Setting up an Internet Business: The Concept of “New Rich”.
As Timothy Ferris, in his book, ‘4 Hour Work per Week’ explains if you earn in dollars & spend in dollars, the money you save is fewer. What if you earn in dollar but spend in weak currencies?
You would be left with good sum of money.
You can buy more products & services.
This is the concept of ‘New Rich’.
“To earn in Strong Currency & spend in Weak currency.
Example: To earn in $ & spend in INR.
This concept can be facilitated by establishing an internet website. You can live anywhere still get paid in dollars.
You just need to create a product or service that people would love to buy. Living in a developing country & getting paid in dollar helps a lot.
–> What your product could be?
> An e-book.
Its subject matter can vary from person to person. You must be an expert in your domain.
You can fix a price for your e-book.
Even, if you don’t wish to host a website.
There are number of websites that shall publish your book online & pay you substantially.
> An online service.
May be Online Counseling related to Career, Work Life Balance, Relationships, Health, etc. as per your expertise.
You can charge for your services.
If you are a passionate photographer, you can use it as a way to generate cash flow.
It is the same idea Sandeep Maheshwari has put to use by hosting http://www.imagesbazar.com
It has emerged as a powerful platform in recent times.
You can Review Books of upcoming authors on your blog.
Initially you can do it for free.
But with experience, you can charge considerably.
You can also use your blog to host a service or product.
The above discussed are the ways to generate direct cash flow to you in dollars. However, as your website booms, it’s easy to attract advertisers. One just needs to display an advertisement of other website/product/service. The amount of money you shall earn depends upon traffic received on your website & the size (height & width) of the advertisement displayed.
–> Cost Incurred.
For hosting a website, it requires about 35-40 dollar as per the service provider you choose.
Domain Registration may cost you 9-11 dollars.
It may also require you to seek professional services of SEO Experts ( Search Engine Optimization ), SMM Experts ( Social Media Marketing) , or in initial days for marketing through Google Ads or through sponsored fanpage of yours on facebook.
–> Time Required.
If you hire a Website Developer, it may take about 2-3 months. Also, the building of your product ( like an e-book ) may require up to an year.
–> What should be the area of your business?
Expertise. Ask yourself what’s your edge?
If you are good at Mathematics then Maths e-tutor can be a great idea. If you have some expertise in stock market, you can go for providing online investment services in stock market. If you are an expert of Fine Arts, you can display your works online & sell them too.
Words of Caution: It’s always better to get handy with processes without directly jumping into an online biz.
Do a little market research online.
Learn the processes & skills that shall be required to deliver services. Get to know the laws in your country regarding the type of online business. Laws vary from country to country.
You may also need licenses in some cases of competent authority. Make sure that you have finished up with all your formal works before you begin online biz.
With Great Love,