HOW TO MAKE EXTRA MONEY FOR TRADERS 1 | Page TRIED-&-TRUE LEGITIMATE WAYS TO MAKE EXTRA MONEY FOR YOUR TRADING ACCOUNT (or for anything else you want in life) A RESOURCE GUIDE Barry Burns, Top Dog Trading
HOW TO MAKE EXTRA MONEY FOR TRADERS
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TRIED-&-TRUE LEGITIMATE WAYS TO
MAKE EXTRA MONEY
FOR YOUR TRADING ACCOUNT
(or for anything else you want in life)
A RESOURCE GUIDE
Barry Burns, Top Dog Trading
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© Copyright 2018 by Top Dog Trading- All rіghtѕ rеѕеrvеd.
Reproduction, translation, or distribution in any form or by any means, or
storage in a data base or retrieval system, of any part of this work beyond that
permitted by Section 107 or 108 of the 1976 United States Copyright Act
without the permission of the copyright holder is unlawful. Requests for
permission or further information should be directed to:
Wealthstyles LP
1534 N. Moorpark Rd, #222
Thousand Oaks, CA 91360-5129
(805) 491-3541
This publication is sold with the understanding that neither the publisher or
author are engaged in rendering legal, accounting, investment or other
professional services. Financial loss, even above the amount invested, is
possible and common.
By accepting this document you agree that use of this is entirely at your own
risk. Neither the author nor publisher assume responsibility or liability for
your results. This information is provided for informational and educational
purposes only.
You should not rely solely on this Information in making any decision. The
information in this document should only be used as a starting point for doing
additional independent research in order to allow you to form your own
opinion and making your own decisions.
You should never investment money you can’t afford to lose, and you should
never participate in any of the opportunities mentioned in this document
without consulting a professional and qualified financial advisor to assess
whether such opportunities are appropriate given your specific financial
situation.
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Participating in these opportunities may have tax consequences and you
should consult with a tax professional who is qualified to provide you with
such advice.
The information in this product is in no way a solicitation for you to
participate in any of these opportunities.
We have an affiliate relationship with some of these companies and have the
potential to be financially compensated if you participate in some of them.
This information is sold "AS IS," without any implied or express warranty as to
its performance or to the results that may be obtained by using the
information.
As stated on the website where you purchased this e-Book, there is a no
refund policy on this product. Unfortunately some customers treat us as a
“library” where they can buy products, get refunds, buy more products,
get refunds, over and over. This will not be tolerated.
There are many legitimate money-making opportunities included in this
product which may allow you to earn your small investment in this e-
Book and more IF you follow through and take consistent action on them.
All trаdеmаrkѕ and brаndѕ within this bооk are fоr сlаrіfуіng рurроѕеѕ оnlу
аnd аrе thе оwnеd bу thе оwnеrѕ themselves, nоt affiliated wіth this
dосumеnt, although the author may have an affiliate connection with one or
more of the opportunities.
Not all opportunities are available in all countries or local regions. Please
communicate directly with the companies providing these opportunities to
determine if they are available in your country.
Statements in this course are made to the best of our knowledge as of the
date the course was created and are subject to change without notice. It is
your responsibility to do your own research and confirm the legitimacy
of these opportunities.
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TABLE OF CONTENTS
Introduction - 5 How to Use This Guide - 8 Side Money Making Methods - 10 1. Vindale Research – 12 2. Earning Station – 14 3. Survey Junkie – 16 4. Paid Surfing by Swagbucks – 19 5. Website and App Testing by Usertesting.com – 23 6. UI Testing by Trymyui.com – 26 7. Userlytics – 29 8. Snag a Job – 33 9. TaskRabbit – 36 10. Uber – 39 11. Lyft – 43 12. Amazon Flex – 47 13. Frugal for Less – 51 14. Tutoring – 55 15. Be a “Mystery Shopper” – 57 16. Do freelance work online – 59 17. Do freelance work for other companies – 62 18. Arbitrage – 66 19. Dropshipping – 86 BONUS SECTION: TAX SAVINGS – 100 In Closing – 104
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INTRODUCTION
The purpose of this book is to get people started on their journey to
trading and getting a stable income from it. I wrote this book
because of a particular problem encountered by many people who
start trading.
To engage in trading, you need to have “discretionary money,”
(money you can afford to lose that won’t hurt you or your family
financially). You need to open an account and fund it with a certain
amount of money (the amount of which can vary greatly depending
on whether you’re trading stocks, futures, Forex, and whether your
day trading or swing trading). In communicating with a number of
people interested in trading, they often told me that they did not
have enough money at hand but were willing to work for it on the
side.
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This resource takes that problem into consideration and outlines a
number of ways to make “side money” with a minimal skill set. The
opportunities have only a slight learning curve so motivated
participants can make a good amount of money to open up their
accounts and start trading.
There is an extra benefit in all of this – you don’t need to stop
working on your side income after you get your trading account
running and you could keep at it to continue to get some extra cash
for yourself.
Generally, the easier and less demanding the work, the less it pays.
This is real life so embrace it. Those who continue be drawn into
“get rich quick” or “get rich without doing anything” offers are the
same people that will be ripped off and then later complain that it
was a scam.
Protect yourself up front by being realistic and take responsibility
for your own assumptions and work ethic
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IMPORTANT: If you have any questions about any of these
opportunities, please send them to the companies providing
the opportunities directly and not to me.
I wish I could provide ongoing support to answer your questions
about all the various opportunities, but of course my focus is on
helping people with their trading, so all my personal support goes
into that.
