While many people aspire to create their own business every year, the odds of success are slim. When you look online and see success stories all over the place, this is simply because no one wants to write or read about the massive failures that happen every day. In fact, for every success story, you come across, there are probably 1,000s of failed businesses, startups, and ideas that happened behind the scenes that not many people ever heard about.
An article in Business Know How estimates based on SBA statistics that out of hundreds of thousands of businesses started each year, only about half are still in business five years later and only a third after ten years — and even these numbers still seem high for success rates.
While there are many reasons for this high failure rate, two major reasons are that businesses are underfinanced and that new business owners don’t have enough knowledge and experience to overcome the inevitable business problems they encounter. While the concept of starting a blog requires minimal-to-no investment, it still shouldn’t be something you jump into blind. Now imagine doing the same thing if you were going to start a company, pay for rent, hire staff and take out a loan in the process. For more details on this process, simply follow my how to start a blog course on Udemy, which currently has over 10,000 students and more than 100 5-star reviews!
Your chances of success increase if you know how to start a franchise rather than plan to start a business from scratch. Your odds of success increase because you are following a proven formula and get plenty of guidance from the franchisor on how to operate the business. In addition, to tapping into expert knowledge on what to do, it’s also easier to get funding for a franchise because a lender can review the franchisor’s figures to determine if a business owner will be able to repay a loan.
So, if you want to start your own business, either as a franchisee or to launch your own business idea, how do you go about raising the money that you need to be successful?
Here are 7 ways to raise the money you need to start your own business.
1. Finance yourself
The upside of financing yourself is that you don’t owe anybody anything should your business fail; and depending on how you’re self-financing, you may not have to pay interest on the money. The downside, of course, is that you could lose everything you’ve worked your whole life to slowly accumulate.
Financing yourself can be done by tapping into your personal savings, by selling your personal assets, using your credit cards, borrowing against your home, taking out a personal bank loan, or cashing in on your IRA or your 401(k) retirement accounts.
2. Borrow from family and friends
If you can’t raise enough money through self-financing, you can get some extra capital by borrowing from friends and family. Again, this, too, has obvious risks, if your business venture doesn’t succeed as well as you had hoped, you may have a difficult time paying everyone back and this could permanently destroy your close relationships.
3. Get help from Uncle Sam
The Small Business Administration (SBA) will not directly lend you money for your business, but it will offer a guaranty program for getting a loan from banks, credit unions, and other qualified lenders. You might be able to get funds from a 7(a) Loan Program or a Microloan (ranging from $10,000 to $50,000).
4. Apply for Venture Capital (VC) funding
If you can convince a VC firm that you have a brilliant business idea that they might be willing to make a direct investment in return for equity stakes in your business. These loans tend to be difficult to get because venture capitalists tend to be very selective. Even if you do happen to have invented a device that could change the world as we know it, a startup destined for explosive growth, you also have to give up more equity or control of your business operations that you feel comfortable with.
5. Talk to an Angel Investor
The idea of an angel investor sounds like a dream come true—an affluent person looking for an investment opportunity. However, like a VC loan, they will ask for a large equity stake in your business and also try to control how you run things as a way of protecting their investment.
6. Get help from an aggregate of strangers
Crowdfunding is one of the most democratic ways of getting enough money to launch a business. In crowdfunding, many people will donate a small amount of money each toward helping you reach your financial goal.
However, there are four things you need to do to be successful with crowdfunding.
- Intrigue your audience. Usually, the more creative the idea, the more likely it will be to appeal to people looking to donate to a worthy cause. For instance, writing an unusual book, making a documentary movie about some endangered animal in a remote region of the world, researching a free-energy device, and so on.
- Follow all the rules. You need to follow all the rules of the crowdfunding platform. If you fail to follow these rules, even if it’s out of ignorance, all the money might be returned to the donors.
- Give donors a memento for their efforts. It could be a copy of the book they helped you research or a t-shirt or a membership to a business you’ve built.
- Pitch a good story. You will need to be very good at marketing your idea—with lots of strong copy, great video presentations, and other forms of delivering your pitch.
