Finding a way to make money quickly is really not as good as finding a way to earn a stable income in the long term - get rich quick schemes tend to be a waste of time and effort (except for the people selling the scheme).
At least that was the point of my argument with a friend the other day. They ended up betting that I couldn't come up with at least one idea that would start generating cash within 24 hours.
In the words of Barney, "Challenge accepted!"
So, I'm going to give you three ideas that I think can generate at least some income in the first day of operations. My challenge to you is to see if you can use one of these to actually make some money (or be inspired to try your own idea) - it doesn't have to be profit, it just needs to be enough that it would be profit (or could grow into profit) if you kept it going.
If you do manage to start you own business and make money within 24 hours, share your experience with me and I'll write an article on it so everyone can see exactly what you did.
1. $5 Fiverr content army
There are a lot of blogs, publishers, media companies, marketing agencies, and all sorts of other businesses that are prepared to pay a few bucks to have articles written, surveys completed, and so on.
Many of these companies pay a reasonable amount for that content - some pay hundreds of dollars for a single article (google something like 'paid articles' to take a look at any number of sites offering paid work). But, the catch is that there are generally not enough hours in the day to sit and create that content and still make a decent profit.
There are thousands of people who will do just about anything you need for five bucks - including filling out surveys and writing blog posts. If you can find enough articles and surveys that pay more than $5 (say, $20), you can outsource all (or some) of the work for $5 and take the rest ($15) as profit.
The trick to this idea is to find the best Fiverr gigmasters who will do a decent enough job that you get paid for the work they submit. You can take a quick look at some of the best Fiverr gigs to get an idea for what's on offer there.
2. Free discount coupon eBook
At first glance you might be wondering how on earth giving away a free eBook could possible earn any money - let alone in the first day. Well, here's how it works:
Sign up to an affiliate network that includes companies, products and services in an industry that interests you - it could be travel holidays, computer hardware, games, baby clothes, whatever - Amazon and eBay affiliate programs are good starting points.
Become an affiliate for a wide range of stores so that you have a huge selection of products, deals, discounts, and coupons at any one time
Scour through all the best deals and sales that you can find, and build up a convenient categorized list of everything you think people will find useful
Put together an easy-to-use, fun, and informative eBook that includes pictures, descriptions, savings, coupon codes, and everything that a shopper could possibly want
Link to each special offer using your affiliate links (so that you get commission for any sales)
Once your eBook is complete, you'll have to advertise and market like crazy to get the word out. But, if you know any social influencers, or people who can help spread the word, offer them a share in the profits.
If this idea works once, you can put together a website and start building a mailing list of followers so that you can send them a new discount coupon eBook via email on a weekly or monthly basis - and watch the money roll in.
3. Super focused, free online video tutorials
I think one of the real problems with most online education offerings is that they try cram an entire book into one video - but videos are harder to navigate than a book. So, I think there's a real market to offer super short, highly focused online tutorials.
Because these clips are really short, you should be able to make a lot of them to teach students (kids or adults) anything specific they need to know... for free (because you should be able to make money from advertising and sponsorship instead).
One of my favourite examples of this is the Veritasium YouTube channel that talks about random, cool science stuff in a fun and engaging way. Check out how they demonstrated the Magnus effect by throwing a basketball off a dam wall:
Ok, but Veritasium probably didn't make any money on their first day in business. What are you going to do to make it happen?
I think that you could quite literally go through sites like craigslist, or other online communities and find things that people need to know about/understand. Make a fun, engaging, and useful video tutorial and post a link to it so that they can see it.
To make money quickly, you need a website (see our create a website resource page) and a YouTube channel that can generate advertising revenue. You could also offer more specialized, paid videos (if that's something you think people would want?).
So those are my ideas for home businesses that can start earning money straight away. What other ideas do you think would work? Have you ever managed to make cash in under 24 hours on a new startup before?
Share your experiences in the comments, and be sure to let us know if you try any of these ideas (and whether you made any cash).
Being an entrepreneur is one of the best vocations in the world because it encourages you to view everything as an opportunity for innovation. And, once you have an idea, you have to challenge it. Break it down. Make it better. Throw it away. Start again. Fail. Fail. Fail. Until you succeed.
Whatever you can imagine, you can do. Provided you have the drive and determination to see it through.
Universities and colleges across the U.S. are brimming with new business ideas from student entrepreneurs that can be a fantastic source of inspiration for every aspiring entrepreneur, from school right the way through to retirees looking to start their own business.
We want to shine a light on the creativity and innovation being demonstrated at universities across the nation by students with a passion for entrepreneurship and sharing new ideas.
It’s hard work trying to find the time to develop a new business idea, create a business plan, build a website, create content, marketing, promotions, networking, investments, and everything else that has to get done.
The Web is arguably the best medium from which to earn a passive income because content, software and online services can persistently drive traffic and revenue for years at a time.
In other words - build once; earn indefinitely.
The downside is that because there is this great potential to make money, a lot of people are trying it. And, with a lot of people, comes a lot of competition that makes starting out tricky. One thing's for sure; if you're not prepared to put in work upfront, forget about earning a passive income online.
Coming up with innovative new ideas can be a frustrating ordeal unless you know where to look for inspiration. The good news is that there are people making a lot of money doing things you may not have dreamed of.
So, if you are feeling bold and adventurous I've got a list of killer business ideas that are working for people right now. Who knows, perhaps one of them is perfect for you.
Currently, the majority of water saving devices in the U.S. allow cold water to escape and shut off when the hot water arrives - preventing the loss of water heat energy, but not water itself. It's incredibly wasteful - especially in areas like California that are water stressed.
Design & sell a device that redirects (or saves) cold water until the hot water arrives. Saved cold water can then be used to cool the hot shower water.
An Australian product called Cullector already does this - perhaps they need a distributor in your region?
I run a small eCommerce business and it's proving extremely hard to get any visitors to the site. Of the few that...
An SME (Small & Medium Enterprise), sometimes called an SMB (Small & Medium Business), is any business under a certain size. With so many differing definitions, we focus on the people responsible. Smart Modern Entrepreneurs.