Make Money Online | Internet Money Making 101

How To Make Money Online

First Published Date : April 19, 2009 ADawnJournal.com
Writing an eBook

There are very few of us who are lucky enough from a financial point of view to be able to ignore an opportunity to make a bit more money. Even the hardest-working among us may often find that we have reason to consider new ways to make money, whether it be because we have new commitments, or an existing line of finance has stalled for one reason or another. In light of this, it makes a colossal amount of sense to consider other options so that we can maximize  our earning potential. If we could all rely on money coming in when we needed it, chances are that the economy would collapse even further than it recently has, purely because the imperative to work would disappear.

It becomes the case, therefore, that we need to create our own lines of income. There is a limited range of things that we can do to make this happen – again, circumstances dictate that making money is never going to be as easy as sitting back and waiting for it to roll in. Making our own opportunities is important because in the final analysis it is down to the individual to make their own way – relying indefinitely on other people will only end one way, and that way is not an edifying prospect. Finding a way to maximize your potential hinges on one thing above all others – finding the answer to the following question: “What do you have that other people do not?”

Individual expertise is something that just about everyone has to some extent. Even if you do not consider yourself an expert, you will find that there is some talent you have that other people comment on. It may be something quite simple. It could be something that you do every day without it ever really being commented on. It might be technological, it might be musical, it may even be something as apparently simple as being a good listener and someone who is good with individual advice. Either way, this qualifies as expertise whether or not you realize it. And where there is expertise, there is cash. One popular way to turn your knowledge into money is by writing an eBook.

Think of it this way – you have the knowledge, and there are people out there who wish they did. Among these people there are certainly some who would pay good money to have that knowledge. As long as you can take the time to sit down and write a bit about how you do whatever it is that you do, how you learned that you could do it, and how other people could do the same thing, you can make money from this.

There is a growing market for eBooks as people realize that with the Internet revolutionizing our world you don’t need to have a publishing deal to write for money. All you need is a computer and a bit of savvy. If you can build websites yourself, then you can set one up to promote your eBook. If not, then you can set up a blog at any one of a number of free blogging platforms. Take a bit of time out of your day to explore the possibility – it could well turn into a very lucrative sideline for you.

Can’t Afford To Buy Physical Real Estate? Buy Internet Real Estate!

How To Buy Internet Real Estate

First Published: ADawnJournal.com Published Date : May 6, 2009

During a recession, property values tend to decrease, and those who can afford it don’t hesitate to grab the opportunity to acquire some nice properties at unbeatable costs. However, buying physical assets may not be a viable option for everyone due to the heavy upfront expenses you need to go through. But how about buying Internet real estate? Is it still possible to grab opportunities that exist due to economic turmoil and buy assets online with very little money and still flourish in the future?

The answer is:  absolutely yes. You see, domains are like virtual real estate that exists only on the web. There are many similarities between domain names and real estate properties: both of them aren’t increasing in quantity any more, we are dealing with the same quantity today as we were twenty or thirty years ago, and due to limited supply, the price has to go up one day. You just need to buy those that will be in demand in the future.

In order to buy domains, you need to know a few things I discussed in this article – How to Make Money from Domain Names. I believe financial crisis opens up opportunities to buy domains which wouldn’t be available otherwise. In a financial meltdown, businesses close down and people lose jobs. As a result, lots of good domains drop out as businesses don’t need them anymore or people just can’t afford to maintain their domain portfolios.

Opportunistic entrepreneurs grab this opportunity to increase their domain buildups. I purchased most of my high-potential domains in the past few months. Also, I hired many programmers to develop a few new web sites. I can do it now because of low hiring costs available due to the current economic crisis. Entrepreneurs should be always on the lookout to use negative circumstances to their advantage and turn them into positive circumstances.

We all hate economic crises like the one we are going through today. The difference between a successful and a failed entrepreneur can be determined by how well you can use this crisis to build a better future. Yes, opportunities even exist in the midst of a crisis.

Can You Afford To Outsource?

How Much You Should Be Spending On Outsourcing

After writing my first outsourcing article, I have come to realize that there are just simply too many people looking for information on outsourcing. Look on the top right, for instance. You see, the number one all time popular article on ADJ is on outsourcing—and looks like it will stay there for awhile. To answer the many other outsourcing questions you may have, I have decided to write more posts on this subject. Today, I will give you my opinion on how much you should be spending on outsourcing.

If you are willing to spend any amount on outsourcing, you could go ahead and do it but it would not be a good personal financial decision. When I outsource something, monetary value is very important to me and I would not outsource anything unless I am totally satisfied with the money I am spending.

But how do I know I can afford to outsource? I use a very simple formula. First, I look at the whole project in terms of how much time I would spend to do the same thing. Let’s say I would like to outsource the chore of replying to all my emails. I spend 2 hours daily replying to my email. If, for example, my salary is $10 per hour, I would therefore be spending $20 of my time daily replying to email. Now, what’s a reasonable amount for me to spend if someone else is doing it for me? Simple—it has to be lesser than 1/3 of my own cost doing the same thing. In the above email example, I would only outsource if I could find someone willing to look after my email for less than $7 a day.