Although it’s not easy to fund your business, it is possible to find the right funding for your startup. Sometimes, too, you may have to try a number of different ways to raise the capital you need.
Top 20 Most Expensive Domain Name Sales Ever
Imagine buying a brand new domain name for $10, then holding onto it for a few years and selling it for millions! The scenario is extremely unlikely, but it does happen. More often than not, the domain is sold for thousands, but the individual ROI on that initial $10 can be huge! Welcome to the world of domain name buying and selling.
Having been making money online since the mid-90s, I’m always kicking myself at the thought of being able to get my hands on some of the best generic domains back before they were registered. Oh, well 🙂 I think it all ended up for the best so far anyway.
With the discussion of domain names and high-valued tech companies always in the news, the dream of selling a domain name for a ton of money isn’t that far off — especially if you know what to look for, or are currently sitting on a nice portfolio of domains. To help with this process, we’ve created an excellent reference guide that covers everything you need to know domain names, values, and registering some great ones of your own.
Most expensive domain names publicly reported
When it comes to looking up the most expensive domain names ever purchased, it’s an ongoing process. With more than 100,000+ new domains being registered daily, it’s a full-time job to keep the list of most active and highest-priced domain names updated. Thanks to GoDaddy, we don’t have to compile this type of information ourselves, as they are one of the largest domain registrars in the world today, and publicly post this data on their site.
At the same time, there are many different ways to list and sell domain names — both publicly, privately, and through domain brokers. GoDaddy also reports that most domain names sell for thousands of dollars when being purchased from someone else.
With all of that in mind, let’s take a look at the top 20 highest selling domains names to date — courtesy of GoDaddy.
- Insurance.com — $35.6 million
- VacationRentals.com — $35 million
- PrivateJet.com — $30.18 million
- Internet.com — $18 million
- 360.com — $17 million
- Insure.com — $16 million
- Fund.com — £9.99 million
- Sex.com — $13 million
- Hotels.com — $11 million
- Porn.com — $9.5 million
- Porno.com — $8,888,888
- Fb.com — $8.5 million
- Business.com — $7.5 million
- Diamond.com — $7.5 million
- Beer.com — $7 million
- iCloud.com — $6 million
- Israel.com — $5.88 million
- Casino.com — $5.5 million
- Slots.com — $5.5 million
- Toys.com — $5.1 million
The common theme across nearly all of these multi-million dollar domain sales is that they are super generic one-word domain names, that are also .com. The only two exceptions are VacationRentals.com and PrivateJet.com, which both sold for more than $30 million each! The fifth highest selling domain isn’t even a word at all — it’s a number (360.com)!
How to Pick a Great Domain Name
Obviously, the most expensive and valuable domain names are going to be one-word generics that are .com names. What’s also obvious, is that these type of names are no longer around and if you ever wanted to buy and sell domains for profit, you either need to get your hands on a great name, have an existing portfolio, or be really good at coming up with new names that people might want (which happens all the time).
Some simple tips to keep in mind when trying to pick a good domain name.
- Stick with the main TLDs of .com, .net, and .org
- Stay away from using dashes and numbers in domains
- The more generic the better, two words are better than three
- Make sure the domain is easy to remember and spell
- Don’t use numbers in place of letters/words (ie: “8” instead of “ate”)
- Always register your personal name if it’s available
By following these tips, you will have a much better chance at not only registering a great domain name for personal use, business, or for selling — but also making sure it’s the highest value possible.
Using Name Generators to Find New Names
There are two ways to register/buy a domain name. The first is to go through a broker or online site where a domain is already registered and up for sale. The other is going to a domain registrar and simply registering it for the first time. Heading to a site like NameCheap or GoDaddy and getting a new domain name for around $10 is ideal, but also very tough since nearly all the good names are already taken.
If this is the case, you might need to get a bit creative with your domain name, or coming up with a new name for your brand or business. For times like these, I recommend you take a look at these domain name generators. If you are looking for a unique name for blog, business, or products, check out these useful name generators as well.
