What sort of business could I start with $1000?
With ₹65000, (approx $1050), what can I buy (or invest in) that can be a source of income for me?
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Rizwan AseemGrowth Hacker, Interested In Everything
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Oh the fun things you can do with a $1,000 and some elbow grease.
Here are 7 ideas for you to invest your $1,000 so that it becomes a source of income for you.
1. Buy A Domain Name...
Buy a domain name ($10), hosting ($4 per month), and start blogging about your favorite topic. This can only be one topic and one topic only. That you're really passionate about.
Create audio, video and text content. Keep repeating, you'll have an audience in 6 months who you can ask what they want, and then sell it to them.
2. Visit A Local Trade Fair...
Visit a local trade fair, look at all the products and find out 10 that you like. Ask the supplier if you can get samples of these products, then go out and sell those products.
When you do sell them, go back and buy more product. Keep repeating. You'll have an income within 6 months.
3. Learn Things For The Greater Good...
Figure out 1 thing that you'd like to learn over the next year. Anything. Once you've got this thing - find out 50 authors who are experts in this 'thing'.
Contact them through Linked in (premium account is for $119 per month) just pay for the first 2 months and get 25 messages per month. Contact one person per month and ask to interview them for 15 minutes.
Record these interviews and then sell them to other people looking for advice in the same 'thing'.
4. Buy Some Magazines, Not Dirty Ones (okay a few dirty ones..)
Go to your local magazine store. Look at all the magazine that you can find, which have classified ads in the back.
These are short ads which are selling something. Buy 10 of these magazines on different topics (cost $150 maybe). Pick ones that you have at least a remote interest in.
Then go to your local library and ask for the same magazine with issues from 12 or 13 months old. Look at the classified ads in these magazines.
Highlight the ones that are repeated in both the issues, current ant 13 month old.
Then go out and start selling the thing that this ad is was selling.
5. Buy A Monopoly Set
Keep the fake money and toss the rest of the set. Then go out and buy a few books on investing in the stock market like The Intelligent Investor, Snowball, Guide To Investing etc.
Read these books 3 times each, take notes only on the 3rd reading. Then using the fake money invest in the stock market for 6 months, so you get the feel of the stock market and see how much you make and how much you lose.
Then invest in the stock market. You'll make much wiser decisions.
6. Download iTunes
Then search for the iPhone app development course from Stanford university. Go through the course 3 times. Taking notes on the second time and following along on the 3rd time doing what they ask you to do.
You might have to invest in a mac. Get the mini for ($700), and another $100 for getting the developer licence. Then spend the next 6 months developing really simple apps about stuff that you like, and publish them.
7. Get A Real Estate License
This is probably the most expensive on the list. The license in Canada costs about $1,000, so you'll be pretty much out of luck if fail. So study hard and pass. Maybe you don't have the license exam in India. In which case you'll save the money.
Then go out and sell some real estate. Most big business owners still invest heavily in real estate. You start by selling. Then you take the commissions and invest them into buying real estate.
This way you'll learn to invest on someone else's money. While other people spend their money buying and selling houses, you take a commission to introduce them. And learn the ins and outs of the real estate market.
Bonus - Here's a 8th Idea
8. Buy Noise Canceling Headphones ($400)
Then use these headphones to zone out where ever you are. Now that you have virtual quiet anywhere you want, take the time to start writing. Spend 20 minutes every day writing.
Write about a single topic. Create a guide, a how to book, or ever write fiction. Then self-publish this on Amazon. You don't need to spend any money. All you have to do is write regularly.
If you can write a 1,000 words every day (take about 30 mins or so if you're a slow typist) then you can write an ebook in a month. Over time your books will pick up steam and start making you tons of money. Many people are already doing this.
What Do You Do Next
Pick one of the above and go out there and do it. Don't think about it too much, don't talk about it, don't tell anyone, just do it.
The rest you can learn along the way.
I go in and I'm crisp, clean and my vocals are fucking coming out like music. - Anonymous MW student
- Autismus Terminus Finis (Root Cause/Cure of Autism Epidemic)
- Called Off My Wedding & Other Turn Tail Signs Of The American Male
Anyone try any of this? I've already done about 4 of them without even having read this post. Go figure..
I go in and I'm crisp, clean and my vocals are fucking coming out like music. - Anonymous MW student
- Autismus Terminus Finis (Root Cause/Cure of Autism Epidemic)
- Called Off My Wedding & Other Turn Tail Signs Of The American Male
That investing with Monopoly money is actually an bad idea, because it isn't real money you will automaticaally make riskier investments that if you had real money. I agree with book choices though.
^ That's completely besides the point. And probably only something you read on the internet lol
I go in and I'm crisp, clean and my vocals are fucking coming out like music. - Anonymous MW student
- Autismus Terminus Finis (Root Cause/Cure of Autism Epidemic)
- Called Off My Wedding & Other Turn Tail Signs Of The American Male
i actually agree with him. it's like playing poker with fake money.
