When we talked about some simple ways to make some cash, people usually preached about ride sharing, Airbnb, Etsy, blogging (oh yes, I’m an avid blogger), filling survey forms and the normal stuffs you see in the first page of Google. Occasionally, you come across one or two innovation ideas like investing in collectible videos by Disney Vault secret.
I prefer to bank on skills that I could learn and apply again and again as compared to filling up survey forms. I do not believe in gigs that requires a low barrier to entry. In other words, the amount of time to acquire the education to put these strategies into practice will put a high barrier of entry for your competitor to emulate you. These small “businesses” that you can do at home should be secure for you in years to come.
1. App Reskinning
Have you ever wondered how programmers build mobile apps? In fact, when I had sold my blog, I witnessed the rise of smart phones and the apps that came together with the hardware. You guys remember apps like Angry Bird, Subway Surfers and Clash of Clans(COC)? Supercell, the owner of Clash of Clans had made $ 60 Million a day from the in-app sales to players around the world.
The business of reskinning apps is not about building the next COC from scratch. For one, we are talking about making easy money at home. To build an app of this size, I figure that we might need a whole team of at least 20 programmers to work on the app full time in fixing bugs, introducing new characters, idea building etc. Instead, we have an easier solution.
The idea is to buy templates similar to COC from sites selling app templates like ChupaMobile.com
After purchasing the app with multiple licence, you can start making modifications using an online software called Unity3D.
The steepest learning curve for making this business work for you is probably in using Unity3D. You need to have a working knowledge C# or Boo to make this gig works for you.
After doing a presentable modification of the COC lookalike (without having Supercell to breathe down your neck with lawsuits), you are good to go to the next step. To sell the modified app template at Flippa.
Sounds easy right? I have already enrolled in an online class on app programming. Maybe this might works for me.
2. Stock Trading
There are ways to win the share market. To an untrained mind, trading in the share market is similar to gambling, in fact speculative buying and selling is a kind of gamble. You place bets on the market to long (BIG?) or you short your holdings hoping that the price will fall (SMALL??).
How to be a good stock trader? You surf the trend. In the Grace of God, I started my business through the winnings of my share trading. I was long on a few commodity stocks that had provided dividends and exponential earnings for me for a couple of years. Before I start this blog, I started a blog called StockPip to talk mostly about my share trading adventure.Unfortunately, I found out that I wasn’t interested in writing about stocks as much as I thought. It is just a means of extra income, not much passion and all boring technicalities.
I will give you a simple example. My trading method is based on the famous turtle trading method by the legendary trader, Mr Richard Dennis. We will use the futures, Brent Crude Oil for illustration.
The gist in trend surfing is to look for breakouts. The arrow pointed to a new overbearing trend, a 30 Day all time low as a short signal. Frankly, waiting for this kind of breakout requires a lot of patience and luck.
When you spotted a breakout, there are a few things you can do:
a. Trade directly on the futures (in this case, crude oil)
b. Trade in company shares related to the futures (eg oil refining companies, manufacturers that depend heavily on energy)
c. Trade in currencies of countries that are related to the futures researched. Australia, Canada dollars will move in tandem with energy futures whereas US Dollars and Euro will usually move inversely with energy futures movement.
This is an online business where you buy domain names and flip it for a profit. Sounds simple right?
Now, you remember the part when I discussed about buying a domain name for your blog. Except in domaining, the art is deeper. In fact I am still learner, a novice. I have a friend whom I always approach for advice when I wanted to register a domain.
A domainer’s main goal in life, is to own one word dictionary domain name. Basically, all one word domain name under the tld .com has already been registered and there is an active market for this. Just recently, Translate.com was sold for a staggering $ 853,000 in an auction in Flippa.
There is a saying among the domain communities that if you could find a name available in GoDaddy, Namecheap or any other registrar, more often than not, that domain is useless. As for TLD, always go for a .com. You see getting a domain for blogging is different if compared to getting a domain for flipping. The goal and purpose are different. If you plan to develop a domain into a blog or a website and plan to add good contents consistently, you don’t really need an EMD , short for Exact Match Domain. Imagine using Blog.com for blogging. I mean seriously, you don’t even need to develop this kind of domain and you can still be able to sell it for Millions.
And there are the abbreviations and numeric dot coms. Some fine examples are 8888.com, 1234.com and kgb.com. Imagine owning these?
The whole concept in dropshipping is to engage a supplier to send the goods direct to your customers instead of having you to stock up the goods and sending the merchandise your self. When I first heard about this, I thought this idea was simply too good to be true. There are 3 main steps in the business of dropshipping.
a. Set up an e-commerce store in Shopify (some prefer Amazon)
Test it out and see whether you can make a profit with the business model using the free 14 day trial.
b. Research the goods and determine your niche
Open an account with AliExpress and look for the All Popular link at the bottom of the webpage.
You will find a lot of niches like
– art and craft
– bathroom products
– computer cleaners
– camping and hiking
– DIY Gaming PC and the possibilities are endless
c. Targetted Advertising
After setting up your store at Shopify and finding your niche, here comes the difficult part. Marketing.
Yes. Niche researching is the easy and enjoyable part, mind you. You need to advertise what you want to sell in Facebook or Instagram (via influencers). All these marketing activities will take up a lot of your monetary budget if you aren’t careful. I will urge you to do this in mini experimental ways.
Determine a budget. Let’s say I’m a fishing enthusiast and I even want sell fishing gadgets during my waking hours.
I must start doing research on the right keywords using Google Adwords Keyword Planner and also via Facebook datas to determine the best keywords to use. Be careful, the terms used by AliExpress may not suit the market you target (e.g USA).
There you are. No more repeats about driving for Uber, AirBnB and common stuffs when you search for ways to earn money. However, the business models listed here are merely a summary. You need to invest some time and money to get the concept right and gradually, you will come acrosst the real barrier of entry….the steep learning curve. After you pass this barrier, you should easily make one of these as your part time income generator.
God bless you!