Something else to keep in mind when registering a new domain name, is that if it’s available, it might not be that great after all. Always consider the domain name you are registering, and also follow the recommended tips that were pointed out above.
Why You Must Register Your Personal Name as a Domain
Your name is unique, and there is no one else in the world like you! However, there are probably hundreds (if not thousands) of other people that share the same name as you. With this in mind, there is a very good chance that someone has already registered your name as a domain if you haven’t secured it already.
Here are two steps everyone needs to follow right now:
- See if your personal name as a domain is available
(get a free domain name with a new hosting account)
- If it is, register it! If not, register it as a .net or .org.
If you currently share the name with a famous celebrity, senator, or online marketer, it’s likely your name is already taken as a domain name and there is little chance you will be able to acquire it. This has happened to some of the world’s biggest celebrities, athletes, entrepreneurs, and politicians — Justin Beiber (domain name site shown below), Bill Clinton, Johnny Depp, and many others.
Don’t miss out on registering your personal name as your domain name, as once it’s gone — it’s likely gone forever! If you currently have close friends and family, you might want to check for their names as well.
If your domain name is already taken, it’s not a complete dead end. Here are a few options you have:
- Use a domain name expiration service like NameJet or Pool
- Hire a domain broker to try and get the domain for you
- If there is a website, contact the domain owner
Want to get even more creative? Start registering the names of anyone else you know, or who might be an up and coming star, and keep them safe until they are famous and world renown!
Get a Free Domain Name with All Hosting Accounts
Now that you’ve seen some of the most expensive domain names in the world today, and why it’s so important to register your name as a domain, it’s time for you to take action.
We are currently partnered with Bluehost — one of the world’s most trusted and well-known hosting companies — and they are giving away a free domain name to all hosting sign-ups made through our blog. At the same time, users will also save 60% off their hosting plans, while getting a free SSL certificate, WordPress Install, and 24/7 support.
After setting up your new domain name and hosting account through the link above, be sure to shoot me an email. I’d love to provide you with full access to some of my best online training courses and video guides, valued at over $1997. I’m looking forward to hearing from you soon.
5 Easy to Use Websites and Apps for Making Money through Side Hustling
Side hustling is perfect for when your main income is not being as reliable as you’d thought, or if you need extra pocket money for a large purchase or unexpected bill. Maybe you just want to earn more money? In today’s ‘gig economy’ there are lots of apps that allow you to make extra money doing everyday tasks as people are finding it so easy to outsource what they need help with or would rather not do themselves. Take a look at some of these apps and websites to see how you could get started with a side hustle.
This is an app where people can outsource tasks that they cannot/will not do themselves, which could be anything from assembling flat pack furniture to event planning. Just register as a ‘tasker’, add the tasks that you’d like to do for others and set your rates. With Task Rabitt, you can scroll through tasks and accept tasks that work around your schedule. If you have a car, this could give you access to extra tasks like collecting people’s shopping or making deliveries.
If you’re already a courier and are often driving around with surplus space in your vehicle, take a look on Shiply for deliveries that are along your existing booked routes. By adding extra cargo to routes you are already traveling along will make your journeys more efficient and will earn you some extra money, too. Take a look at the delivery jobs on offer and make a few bids depending on the space you’ll have in your vehicle on those dates. Others will be bidding too, so don’t be put off if your quotes don’t get accepted straight away – others may have already built up feedback so give it some time to earn a good reputation on your Shiply profile.
Way too many people are focused on the big goal of making millions of dollars online, and missing out on the many opportunities around them. With billions of people now online, it’s more about how to make a few dollars from a lot of people, versus going for a big win and cashing in overnight. Fiverr is an online marketplace with micro-jobs that start off at just $5 each, and scale all the way up to $995 for more advanced gigs. Selling your own expertise and service through Fiverr can definitely make you a lot of money online when done right. For example, a couple years ago I interviewed Joel Young because I loved his video work and knew he was onto something big. Just recently he was profiled on Inc. for generating over a million in sales through Fiverr!