So what. The important thing is you're actually taking action and doing it. If someone doesn't have enough discipline to still learn a ton from the experience they're retarded. As a coach of several different disciplines I'm making that call. ;)
I go in and I'm crisp, clean and my vocals are fucking coming out like music. - Anonymous MW student
- Autismus Terminus Finis (Root Cause/Cure of Autism Epidemic)
- Called Off My Wedding & Other Turn Tail Signs Of The American Male
So what. The important thing is you're actually taking action and doing it. If someone doesn't have enough discipline to still learn a ton from the experience they're retarded. As a coach of several different disciplines I'm making that call. ;)
+1
This is why you can setup virtual 'dummy' accounts and place trades to see how well you do before putting in your real money. Go to: http://www.cboe.com/tradtool/VirtualTrade.aspx and setup a virtual account immediately.
This is cool and all, however, the only way you will trade successfully in the market, CONSISTENTLY, is through the right mentorship. I've been making 1.5-2.5% monthly ROI (20%+ annual) with Options trading (puts and calls). The main thing is learning the MINDSET behind trading. There's a reason Billionaires and successful traders are successful - and it has nothing to do with retail trading or 'luck'. You've basically got to learn how the banks think, and trade like them - you can't lose as long as the financial box we've created is still around, which will be quite awhile as our governments and the most powerful people in the world make sure it stays that way.
Anyone who has more than $10k sitting around in a bank account needs to get it out and put it in a brokerage account for trading. If you're not making at least 10% per year, you're losing money to inflation and COL. Anyone in this position who doesn't know what to do, PM me and I'll send you in the right direction.... the information is so fucking easy to apply when you have the right mindset, but this is definitely not 'free' information. I'm currently putting in about 30 minutes of work per month trading SLV and bluechip stocks.... 30 minutes of work for 20%+ annual roi. Think: with just 1mil in your brokerage account, you're making $200k/year for doing NOTHING... now hyper compound and scale that up.
As far as the steps above, one of the best I see is ebooks. I've been getting into this slowly over the past year, about to seguey a lot of time into it. There is a TON of opportunity here that isn't going away. I'll lay out some ideas real quick: do keyword research on Amazon and Google for search phrases like "how to raise potbelly pigs" - a niche like that which has little competition and gets at least 300 searches per month. You know that these people are looking for information on this topic alone and are in need of this information. -- Create a pen name and hire a writer to put together a 150 page ebook on the subject. -- Learn to self-publish and SEO the shit out of the search phrase and similar searches. -- Out of those 300 people who search per month, you're pulling an easy 10+ ebook sales per month. Rinse and repeat. I have a friend with multiple books making $10k per month on AUTOPILOT -- did a little bit of work and now gets checks every month for doing jack shit. --- Obsviously there's a lot more to it than this, but it gives you an idea for what's possible.
As with anything - don't be like an unsuccessful person who chooses one thing then stops half-way and chases the next shiny object. Choose one Proven Blueprint to Success and follow it UNTIL. Focus yourself 100% to achievement in that area before moving on to something else. You won't lose out, you'll learn huge skills that you can apply to all other areas of your life. If you're having trouble staying focused and inspired on one thing - fix your Mindset. It's what separates the Successful Few from the Unsuccessful Many. Nothing else.
Yeah the only downside to the monopoly money is its an ancient way of doing it, there are a ton of sites that will let you play with virtual money which is a great way to learn the ins and outs before putting in real dollars. They had us do this in highschool for a project (I was in third and lost the bulk of it in some high risk/high rewards trades in the last two weeks when I went for gold).
I used to do things similar to the second one. Buying things (mostly electronics as they are easy to monitor prices for) at flea markets/ebay/craigslist and then reselling them at flea markets/ebay/craigslist lol. If you know the going rates at the various marketplaces it just becomes a matter of finding the one with the cheapest prices and reselling them OR if the prices are relatively the same, keeping your eye on all the markets and buying when you see a price drop. People are in need of a quick sale pop up all the time and you can get good deals if you know your prices and are ready to buy. Although pretty time consuming, I used to do this for a quick buck.
The linkedin method of contacting and interviewing experts is interesting, along with the ebooks.
Yeah, you have to have discipline. The important thing is to have a "method" behind what you're doing.
So, if you create the system first, then you're OBVIOUSLY going to want to put stress on that system, and test it with fake money, to see if it holds up, before investing real money.
But you gotta have discipline and the ability to analyse what you're doing to see if it's actually working, and WHY it's working. If you don't know WHY what you're doing is working.... it's not going to be repeatable in the long-term.
Right, that's the mindset. You can't go off and buy into emotions, 'hoping' to get lucky. This is retail trader mentality, and it's why the market makers get so rich off people. Find the right process and stick with it.... there aren't many processes though, the only sucessful long term investors (who also happen to be billionaires and banks), invest a very certian way using the Options market. Basically sell insurance to retail traders. Stock goes up, you get paid, stock goes down, you get paid. Again, anyone else in a position to start investing, PM and I'll send you over to my investment mentor. quit pming me. just go here: j.mp/investingmentorship