If I had $5k to spend...

34 replies
Let's say I was a relative newbie marketer and I had 5k to spend on educating myself and setting up an online business.

How would you advise me to go about it

If you choose coaching, who would you reccommend!!

Cheers
Kim
#$5k #spend
  • Profile picture of the author theemperor
    I would spend most of the $5k on a site from Flippa that is already making money. This would increase my confidence that it is possible to make money online. You may need to spend $100 to get a good eBook or course on how to choose a site to buy on Flippa, so you don't get stung.

    A good choice will make you $500-$1k a month instantly, and you can use methods available for free on WF or WarRoom to try to increase the revenue, in 6 months time you might be able to flip the site - maybe for a small profit but with the revenue earned too it will be a nice little earner.
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    • Profile picture of the author discrat
      Pay for Quality, Unique Articles to go on a Blog or Website. Then take Money to re spin them and Submit them to EZA ,GoArticles and Article Base.
      And also invest in some quality Backlinking Services like Angelas Packets. And a few tools like Market Samurai or MNF.

      And thats all you really need !!

      Oh and buy a War Room membership !!
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  • Profile picture of the author Ashley Wright
    Hire myself won't charge you the full $5k though!! lol
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  • Profile picture of the author GoGetta
    Yes, like the emperor, buying a site with some of it that is already making nice money is a great way to start. Then buy a course on traffic generation and make more. At least then, the pitfalls of bad copy and bad site setup wouldn't be an issue.

    It is just, pick up, and run with it!

    GoGetta
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  • Profile picture of the author Kim Standerline
    Thanks for the input guys

    Does anyone else have any suggestions, remember this is for someone who doesn't have a huge amount of experience

    Kim
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  • Profile picture of the author LK
    What I'm getting soon (need to evaluate the programs a bit more first)

    Market Samurai $97 (if you sign up for the trial version you get a discount I think)
    Artisteer home edition $49
    Some domain names $9+ (price is relative I guess)


    Already have but would get if I didn't:
    Hosting about $100/yr (price is relative)


    I'm probably not getting any educational materials as I can find it all for free, now that I've got a foot in the door.

    If I had 5k burning a hole in my pocket RIGHT NOW, I'd spend the remaining amount (that I didn't spend above) on stocks.
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  • Profile picture of the author TylerF
    I would invest that into quickly failing with PPC,banner ads and media buys, doing CPA marketing.

    No matter how much coaching or products you read on ad buying, it will never be better than doing it hands on and failing fast.
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    • Profile picture of the author Lawrh
      Originally Posted by TylerF View Post

      I would invest that into quickly failing with PPC,banner ads and media buys, doing CPA marketing.

      No matter how much coaching or products you read on ad buying, it will never be better than doing it hands on and failing fast.
      Similar, but with direct buys instead. The cost is much lower and so gives more time to develop your skill, while reducing your chance of failure.
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    • Profile picture of the author theemperor
      Originally Posted by Kim Standerline View Post

      So what about some intensive coaching (mentoring)

      Anyone got any ideas on that?
      Sorry I think many of us are pragmatic business people looking to invest time and money for ROI. Paying $5k for coaching from the get-go doesn't fit in with that philosophy. Paying $5k for training on an essential topic once you are making $50k a month might be a no-brainer.

      If it was training to be a nurse / child minder / web designer I could see the point, but the best training in how to make money is to go out and try to make some, using the capital to help with things such as buying assets (my example of buying a site) or hiring help, or books for information. Experience is the best coach.
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    • Profile picture of the author Kim Standerline
      lol I'm not asking for me, I'm quite happy with my bit of IM dabbling now, (been there and got the tee shirt to show the scars)

      Someone approached me and asked for some advice and mentoring/coaching to help them get an online presence. They said they had $5k to spend on a product/education etc.

      I was curious as to what warriors would come up with in ideas etc as I just don't have the committment at the moment to offer him.

      Kim

      Originally Posted by Mr. Goof Off View Post

      You sure you need coaching? $5000 could be better served in an actual investment where you will get an actual return. I can't tell you what to do with your money, but, maybe rephrasing the question?
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      • Profile picture of the author theemperor
        Originally Posted by Kim Standerline View Post

        lol I'm not asking for me, I'm quite happy with my bit of IM dabbling now, (been there and got the tee shirt to show the scars)

        Someone approached me and asked for some advice and mentoring/coaching to help them get an online presence. They said they had $5k to spend on a product/education etc.

        I was curious as to what warriors would come up with in ideas etc as I just don't have the committment at the moment to offer him.

        Kim
        I liked the SBI idea mentioned earlier. It has made a big difference to how I do IM and got me concentrated on one thing and it was fairly successful in creating traffic. But it does concentrate solely on SEO at the expense of good site design and looking at other traffic methods, and it seems a bit dated, but not a bad place to start.

        Also I imagine James Hickey could provide some good consultancy and training - I'll leave it up to him to say whether $5k is enough to afford him!
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        • Profile picture of the author Kim Standerline
          I joined SBI a few years ago and wasn't overly impressed, I found it very restrictive though to be fair it's probably come along in leaps and bounds now.