If you’ve had pets before, looking after people’s animals while they are away is a great way to earn some extra cash in an enjoyable way. Through the use of Dog Vacay, anyone with a passion for animals and looking to make some money, can do exactly that. Find the app that works for you (or all of them if you like!) get your profile filled out as much as you can, and make sure you put details of your experience with animals and your trustworthiness. Don’t be disappointed if you don’t hear from anyone for a while, the bookings tend to be more popular around national holidays so it might not necessarily be a side hustle you can rely on a regular basis, BUT has the potential for you to become a regular sitter for several homes in the long term. If your clients say you did a good job, encourage them to leave good feedback on your profile to attract more clients.
You’ve likely heard of getting paid for taking online surveys and submitting user reviews, however, most of the sites out there are junk and will sell your personal information way before you ever get a payment. One of the best-incentivized review sites out there (that I’ve seen), is Capterra. I was actually using the site to leave a genuine review for a company that I use, then I received an email a few weeks later from Capterra offering a gift card if I was to continue reviewing difference products and services on their site. I ended up taking them up and got a $100 gift card for my time — all through email and was super easy to complete. Definitely one of the best compensation-based review sites out there.
How to Find the Best Way to Make Money with a Side Hustle Online
As you can see, there are plenty of legitimate ways to make money online with a side hustle. Each of the sites above are real and have paid out millions of users on their platforms.
Of all the many different ways to make money online, I highly recommend starting out with a blog and growing it out with your own content and using affiliate marketing to generate revenue in the process. Blogs are also great for anyone with an expert or skills they are trying to sell — especially freelancers.
To get started with a blog of your own, be sure to sign up for my free video series at 7DayBlogChallenge.com.
Creative Ways to Start Making Money Online with Just $100
Every day I get a ton of emails asking me how to make money online. Thanks to the power of the internet, anyone anywhere can start making money if they are willing to just put in the time, work, and effort. In addition to the generic question of how to make money online, another common question is how much money you need to get started with.
The truth is, there are plenty of ways to make money online — especially when you have some money to start with, but don’t expect to get rich overnight in any scenario. Building an online empire takes time, and this is something I’ve been doing for over 20 years now.
With all of that being said, here are some ideas for responsible ways to invest or make money online when starting with just $100.
Start a Blog and Build a Business Online
I can’t stress the importance of this one enough. Blogging is one of the easiest, cheapest and most effective ways to make money online — when you put in the work.
With $100, you can get three years of web hosting and a free domain name through Bluehost. This comes out to less than .10 per day.
As I mentioned at the beginning of the article, many of these methods will take time — and blogging is definitely one of them. Creating content, ranking in the search results and running a site using the WordPress platform are all free things, but you should also figure out a business model for your site as well.
Also, if you don’t think blogging can make you money or change your life for the better, just take a look at this list. I can completely relate, as starting my blog back in 2007 was definitely one of the best decisions I ever made.
However, when it comes to blogging, not many people know where or how to get started. The good news is that I created a free blogging course that anyone can sign up to, which will provide them with all of the training and guidance they need to start a blog and find success online.
Get Active in the Stock Market or Penny Stocks
For investors who don’t mind taking on some risk, the stock market is open to investors with low capital volumes. Technically speaking, you can buy stocks for as cheap as less than a penny per share — these are often referred to ask “Over the Counter” (OTC), or penny stocks. You usually won’t hear about these stocks on CNBC or in the news, as they are often more volatile and not super huge companies with thriving businesses. It’s not typically recommended to buy such stock unless you are willing to accept above-average risk for a very unlikely award.
However, there are promising opportunities, like medical marijuana stocks, which budget investors can partake in. As with any type of investing, it’s often best to buy stocks with the intention to hold on to them for some time, but there are many investors and day-traders who have done very well with jumping in and out of stocks for quick gains.
Thanks to online trading platforms like Etrade, Ameritrade, and others, it’s easy for anyone to get started with online trading — whether you are looking to invest for the longer or simply jump in out and for quick gains/loss. This is something Tim Sykes and I talked about in our interview on Rise of the Entrepreneur.
