to offers that require a sale to be made.

    I favor offers that have a make, get or save money benefit to them, as they have overall worked the best. They also tend to have the greatest mass appeal (will be of interest to a large general audience), so the potential exists to produce high volume and they are fairly easy to cross promote on the back-end.

    Some of the verticals (niches) I have done extremely well with are: education, insurance, loans, debt, credit, mortgage, assistance, discount offers, homeowner offers, etc...

    The bulk of the PPL offers that I promote pay $20-$40 per lead, but I also promote offers that pay more and less. You don't want to get too caught up on what an offer pays because how well it converts is just as important. For example, if you have an offer that pays $9, but if it converts at 2X or more of a $20 offer, then it will perform about the same or possibly better. At the same time, if you have an offer that pays $90 and it converts poorly, it may not even be worth promoting.

    I have also done just as good with dating website sign-ups and pretty good with free trial + S/H offers. I also promote a very limited number of offers that are straight sales offers. However, mass appeal needs to exist and I also look for one of the following...

    1) The product is new and/or novel-unique and you can't purchase it locally or even something similar. I don't waste my time with it once it or something similar shows up in Walmart.

    2) The buyer can truly get what is being offered at a decent discount.

    3) Solves a house is on fire type problem.

    However, most of the above I will promote on the back-end. Which is why the first thing I look for is mass appeal.

    Bottom line, it's far easier to get someone fill out a short form than to get them to pull out their credit card and make a purchase. So why struggle with trying to sell this or that, when you can provide free information that users want/need and get paid well doing it.

    I drive traffic by building responsive email lists using fresh / targeted 3rd party email data and generating real-time, co-reg leads.

    3rd party data is email leads of users that have shown an interest in a specific PPL niche or offer and have given permission to receive messages from third parties. You get the opt-in record of each user and it's 100% can-spam compliant.

    Co-reg is simply where you place an ad for a specific PPL offer on a co-registration network and their publishers display it at the time a user is signing up with them and can request more info about the offer. When a user requests more info their contact info is then automatically imported into your ESP account and they are sent a message regarding the offer. You pay on a per lead basis.

    So with the above, I am getting fresh / targeted leads specifically for the PPL offers I'm promoting. However, they are not typically as responsive as a high-quality opt-in list that you build yourself. So to compensate for this you need to work with higher volume. This is not a big deal since the cost is much cheaper and highly scalable compared to traditional list building methods.

    When mailing, you want to skim off the top any fast-track conversions and then for long-term success, you want to always be collecting your opens / clickers, segmenting and removing unresponsive users...converting the leads from quantity to quality and into responsive lists. Which you can then also cross-promote other offers on the back-end.

    So basically I promote PPL offers because they provide the path of least resistance to generating conversions/$$$ and converting the data into cash producing assets.

    There's actually more to it than it sounds, but done right it can be extremely profitable. Everyone that I know that is in the business and knows what they are doing, for the most part, does 6-7 figures. While that's a huge range, much comes down to one's ability to scale and effectively build / manage the infrastructure needed to scale.

    Something to think about

    If buying email data isn't for you, there are marketers that do the above by using PPC. However, you may find it more costly on the front-end.
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    • Profile picture of the author MrLeN
      Originally Posted by DIABL0 View Post

      I can tell you what I do and works for me...been doing for over 17 years.

      I heavily promote PPL (pay per lead...lead generation) offers. This is because there is no credit card / purchase required to complete an offer. All a user has to do is fill out a form, so conversion rates are typically much higher compared to offers that require a sale to be made.

      I favor offers that have a make, get or save money benefit to them, as they have overall worked the best. They also tend to have the greatest mass appeal (will be of interest to a large general audience), so the potential exists to produce high volume and they are fairly easy to cross promote on the back-end.

      Some of the verticals (niches) I have done extremely well with are: education, insurance, loans, debt, credit, mortgage, assistance, discount offers, homeowner offers, etc...

      The bulk of the PPL offers that I promote pay $20-$40 per lead, but I also promote offers that pay more and less. You don't want to get too caught up on what an offer pays because how well it converts is just as important. For example, if you have an offer that pays $9, but if it converts at 2X or more of a $20 offer, then it will perform about the same or possibly better. At the same time, if you have an offer that pays $90 and it converts poorly, it may not even be worth promoting.

      I have also done just as good with dating website sign-ups and pretty good with free trial + S/H offers. I also promote a very limited number of offers that are straight sales offers. However, mass appeal needs to exist and I also look for one of the following...

      1) The product is new and/or novel-unique and you can't purchase it locally or even something similar. I don't waste my time with it once it or something similar shows up in Walmart.

      2) The buyer can truly get what is being offered at a decent discount.

      3) Solves a house is on fire type problem.

      However, most of the above I will promote on the back-end. Which is why the first thing I look for is mass appeal.

      Bottom line, it's far easier to get someone fill out a short form than to get them to pull out their credit card and make a purchase. So why struggle with trying to sell this or that, when you can provide free information that users want/need and get paid well doing it.

      I drive traffic by building responsive email lists using fresh / targeted 3rd party email data and generating real-time, co-reg leads.

