With sports betting now on its way to being completely legalized throughout the United States, this is going to be a huge opportunity for anyone looking to make some serious money. Of course, most people are immediately thinking of how they can make money by actually betting on games and putting their sports expertise to use. However, this is still unlikely for the average person to accomplish and there are better ways to make money, such as being an information source or business, versus being a player in the system.
Today we are going to look at five different ways you can actually start making some serious money through the use of legalized sports betting. These methods will consist of everything from starting your own website, putting your expertise to use, and of course everyone’s favorite… affiliate marketing.
Billions of dollars will be generated through the use of legalized sports betting in the coming years, so make sure you jump into this space as soon as possible so you can get a head start over the coming competition.
Start an Affiliate Rating/Directory Site
Whenever something new and exciting comes into play, the majority of people are going to search Google for information and how to get started. This is something we have already seen in the cryptocurrency space and people wanting to jump invest and make money with Bitcoin. The same will happen with legalized sports betting and how people can start placing bets online.
A quick search on SEMRush for “how to bet on sports” will give you just a taste of the volume and wide range of search option that will soon rapidly expand in size. The only question here is, will these users find your site, or your competition?
For anyone interested in making money through this method, affiliate marketing and creating a rating or directory site of top places to make bets online would be ideal. While it is pretty easy to create a website or blog, the main obstacle here will be getting traffic to your website. Since there is already massive competition in this space and advertisers with a ton of money, you will need to look at other options besides pay-per-click marketing and other methods commonly being used. The more creative and value-driven you can get with your content and marketing, the better.
The benefit of creating an affiliate site is that you don’t have to deal with any of the customers or actually place any orders or bets. Your site will earn a commission every time a new player is referred to another site, and often these commissions are in the $100 plus range. Another benefit of promoting such offers is that there are usually large initial deposit bonuses which can increase your conversions heavily.
Launch Your Own Sports Betting Course
Sticking with the theme of the previous point, many people are going to want to learn how to place sports bets of their own. Unlike in a casino where you just walk up to a table and can place a bet (without having an idea of how to play), in sports betting there are a lot more advanced and different ways to place a bet. The more you know and understand this, the better your odds of winning.
With so many people looking up this information, it will provide a whole new audience an opportunity for people to make money. If you already know what you are doing in the world of sports betting and have some experience, you could easily create an online course of your own that not only walks the user through how to make the best bets on their favorite sports teams, you could also show them how to sign up for online sights and placing bets on video as well.
To see a few examples of online sports betting courses that are already working pretty well, just head over to Clickbank and search through their affiliate marketplace.
While looking through the different offers on their site, also consider your options with expanding to affiliate marketing as a merchant. Once you have a proven product or service to offer, you could drastically expand your business and reach by paying a commission to affiliates in order to promote your product — much like we covered in the previous point.
In addition to creating your own product and making a higher profit margin on each sale, another benefit here is that you could potentially create your own brand, mailing list, and following in the process.
Monetize an Existing Sports Blog
Sports blogging is one of the most active and competitive spaces on the internet today. There has always been an active discussion on how to best make money with a sports blog, as its one of the hardest things to monetize because of it’s audience type. Most people are visiting these sites to get scores and highlights, not to buy something.
However, with legalized sports betting now coming into play this might be an easier niche market to monetize thanks to global interest in sports, and online betting. Is it only a matter of time before we see a sports betting section added to ESPN and also seeing ‘place your bet’ ads throughout the site?
Again, the benefit here is that you can run a sports website the same as you always intended, but now you can integrate affiliate marketing and promoting relevant content to your audience in the process. Unlike selling individual game tickets, memorabilia, or collectibles, when promoting sports betting ads or affiliate offers on your site, this is something that could potentially relate to all audiences on a global scale, while also offering a much higher revenue in the process.
Create a Sports Betting Focused Agency
As we’ve already pointed out several times through this article, there is going to be a massive amount of money pouring into this space over the next several months and years. With that in mind, you don’t necessarily have to have a sports betting focused business to make money — At least, targeted towards recruiting players and having your own product.
To get your entrepreneur mind and financial dreams moving in the right direction, look no further than the latest figures out of Nevada, and how they’ve just recently surpassed all previous revenue expectations in reference to their sportsbooks earnings. Not only is big money being made/spent, it’s also going to be focused on advertising and reaching new audiences as well.
With an always growing demand for new advertising and leads to be generated, this means there is a larger need for online marketing companies and agencies as well. I’m sure many of my readers already have an expertise in SEO or social media and other creative ways to market a business, which could make this opportunity right up their alley.
Taking these same talents and practices, you could actually start an agency that is focused on just promoting online sports betting and charge a higher premium. Instead of just being a ‘marketing agency’, become a ‘sports betting marketing agency’.