This is something we continually see whenever something new comes into the industry, or new regulations come into play like GDPR and sports betting. Both of these examples are completely different, but new businesses and services will be applied to each — while generating a lot of money in the process.
Affiliate Marketing Earnings Can Scale Quickly
Affiliate marketing is still one of the best ways to make money online — especially when you are focusing on media buying and have some money to work with.
Blogging and affiliate marketing is a powerful combination, but without the necessary money aspect, it can definitely take time to build out an active website or blog that has enough traffic to make decent money. When jumping into affiliate marketing with a nice budget, you can start setting up new ad campaigns and focusing your efforts on media buying, Facebook Ads, pay per click marketing, popup ads and much more.
Granted… $100 isn’t much to work with when it comes to affiliate marketing — but it’s a great place to start if you are looking to make money online. If you decide to go this route and have only a small budget to work with, start with email/zip submit offers and media buying. This will allow you to limit your daily budget, understand your audience, improve conversions and not blow your budget without seeing any leads or activity to learn from.
Either way, make sure you put in the time and effort to learn the basics of affiliate marketing before getting started.
Selling with Amazon/eBay
When it comes to buying or selling anything online, most people will end up on Amazon or eBay. The great thing about both sites is that anyone can start selling anything. This is super easy to set up through eBay, but also possible with Amazon if you are going to join their selling program. In both cases, eBay and Amazon will take a percentage of the sale, but the traffic and branding power associated with selling on their sites is huge.
With this in mind, the business model of buying low and selling high still works extremely well. This can actually be done in two different ways:
- Buying locally and individually reselling online
(think clearance items, stores going out of business)
- Creating your own products and selling in bulk
(think Alibaba, white-label products)
- Getting creative and selling something you personally make
(think crafts, drawing, art, personalized gifts)
Having only a $100 budget, it’s most likely that you would get started with eBay to maximize your profits and not lock up too much money all at once. Fulfillment by Amazon and dropshipping is great, but this will often require a much larger initial purchase than $100 — however, if this is something you get into, you should definitely consider your options with this method.
What if you don’t even have a dollar to start with?
Beleive it or not, I still get numerous emails per day stating that they have NO money and want to make money online. More often then not, you can tell right away that the people sending these emails are just looking to get rich quick and would never have the work ethic to build something real or profitable online… however, it is definitely possible, even if you don’t have any money to get started with.
I actually started my online business with nothing and built it into what it is today through the use of free online resources, then re-investing back into the business. This was mainly through free web hosting back in the on AOL and Geocities pages, using affiliate marketing and AOL chat rooms to connect with new audiences and site owners. Since I was a teenager back at the time, I actually used these methods for a couple of years before registering my first domain name and really having a budget to work with.
For this to happen, you need to better educate yourself, and find a way to start making money online. In addition to taking advantage of online blogs, communities, and resources, you can also find a great amount of free online courses through sites like Udemy and Skillshare. While the majority of courses on these sites costs money, there are many that are free as well.
Next, you will also need to consider your options for making your first few dollars online. Here are some free methods that work very well.
- Sell your stuff on eBay that you simply aren’t using
- Get paid for freelance writing on sites like Textbroker
- Start a Fiverr gig and see what services you can offer
- Complete online surveys and get paid for your time
- Promote affiliate offers through free traffic sources
These are all completely legitimate and effective ways to make money online, with ZERO startup costs. But again, if you aren’t willing to put in the time and effort… don’t expect to make any money or get anywhere with an online business.
The best investment is one in yourself
As you can see, investing with $100 isn’t impossible or even that difficult — especially when trying to start an online business or brand of your own. If you have more than $100 to work with, even better!
No matter what option or path you choose, don’t throw all of your money into right away. Make sure you have a good understanding of what you are getting into, have a legitimate business model or expectations, and also scale your budget so it lasts over time.
When you are more familiar with any of the practices mentioned above, you can start investing larger amounts and earn significantly more in returns.
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