          Originally Posted by theemperor View Post

          I liked the SBI idea mentioned earlier. It has made a big difference to how I do IM and got me concentrated on one thing and it was fairly successful in creating traffic. But it does concentrate solely on SEO at the expense of good site design and looking at other traffic methods, and it seems a bit dated, but not a bad place to start.

          Also I imagine James Hickey could provide some good consultancy and training - I'll leave it up to him to say whether $5k is enough to afford him!
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  • Profile picture of the author triosolutions
    The idea is hiring someone is very nice but you should be very careful or else the people whome you are hiring, will ask more and more money and wont give any finish product to market.

    You should be draft some kind of legal document and never pay full amount upfront.

    In the past, I paid 100% upfront amount and received nothing.

    Zahira
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    • Profile picture of the author Steven Wagenheim
      $5K...No experience...no smarts...no nothing but $5k burning a hole in my
      pocket.

      Easy.

      I'd buy a PLR product for a hot niche for about $97. That will insure good
      quality, or at least give you a good chance at it.

      I'd spend $500 for a top notch ghost writer to really spruce it up.

      I'd spend $3,000 on a very good copywriter for the sales page. Yes, you
      CAN get one for that amount.

      I'd take the remaining $1,400 and get a coach specifically targeted towards
      advertising (ppc, ad buys, etc.) and use what's left of that to get hosting
      and a domain and promote the site, following to the letter the advice of
      the coach.

      For a marketing coach, I would go with Jeremy Kelsal, He has some nasty
      tactics that work very well. Plus, I think he'd be able to do this under
      budget for the guy.

      If the product sells for $47, I'd offer 75% to affiliates, which leaves about
      $11 per sale for you.

      Judging by past experience, this should be good for a steady 200 sales a
      month (and if it's an evergreen product) should last a long time.

      That's over $2,000 a month income easily. Your 5K is made in 3 months
      with a profit of $1,000.

      I'd then start reinvesting the profit into other niches just repeating the
      process. Now that you've been trained on the marketing end, you won't
      have to spend the $1,400 a month on that anymore so your ROI will be
      higher.

      This is a slow process, as you can see, because you're laying out a lot
      of money that will be returned over time.

      But imagine you've cranked out 20 of these niches inside of say, 2 years.

      At a modest $2,000 a month for each one, that's $40,000 a month total
      income.

      That's $480,000 a year...for literally very little work.

      I could easily live off of that.

      And remember, these are very conservative estimates. I know some
      CB products that do 300 to 500 units a month...if not more.

      Plus, if you want to make more money, simply increase the price of your
      product. Just check out the competition first before you do it.

      This is just off the top of my head or it would be more detailed, but I
      think you get the general gist.

      $5K is a lot of money to have around and there are TONS of ways to
      turn that into a substantial income without being any smarter than a
      bean on a taco shell.
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      • Profile picture of the author bretski
        Originally Posted by Steven Wagenheim View Post


        I'd buy a PLR product for a hot niche for about $97. That will insure good
        quality, or at least give you a good chance at it.

        I'd spend $500 for a top notch ghost writer to really spruce it up.

        I'd spend $3,000 on a very good copywriter for the sales page. Yes, you
        CAN get one for that amount.

        ....etc....

        .
        Good plan in my eyes...

        First thing I would do though is not tell anyone I had 5K that I wanted to "invest". No different than lottery winners... there are so many people out there that will try to convince you to invest that money with them. Most wind up back where they started less the lottery winnings.
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      • Profile picture of the author Rod Cortez
        For a marketing coach, I would go with Jeremy Kelsal, He has some nasty
        tactics that work very well. Plus, I think he'd be able to do this under
        budget for the guy
        .
        I also agree with that. J-dawg and Don's stuff has made me some good money. With his coaching you couldn't go wrong (that is if you're the type that can focus, stick with it, and don't mind w-o-r-k-i-n-g).

        RoD
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  • Profile picture of the author Rod Cortez
    I would first ask the newbie a TON of questions to find out their strengths and weaknesses, what their interests are, what skills they have, and get a general over all feel for what their knowledge base is, how much time per week they have, their budget, get an overall synopsis on their overall financial plan (personal, not business yet), their 1, 5, and 10 year goals, etc.. Then I would make specific recommendations based on that.

    In general, however, I would ask the newbie to get some laser, focused coaching from someone like John Taylor. They would end up with a plan of action and be held accountable to it.

    RoD
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    • Profile picture of the author Peter Bestel
      Originally Posted by Rod Cortez View Post

      I would first ask the newbie a TON of questions to find out their strengths and weaknesses, what their interests are, what skills they have, and get a general over all feel for what their knowledge base is, how much time per week they have, their budget, get an overall synopsis on their overall financial plan (personal, not business yet), their 1, 5, and 10 year goals, etc.. Then I would make specific recommendations based on that.

      In general, however, I would ask the newbie to get some laser, focused coaching from someone like John Taylor. They would end up with a plan of action and be held accountable to it.

      RoD
      Rod

      That's exactly it!!

      How the heck can a newbie (by definition: knows nothing but the 'potential' of making money on the internet) flip a website, or know what to do with a $97 PLR product, or get their head around PPC?