Build Your Own Blog, Brand & Podcast
Combining each of the practices mentioned above, one of the best ways to take advantage of legalized sports betting is to actually build a blog, brand, or even a podcast of your own. The more ownership and authority you have within a niche market, the more opportunity you will have overtime.
We’ve already seen some explosive growth in the world of podcasting over the past several years. With several sports betting podcasts already out there, it’s not a matter of how many are available, but also which are the best and can make a grand following for themselves. If you think the market is already too saturated — it’s not. Thousands of people are listening to podcasts for the first time daily, and this will only increase as legalized sports betting makes its way across the country.
Again, this all goes back to if sports betting is something you are passionate about and have an expertise for. Starting a blog or website is one thing, but a podcast is another. Without the necessary funds to push your brand or service to the masses, these platforms will all take time to grow if you are only focusing on word-of-mouth and organic results.
However, with all of that being said — if you have a proven track record for selecting winning teams while also making a profit consistently, this is something that could definitely help improve your reach, brand, and authority over time.
The Business of Sports Betting is Here to Stay
With the legalization of sports betting now in play, billions of dollars will be generated on an annual basis. It’s not just the casinos and bet takers that are going to be making money, it’s also the professional sports associations, state taxes, and everyone in between. The only real people who are potentially not going to make money in all of this, are the players.
I actually just had the opportunity to visit the Borgata in Atlantic City and place my first legal sports bet in their casino. It was a simple $50 bet for the Lakers to win the 2019 NBA Finals and pays 6-1. It was quite a fun experience and I can see how this industry is just going to explode with new opportunity and revenue growth!
If sports betting is something that you would love to start a business around, you need to take the time to consider each of the options above and create something that will continue to generate revenue for the years to come.
Time is Money: How to Maximize Both as an Entrepreneur or Business Owner
Are you wearing too many hats? Being pulled in a hundred different directions? Having trouble completing tasks because new things keep coming up?
The hours you spend working are as important as the money made in that hour. Your time is money; wasted time results in wasted cash. You can change this with some simple time management hacks.
Your productivity depends on your time management. Once you master this, everything in your business will become simpler. Keep reading to learn how to make the most of your time as a business owner.
Invest in Great Employees
Many business owners find themselves hiring employees far too often. A high turnover of staff means the time you take to plan and to train goes to waste.
The trick to saving time on hiring is making the right hires in the first place. And, making the job so great they don’t want to leave!
You can do this by creating an Employee Development Plan. Any employees that you truly value and depend on should have a path for growth. They should have benefits and perks that make working for you worthwhile.
When recruiting new hires, be very detailed in what you’re looking for. Weed out the lazy, unenthusiastic applicants from the hard working and passionate candidates.
Once you hire great employees who love working for you, they can take a load off your plate. Remember to ask for their feedback and input on new ideas. You trust them to do a good job, so you can delegate tasks to them.
Track your Time
Spend a week recording everything you do from morning to night. You can do this with Google Calendar or on paper. Write the tasks you work on each hour or the free time you spend.
After one week, review your log.
How many tasks did you switch between in any given hour? How many tasks comprised of you fixing other people’s work? Did you miss any deadlines or lose out on any profit?
You may realize you’re working an extreme number of hours per week. Or, that you’re struggling to move projects forward because you aren’t focused enough.
This problem is very common for business owners. It gets solved by automating and delegating tasks.
Thanks to the magic of technology, we don’t have to manually complete many tasks. If you haven’t leaned into automation, now’s the time to start.
Automation is when you let technology automatically complete tasks without your constant approval. You set up the rules and expectations, then the frequency of the automation. After that, your load is a little lighter.
Here are some tasks automation can help with:
- Email marketing
- Assigning inbound leads
- Following up with networking peers
- Offering free content to attract leads
- Identifying the hottest leads
- Tracking accounts receivable
The list goes on and on. Did you know that 80 percent of top-performing businesses use automation for marketing? 80 percent of these highly successful people can’t be wrong.
Look at your business’s tasks and systems. Where could automation help you?
Not all tasks can get automated; some should get delegated. As a business owner and entrepreneur, you’re used to doing everything yourself. “If you want it done right, do it yourself” right?
Most of the time, “done is better than perfect.” You need to decide which tasks demand your attention and which ones your employees can do.
This might mean training your top employees on new roles and duties. This is great because it shows them you believe in them and it lightens your workload.
Look back at your time log for the week. Find at least three things that you can delegate. Start the process of transferring those responsibilities to someone else.
This will give you more time to do the things only you can.
Work in Batches
Jumping from one task to another in completely different realms is awful for productivity. Switching gears all the time ruins your focus and lowers your energy.