This is just how I do things and you don’t have to follow my formula step-by-step. Come up with your own figures that make sense for you. One thing you need to keep in mind: there are some projects on which you will not be able to put monetary value by comparing it with your own hourly rate. These projects are those which need to be done regardless of costs, such as redesigning your website, producing a professional-looking eBook from your word document, etc. For these types of projects, I recommend that you post your projects on more than one outsourcing site and pick the one with lowest cost. Read my previous outsource article to obtain a list of outsourcing websites.

I hope today’s article will help you figure out if outsourcing is for you and what you can afford to spend on it. I’ll be writing more on this topic in the future, so keep checking back. Don’t forget to bookmark this site for later use.

The 16-Year-Old Internet Entrepreneur Who Dropped Out Of High School to Make $40 Million By

The 16-Year-Old Kid Who Dropped Out Of High School to Make $40 Million By 18

First Published: ADawnJournal.com Nov 4, 2008

What kind of courage do you need to tell your dad at the age of 16 that you are planning to quit high school? Moreover, wouldn‘t it be a lot harder if your dad is an immigrant from India who came to the U.S. with only $25 in order to pursue a better life through education and a traditional nine-to-five lifestyle?

Gurbaksh Chahal gathered that courage and asked his parents’ permission to quit school when he was 16. His dad was nice enough to patiently listen what he had to say, but still was not convinced. He asked this kid to show him some proof. He had no idea what this kid was doing in his room on the computer day and night. Once Gurbaksh showed his parents his bank account, their eyes were about to pop out in disbelief, and they thought their boy was going to jail. They started to panic. Who wouldn’t? Especially an Indian parent, to whom saving $100,000 cash would be unimaginable over a lifetime. And here this 16-year-old kid is sitting on that kind of cash.

Gurbaksh assured them that this was not stolen money and he made it from his Internet entrepreneurship. His dad eventually calmed down after listening to his explanation and gave him a one year break from going to school. Gurbaksh was 16 at that time. Guess what happened after one year? His Internet venture went so well that he was able to make $40 million in two years. So here is this 18-year-old kid who made $40 by selling his first online company ClickAgents for $40 million. Gurbaksh, or G, is now 26 years of age and last year he sold his second company BlueLithium to Yahoo for $300 million. G’s current project is gWallet – a site that allows users to find great deals.

G will be featured on the new TV show The Secret Millionaire, due out in December 2008. He has also appeared on The Oprah Winfrey Show, FOX Business Network, The New York Times, The San Francisco Chronicle, Entrepreneur magazine, and many more. G is currently venturing into a few other TV shows.

G’s recently published book The Dream advises entrepreneurs to dream big, embrace risks, and go after new niches. According to Chahal, failure is not an option. I had a glance at The Dream and I liked it after reading the first few pages. I hope to review it for ADJ readers in the future. The success story of G shows us how you can overcome any barriers and succeed. All you need is a dream, perseverance, and a belief in yourself.

Read Gurbaksh Chahal’s blog:

Gurbaksh Chahal

Why Go For Outsourcing?

Outsourcing Can Benefit Your business

Outsourcing has grown in popularity in the last couple of years. For a long time, it was something that was the sole preserve of companies who had specific funds for paying outside contractors to do things that were outside their skill sets – for example if a company specialized in one field, such as sales and marketing, they would outsource things such as cleaning and IT solutions. However, among other things, the Internet has now made it more possible than ever to run a business from your home as an individual. In addition, with all business people aware of the old maxim, “time is money”, there are more and more things that the individual has found can be best addressed by outsourcing.

Outsourcing itself covers a very broad range of services that are best divided into two sections: Business and Non-Business needs. The difference between the two sections is more or less self-explanatory. Suffice it to say that Business needs are things connected specifically with the service that you, the business owner, requires in order to keep the business running – these include such things as web design, accounts and sourcing required items and services. Non-Business needs are more connected with personal or household tasks that take time that could be used to deliver what is required from you by your customers. This includes things such as cleaning and other essential chores.

There are very few tasks that cannot be outsourced in this day and age. As a business owner, it is for you to decide whether outsourcing is something that you wish to practice. In order to make this decision it is worth auditing what your daily routine involves, where you can make changes and where you wish to make them. If you feel that you are best served by having all your time free to concentrate on delivering what is required of your business, the chances are that you would be best outsourcing as much as you feel comfortable with. You probably do not much enjoy cleaning and tidying, for example. And depending on your arrangements you can end up spending a couple of hours a week at the task, which in turn can lead to lost opportunities to build and serve a customer base. Therefore, you should then ask yourself whether that task is a productive use of your time. If the answer is “no”, then you can look to outsource your cleaning to a specialist.

Business needs are, if anything, more crucial. If your specialist area is – taking an example – accountancy, then there is every chance that you are not the world’s best web designer. Nevertheless, an attractive, easily navigable website with user-friendly interface is more or less essential for an individual businessperson. In this case, handing over the task of designing a website makes all the sense in the world. It won’t come cheap if you are using a top designer, but if you cost the process based on how much business a good website will send your way (generally a very large amount), then it can pay for itself several times over.