      All this takes learning, time, probably huge amounts of wasted time talking to the wrong people, listening to people who don't know what they're talking about, buying crap because they're too easily sold on hype and they'll be throwing money at it without knowing what they're doing.

      By definition they don't know what they don't know!

      If they had the desire to learn, the time to do it, the money to spend AND they were fortunate enough to talk to someone who could advise them properly then what Rod suggested is the way to go.



      Peter
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  • Profile picture of the author markshields
    i think you need a system, You need to follow the way which are already tried and tested..Don't re-invent the wheel - don't make the mistake of wasting time and money in developing a product.
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    • Profile picture of the author ksburgess
      I would have them buy an SBI! for their first site, Raydal's autoresponder course so they can learn with the "hand holding" his software gives how to write persuasive copy for their list.

      Terry Dean's marketing newsletter (the paid, hard copy one). It's really great and covers lots on copy and is easy for beginners to dig into.

      If you want high-priced... Product Launch Formula has taught me so much about how to learn about my market, understand their wants, frustrations, desires, etc. Lots of good info packed in there.

      I've been dabbling in a little in mini-sites just to try them out and I've liked Micro Niche Finder for that.

      But really, I love working on my two authority sites (SBI!) sites and for me, my first SBI! is the third best decision I have ever made in my life (first being marrying my hubby and second being having my wonderful kids.) So I recommend that
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      • Profile picture of the author Intrepreneur
        Spen it on everything necessary to create a succesful online business but as you said newbie I'd guess the 5k would be gone before it even made it into a worthy investment.
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        Started this stuff 2009. Time is what will teach you the skills you need.

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        • Profile picture of the author DogScout
          Originally Posted by Intrepreneur View Post

          Spen it on everything necessary to create a succesful online business but as you said newbie I'd guess the 5k would be gone before it even made it into a worthy investment.
          Lots of sharks out there. I'd certainly have done something different with my money... live and learn. I like Wag's idea. I need to pick his brain!
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          • Profile picture of the author Intrepreneur
            Originally Posted by DogScout View Post

            Lots of sharks out there. I'd certainly have done something different with my money... live and learn. I like Wag's idea. I need to pick his brain!
            A newbie could probably never do that on their own, they'd need help.
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            Started this stuff 2009. Time is what will teach you the skills you need.

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            • Profile picture of the author Tina Golden
              I would tell them to put all the money in the bank for now.

              Instead of spending money, they should spend some time educating themselves on the types of business models out there. Figure out what model best suits their skills and temperament, then find someone who is a specialist in that model to learn from.

              Buying a product or a system or coaching will not help if they don't first have some idea of what direction to go in.

              Tina
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          • Profile picture of the author Black Hat Cat
            Banned
            Originally Posted by DogScout View Post

            I like Wag's idea. I need to pick his brain!
            Maybe you could start by asking him why he doesn't actually follow it.

            It's not a bad idea, but the numbers need a little tweaking. I'm not sure how one is supposed to buy advertising(ppc, media buys, etc) per his idea with less than $100 left over.
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            • Profile picture of the author Steven Wagenheim
              Originally Posted by Black Hat Cat View Post

              Maybe you could start by asking him why he doesn't actually follow it.

              It's not a bad idea, but the numbers need a little tweaking. I'm not sure how one is supposed to buy advertising(ppc, media buys, etc) per his idea with less than $100 left over.
              You're right. My math...as usual...is a little off.

              As for why I don't do this myself, I don't have to spend money for my
              business. I have a steady flow of content going out and already bringing
              in opt ins building my list that spending money at this point is stupid for me.

              I mean how much money does one need? I'm happy with what I earn so
              feel no need to blow it on PPC, ad buys and all the rest.

              But if I was starting over, and didn't want to write thousands of articles
              again and have to wait months to see things take off, I'd go the paid
              route right away.
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  • Profile picture of the author futurestrategy
    I would say you will need to study prons and cons first, before venturing upon unless this was your planned business line. Hope its not on public opinion.

    My suggestion is to spend your physical time with one of seniors who is well established with good traffic and work for them with proper guidance and then jump onto it.
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  • Profile picture of the author Terry Hatfield
    Hi,

    My advice would be this.

    Buy some e-books that show you how to make money without money. Don't buy the expensive courses mostly you can get the same info in the ebooks.

    Start putting the e-book to use that fits your personality the most.

    When you start making money now you have a system that works.

    Take the remaining $4700 or so that you have left and start outsourcing like a maniac.

    Terry
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  • Profile picture of the author Jared Felt
    For whatever market you get into... you NEED to spend the time, not money, on learning exactly how your market thinks, talks, what they want, etc. That's more valuable than any course you can buy. Once you know that, the rest is easy.
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  • Profile picture of the author John Atkins
    Start testing... $5K is more than enough to get started online. Try
    building websites, try paid advertising... whatever. When you find
    something that generates money, keep at it, and invest more
    money on it if need be.

    Cheers
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  • Profile picture of the author Don Warren
    I use a coach and he has now made me a lot of money just be following his techinques. I won't advertising him here cuz I don't want to spam but you can PM me.
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