      3rd party data is email leads of users that have shown an interest in a specific PPL niche or offer and have given permission to receive messages from third parties. You get the opt-in record of each user and it's 100% can-spam compliant.

      Co-reg is simply where you place an ad for a specific PPL offer on a co-registration network and their publishers display it at the time a user is signing up with them and can request more info about the offer. When a user requests more info their contact info is then automatically imported into your ESP account and they are sent a message regarding the offer. You pay on a per lead basis.

      So with the above, I am getting fresh / targeted leads specifically for the PPL offers I'm promoting. However, they are not typically as responsive as a high-quality opt-in list that you build yourself. So to compensate for this you need to work with higher volume. This is not a big deal since the cost is much cheaper and highly scalable compared to traditional list building methods.

      When mailing, you want to skim off the top any fast-track conversions and then for long-term success, you want to always be collecting your opens / clickers, segmenting and removing unresponsive users...converting the leads from quantity to quality and into responsive lists. Which you can then also cross-promote other offers on the back-end.

      So basically I promote PPL offers because they provide the path of least resistance to generating conversions/$$$ and converting the data into cash producing assets.

      There's actually more to it than it sounds, but done right it can be extremely profitable. Everyone that I know that is in the business and knows what they are doing, for the most part, does 6-7 figures. While that's a huge range, much comes down to one's ability to scale and effectively build / manage the infrastructure needed to scale.

      Something to think about

      If buying email data isn't for you, there are marketers that do the above by using PPC. However, you may find it more costly on the front-end.
      All that seems pretty straight forward.

      I guess it's all about the numbers.

      I could see myself setting something like that up.

      Once you have a system up and running, it's just a matter of purchasing more emails and deleting the unresponsive ones. Eventually, I'd have a pretty nice list.

      I imagine there would be a lot of spam complains though -- as I believe 90% of people would forget they clicked "yes I'd like to receive emails from 3rd parties". How do you deal with that?
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  • Profile picture of the author DURABLEOILCOM
    I would recommend an E-commerce business selling on Ebay and Amazon. You can make good money basically on auto pilot using fulfillment services.
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  • Profile picture of the author ChrisBa
    Originally Posted by MrLeN View Post

    I am well paid at the moment, working 14 hours a day.

    I want to try to use the money I am making to create an online business.

    What do you suggest?

    If you had $500 a week budget, and you're starting from scratch -- how would you turn that into a reliable income?
    For me it would be affiliate marketing with paid traffic
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  • Originally Posted by MrLeN View Post

    I am well paid at the moment, working 14 hours a day.

    I want to try to use the money I am making to create an online business.

    What do you suggest?

    If you had $500 a week budget, and you're starting from scratch -- how would you turn that into a reliable income?
    I like selling ebooks and doing consulting, so if i had to start over from scratch (and gain back valuable years of my life), i'd create a simple ebook site with related backend products... and then eventually have them all lead to a monthly consulting program for greater profits.

    Then i'd just automate things to around 90%, and let it run.

    $500 a week is good money to invest in PPC advertising and media buys, but you can easily waste it and mess it up by following bad practices.

    I would suggest figuring out the kind of online business you want to have, the kind of income that makes you feel "comfortable", and then finding that particular business model that aligns with these things, and enter & sell in that arena.
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  • Profile picture of the author Jen Eick
    You don't need to spend that much. You're lucky to have such a good cushion and amount to invest, but I would first ask:
    - What niche do I want to pursue, and is it lucrative?
    -How can I use my knowledge and expertise to bring value to the marketplace in this niche?


    From there, decide whether you want to be an affiliate or make your own product. Your only real costs are an autoresponder, web hosting, software to make high-quality screencasts and videos , membership site software, and ads through a service like Facebook/Bing/Google or solo ads (depending on your niche, and your desire to invest money vs. your time. Hypothetically, you could pay with your time instead of money, and drive the traffic for free without any of these measures). And, knowledge from a good mentor on how to put it all together.



    A good mentor to show you step-by-step may be the largest expense, but a good one will be worth it in the long run.


    Even once you're going full swing, your budget shouldn't require the type of figures you're talking about. You're in this to make money...not spend it!
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  • Profile picture of the author IGotMine
    You joined this forum in 2008 so you are not a newbie. What have you done in the last ten years that has worked?
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    • Profile picture of the author MrLeN
      Originally Posted by IGotMine View Post

      You joined this forum in 2008 so you are not a newbie. What have you done in the last ten years that has worked?
      I have built a lot of websites for businesses, including SEO, server management, graphics, content writing, social media management, programming, ad creatives, videos, and more.

      I have all but run my own show.. I am ready to branch off and do my own thing.

      I have been building websites since 1999.
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      • Profile picture of the author IGotMine
        Originally Posted by MrLeN View Post

        I have been building websites since 1999.
        How are you at promoting them?

        You might think about building "businesses in a box" PLR. They do pretty well on JVZ and some of them are terrible quality. There's a repeat market there even though buyers may have numerous "businesses in a box" collecting digital dust on their hard drives.
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