Instead, start working in batches through calendar blocking.
Schedule your day to complete all like-minded tasks in the same block of time. That could mean spending all of Monday morning working on payroll duties. Or, all of Monday afternoon updating the company website and planning new components.
Consider using an app for all your scheduling needs, like this company. Every employee can download the app and have access to all work-related things.
By staying in the same realm of tasks for a larger chunk of time, you can focus completely on that umbrella of tasks. You can use your time more efficiently and get more done.
Look around your office. Is it messy? Is there clutter everywhere, especially on your desk?
This is a subconscious productivity-destroyer. How can your mind think clearly when your space feels confused and chaotic? Both you and your employees are less productive when the space is messy.
Start by cleaning your personal office. Your desk should only have things you use every day or make you happy. File loose papers or shred them.
Declutter the floor. Boxes should get put away and objects returned to their home in the office. Hire a cleaner to deep clean the space.
Then, set new expectations for your staff on office cleanliness. Like tools need to get put back after use and don’t leave rotten food molding in desk drawers.
You may need to buy some organizational systems to keep this momentum going. Get some low-maintenance plants to put around the office and lift the mood. Make the office a calm and clean place to work for everyone.
If Time is Money, Are You Spending Yours Wisely?
As a business owner, you’re supposed to be hustling and grinding. But, you can do more by working smarter, not harder.
Boost your productivity and profits by getting better at time management. Put systems in place that save you time and let you focus on important things. Your time is money; making better use of it will result in higher earnings.
For more tips on being a business owner, productivity, and making more money, check out this article.
The Ultimate Guide To Streamlining Your Accounts Payable Process
Let’s face it: the process of improving and streamlining your accounts payable process can feel like you’re drowning in a sea of busywork. It’s also one of the most important, yet overlooked, processes within a business that can actually make you go from negative to positive in monthly ROI. This is especially true with online businesses, as many of use are using various automation, SEO, and marketing tools that have built-in recurring monthly costs… but how many of them are we actually using, yet still paying for?
This is something I occasionally talk about on the blog, as it’s a great reminder to always keep an eye on not just what your monthly expenses are, but also what they are actually being spent on. We all watch the incoming and outgoing money within our businesses and brands, but many of us will forget to actually look through our credit card and banking statements to see who is billing what. Soon enough, you could have thousands in monthly recurring bills, and not even realize that you aren’t utilizing such services.
It’s not just affiliate marketers and bloggers that have to deal with these types of issues, it’s businesses of all sizes — and it really comes down to the various payment processors, invoice tracking, and tax software being used. The truth is that an inefficient accounts payable system costs you in time , money, and anxiety. Between chasing down your tax information, waiting for invoices to be verified, and frantically paying bills at the last second, things will slip through the cracks.
You won’t just lose money. Your company’s reputation will suffer as a result. You might lose important business relationships that you’ve worked hard to build.
It’s time to make a change for the better.
Read on to learn how to improve your current accounts payable procedures.
1. Look for Patterns in Your Payments
The first thing that you need to do when you’re ready to make over your accounts payable process?
Think about how you can get out in front of upcoming payments.
The best way to do this is to look for payment and invoice patterns, and then create a matching schedule of accounts payable.
For example, do you know that your supplier sends you a bill on the first Monday of every month? If so, you know that this payment to your suppliers is a fixed cost every month. You should schedule an automatic payment, since it will likely be in the same amount each time.
Additionally, figure out who you sent the most money to, the most frequently.
This will help you to keep better track of your spending pattern, and know who to prioritize when it comes to getting payments out on time.
One more thing you might discover during this review process?
The fact that you’re not exactly spending your company’s money in the most effective way. Taking a closer look at things won’t just help you to spend less time each month on accounts payable.
There’s also a good chance that it will help to save you some serious money.
2. Define Your Invoice Payment Strategy
You know that paying invoices on time and in the correct amount is an essential way to maintain excellent relationships with freelancers and suppliers alike.
However, if you’ve noticed that your accounts payable process seems to be missing the mark when it comes to invoices?
You need to make a change — and fast.
First of all, decide when you’ll pay the invoices that are sent to you. Is the goal simply to get them paid as quickly as possible? Or, is it better to send payments at a set date?
Determine the payment method that you use. Will you write them a check, or do they prefer to get their money sent to them via systems like PayPal? And which method of payment works best for your business?
You should also make sure that you have a strong record-keeping system in place when it comes to your invoices. That way, even if something does go wrong, you’ll be able to track exactly when and how it happened.
One final piece of often-overlooked advice?
It’s simple: make sure that you have the right employees working on accounts payable.
