What would you do with $500 in savings?

builder007

builder007

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I really hate my job and decided that I should be working at a place I can be passionate about or for myself. I'm ready to quit my job and either:
Find a new job or start a business. Or both.
Quoting @localcasestudy of where most of us are now:
"1) Learning Websites: Learning to build websites or figuring out the process of getting them built.
2) Making money building websites for other people for money.
3) Learning SEO/internet marketing.
4) Making money offering SEO/internet marketing to other people.
5) Learning Affiliate marketing/branding/conversion optimization techniques
6) Making money as an affiliate marketer by essentially offering all the skills you've picked up in the previous steps."

I would say I'm at #4 on that list. I've been able to get multiple "SEO specialist" positions in the past few years, but never took the leap to do something for myself. I would like to get to #7 of "Using all these skills to market your own company!!!"

This is what I have at the moment to work with:
-I have about $500 in savings at the moment.
- Shared Web hosting with bluehost with 5 domains that are not monetized. just ideas that never been worked on.
- I am good at graphic design and can pump out quality professional graphics, banners, ads, and logo designs.
- Willingness to dedicate 12 hours a day to building my own business.
- Motivation to do better and be better.


Any suggestions on directions or game plans would be much appreciated.

Thanks!
 
Any ideas which option you planning to go ahead with? Client SEO, Affiliate Marketing? Client SEO is faster as I feel Local SEO still has lots of open niches where in you can kill by ranking in less than a month or two and then can rent/sell leads on the site to local clients. But yes you got to find these clients. Affiliate Marketing is worth if you choose the right niche and test the competition before starting out. But it takes more time and traffic to produce same results. There are other areas as well like Starting personal blog, Viral blogs, Producing Digital Products and Courses, Publishing Kindle Books etc. Or finally starting your own local brand and local business which is the final puzzle piece. I am at Client SEO and Affiliate Marketing Stage and going towards an actual business with skills learnt so far.
 
MetaData said:
Honestly? I'd keep saving a bit more if you have the luxury.

$500 is one flat tire, or a sore tooth away from $0.
Click to expand...

Do you drive a monster truck? I get four decent quality new tires for not much more than that. Admittedly, it's a small car with small tires.

But he's right. You need some "oh shit" money.
 
Calamari said:
Do you drive a monster truck? I get four decent quality new tires for not much more than that. Admittedly, it's a small car with small tires.
Click to expand...

Tow, Tire, Mount, Balance, Rotation...you're not getting by too easily...
 
Does your car not come with a spare @c4yrslf12?

I know these aren't the answers you want OP. So I'll tell you what I would spend it on if I had to blow it on IM.

I know seo better than anything else right now. Im at step 6 on your timeline. Not sure how step 4 comes before 6 but that's a story for another day.

I'd get myself a vps with a number of ip addresses. Then I'd build a small blognet to rank a parasite for some very easy buying terms.
 
sigh... i guess i shouldn't quit my day job yet... continue saving it is... but in the meantime. I will be setting up accounts to prep myself for traffic leaks and trolling accounts.

Another question, how do all of you deal with sellers permits, tax reporting, book keeping and other boring accounting stuff? what do you guys use to manage all of that?
 
Viperchile said:
Any ideas which option you planning to go ahead with? Client SEO, Affiliate Marketing? Client SEO is faster as I feel Local SEO still has lots of open niches where in you can kill by ranking in less than a month or two and then can rent/sell leads on the site to local clients. But yes you got to find these clients. Affiliate Marketing is worth if you choose the right niche and test the competition before starting out. But it takes more time and traffic to produce same results. There are other areas as well like Starting personal blog, Viral blogs, Producing Digital Products and Courses, Publishing Kindle Books etc. Or finally starting your own local brand and local business which is the final puzzle piece. I am at Client SEO and Affiliate Marketing Stage and going towards an actual business with skills learnt so far.
Click to expand...

so far my top choices to building something for myself would be:
- Subscription box business started through kickstarter
- Amazon affiliate marketing site like "thisiswhyimbroke"
- Amazon FBA or shopify to sell actual products. I'm in Los Angeles and the fashion and/or toy district isn't too far from me to get inventory.
 
Calamari said:
Does your car not come with a spare @c4yrslf12?

I know these aren't the answers you want OP. So I'll tell you what I would spend it on if I had to blow it on IM.

I know seo better than anything else right now. Im at step 6 on your timeline. Not sure how step 4 comes before 6 but that's a story for another day.

I'd get myself a vps with a number of ip addresses. Then I'd build a small blognet to rank a parasite for some very easy buying terms.
Click to expand...

Do you think I should ditch my current web host (bluehost)? and go completely VPS?
 
I don't want to advise you like that.

As you explore that option however, keep in mind that you can simply upgrade your bluehost account to a vps. I'm not saying you should, it's just something to consider.
 
Will definitely take that into consideration. I will do more homework to see what the best hosting option is for me. @Calamari thanks for the advice!
 
Don't just quit your job, use your spare time to build an asset in the meantime. Work even more in the weekend and when you reach a decent income you can think about quitting your job or work less first till you earn a income that you don't have to work at your job anymore. That's my opinion.
 
@localcasestudy is obviously the man to go with if he's serious.

BUT, to answer your original question........ take that $500 and invest it into monthly subscription tools that would allow you to offer a service to clients.
Examples:
  • An ahrefs.com, semrush, and micrositemasters subscription would put you in a good position to offer SEO services to local brick and mortar businesses
  • A subscription to photoshop and a suite of wordpress themes will allow you to sell simple websites, banner designs, and logos
  • Investing in some eBay software that shows you historical sales price for particular items by month will allow you to go on craiglist, but the items for cheap, and resell on eBay for what you know they're worth.
There are plenty of other internet-based services that you can offer. I wouldn't suggest throwing $500 away on building a website or doing CPA marketing until you have a source of recurring income for future projects. It usually takes a handful of attempts before you hit something that will payoff.

If you're actively prospecting for clients, you'll have generated enough recurring income through client work well before that $500 is gone. Most of these skills can be learned within a week or less. You won't be a pro, but you'll know more than the average joe - and that's all you need to get started.

But, of course, I'm sure a guy that's making $2mm+ a year will have better ideas than I do. :smile:
 
Damn, great opportunity! why didn't I think of posting this thread:wink:

Good luck builder007!
 
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