Is now the time to create a specific accounts payable department, as opposed to assigning invoices to “whoever has time” to complete them? What short of qualifications do the people working in accounts payable have? What sort of training program have you implemented?
These are certainly all things to consider — and to speak with your team honestly about.
If you need to hire someone new, then the cost of bringing them on will likely pay for itself in the time the rest of your team members will earn back.
3. Consider a Payment Automation System
Of course, if you’re truly serious about improving your current accounts payable process, then you’re likely going to need to invest in a payment automation system.
Look for a system that allows you to make payments in a variety of currencies and payment methods. You should also decide on an option that helps you to eliminate as many rejected payments as possible.
The goal here is to find a platform that helps you through every part of the AP process — including making early payments.
Also, ensure that the payment automation system you choose helps you to keeps things secure and compliant. The right system will scan potential payees and identify potentially fraudulent or problematic companies.
Finally, make sure that you take a close look at the transaction fees of any payment automation system you use. Remember that fees are usually charged on a per-transaction basis. So, cut down on the number of individual payments if possible.
Looking to learn more about what makes a great payment automation system?
If so, be sure that you check out the Tipalti website, to learn how their platform could save up to 80% of your accounts payable team’s time.
Once you’ve implemented each of these solutions and accounts payable processes, you may finally be at zen with your personal and business finances.
Ready to Overhaul Your Accounts Payable Process?
We hope that this post has helped you to understand what it takes to truly improve your accounts payable process — and eliminate errors in the process.
Of course, tackling accounts payable is just one smart of what helps you to streamline your time at the office, and get more out of every day.
You need to ensure that you have a strong digital and print marketing strategy, that you employees feel motivated within the work environment, and much more.
Keep on coming back to our blog to score even more tips on how to take your company to even higher heights.
How to Pick the Best Business Credit Cards for Startups
You obviously know about the existence of business credit cards, and you may have even heard about the benefits they give to companies, but you’re still worried about getting one for your startup. If that’s that the case… don’t be. I’ve personally used credit cards for my business expenses for over 20 years now, and as long as you stay on top of your payments, they are perfectly fine.
Right now, you may think you’re playing it safe by avoiding the plastic, but in reality, you’re missing out on a ton of great deals that could help your business grow and become more successful.
There are a variety of credit cards that you could choose from, and each card offers their own unique trademarks that you could use to your advantage. Let’s have a look at some of the best business credit cards for startups.
The Best Business Credit Cards for Startups That You Should Use
Depending on your type of business, you can gain some serious perks to help you level up your business game. Keep reading to find out more.
Decide How Fast You’re Paying the Monthly Bill
The first thing you need to worry about is the amount of time you think you will need to take care of your monthly statements.
Some companies can pay off their fees in full every month like clockwork. Others may only be able to pay off the bare minimum in order to keep things rolling. There are cards for both types of businesses.
If you know how to make the full payment each month, you should go for a card that gives you longer grace periods and a lot of rewards so you can capitalize on all of the benefits.
Charge cards are also handy for those who always pay in full. These little guys give you the money you need, as long as you’re able to pay it off within a 30-day time frame.
If you’d rather take your time paying off the card, then get a credit card that has a low-interest rate or a 0% APR to allow you time to pay everything off without any backlash.
As for my own personal and business expenses, I’ve always been a fan of American Express, and have been a customer of theirs since 2003. You can see a few of my other preferred business credit cards for entrepreneurs and bloggers as well.
Think About Operating Costs
One of the biggest reasons (if not, the biggest) why you want a credit card is to take care of the operating costs that come with every business.
Look through the spending log and see which of your operations takes up the most of your money, and then find a card that gives you benefits directly related to those operating costs.
For example, if you spend a lot on customer service, get a card that offers bonus points on spending in this category. That way you get returns as you spend cash.
The last thing that you should be worried about when choosing a credit card is are the credit expenses.
Different cards offer different costs on their monthly and annual fees. More often than not, this is directly related to the number of benefits and perks you get from using it.
The general rule of thumb is that the more basic the card is, the less you’ll have to pay in fees, and vice versa. It’s up to you to decide if you’re going to take the thrifty approach or if your business can fork the extra cash for the bonuses.
If you want to learn more about what card would suit your company best, check out this website for a list of credit card reviews and other things that could help your small business soar.
The One Stop for All Your Startup Business Needs
Now that you know about some of the best business credit cards for startups, you can make moves to grow your business! When starting to apply for different cards online, you may find better success with lower level credit options and stay away from American Express until you have a decent credit score or business history. If all of that already looks good, then apply away!
As mentioned, I’ve been making money online and helping businesses grow their reach and exposure for well over two decades now. If you ever have any questions or are in need of services, just send me an email and I’ll be sure to give you the answers that you need.
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