While my intention in sharing these money-making opportunities
came from hundreds of people who wanted to become traders, but
didn’t have the money to fund an account, these opportunities can
be used to generate extra money for any purpose.
That said, if you’re interested in learning how to trade the markets, I
offer a lot of FREE TRADING EDUCATION!
You’re invited to go to my website and sign up for one of my
FREE TRADING COURSES at: www.TopDogTrading.com
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HOW TO USE THIS GUIDE:
As the cover says, and as the website where you ordered this e-Book
clearly states, this document is a “Resource.” It is not intended to
teach you the details of how to make money with each of these
opportunities. The way to use this document is to:
1. Look through the wide variety of options for making “side
money.”
2. Choose one or more that appeal to you the most.
3. Do more indepth research on the ones you like.
4. Follow through and take action. They all require work –
none are “get-rich-quick” or “passive” income.
If you just act on ONE opportunity here, you will get much for
value in return than the small investment you made in this e-
Book.
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DON’T EXPECT SOMETHING FOR NOTHING. The web page that
introduced you to this e-Book made that perfectly clear before you
invested in this resource.
With the advent of the Internet, there are more opportunities for the
average person to make money than ever before in the history of the
world. TODAY THERE IS NO EXCUSE FOR YOU NOT TO BE
FINANCIALLY PROSPEROUS!
I’ll never forget something a dear friend once told me:
“You can make excuses or you can make money, but you can’t
make both!”
BEFORE YOU READ THIS BOOK, to get your mind right (which is
the most important thing), watch these 2 videos. Here are the
links:
https://www.youtube.com/watch?v=wnHW6o8WMas
https://www.youtube.com/watch?v=obdd31Q9PqA&index=56&list=FLcjyImdSWDTCGCa7G24faIQ&t=0s
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SIDE MONEY MAKING METHODS
If you’re reading this right now, I’m sure you’ve gotten past most of
your skepticism but a little doubt might still linger in one corner of
your mind. So let me start by assuring you that this resource is
nothing like any of those pop-ups you come across while surfing the
web. You know them, those ones where flashy photos of people in
luxury cars or on exotic beaches declare that they’re making tens of
thousands of dollars from home and encourage you to click to
experience the same.
You might feel in your gut that they’re all bogus and even if you’ve
ever clicked on them mistakenly or out of curiosity, you must have
found nothing really, just a rabbit hole of never-ending clicks and
promises.
This book is nothing like those sites and pop-ups. It doesn’t promise
you free money – albeit in ridiculous amounts – for doing nothing.
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Instead, it shows you some side jobs you can undertake, provided
you’re willing to work, and earn yourself extra cash.
Some of the easiest opportunities may not pay as much or have as
much work as you’d like, but you can combine several of these to help
you earn more money than one of them alone could do.
As you probably suspect (rightfully so), the easiest opportunities
pay the least amount, and the opportunities that require more effort
have the potential to pay more. In fact, I know of a few people who
have even turned these so-called “side-money” opportunities into
full-time incomes.
Without further ado, let’s look into these methods.
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1.
Vindale Research
The reason undertaking surveys exists, as a real job and as an
important one, is because user feedback and opinions are important
to companies. To who, you may ask; to companies who manufacture
products! Manufacturers need to know what consumers feel about
their products before they put them out there.
For decades now, medium-sized companies and huge corporations
have gone beyond market surveys to making actual products and
giving them to a cross section of people to see their thoughts on
them. The internet has made this strategy even easier as the people
these products are sent to do not need to be in the company’s
physical space.
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I especially love Vindale Research because there’s no sign-up fee and
they pay with REALY MONEY (not “points” like some of the other
survey sites).
I also love the fact that I can take surveys on my cell phone because
that means I can do the surveys during “down time” such as waiting
in a doctors office, restaurant, or any other time and out and about
town and not doing anything else.
They’re also highly rated by “TrustPilot,” which is very important
because there are many unethical survey programs, so you must be
careful who you trust and I trust this one (I signed up for it myself!).
To learn more about Vindale Research, simply follow the link below:
http://tryvindale.com
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2.
Earning Station
What’s extra cool about Earning Station is that beyond surveys,
you can earn money by:
Playing games
Watching videos
And just doing your normal shopping!
When you do choose to take a survey, they also tell you up front:
How much time the survey takes.
How much you’ll earn by taking the survey.
What the survey is about.
For example I’m looking at the site right now and there’s a Health
Care Study that takes 5 minutes and pays $9.80. Pretty awesome!
I love that transparency up front.
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To learn more about Earning Station, simply follow the link below:
https://www.earningstation.com
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3.
Paid Surveys by Survey Junkie
A great resource that offers vetted paid surveys is the online space
aptly named “Survey Junkie.” Survey Junkie is a portal that requires
willing survey takers to sign up, build their profile and then
participate in relevant surveys. It enables users to function as
influencers that determine the final products that will be seen in
physical and online stores for consumers to purchase. The feedback
the users deliver is instrumental in helping brands and
manufacturers deliver better products and services.
The profile-relevant surveys help the users of Survey Junkie to
shape the products and services that are meaningful to them. Users
complete surveys to earn rewards in the form of virtual points on
the platform. These virtual points can then be redeemed in one of
two formats: e-Giftcards or PayPal money withdrawals.
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The criteria for using Survey Junkie are quite simple and they
include:
- Registration on the platform with a valid email address and
password.
- Residential status in the United States, United Kingdom,
Canada or Australia.
- Minimum age of 13 years.
Points are earned on Survey Junkie are earned by successfully
completing surveys and profile questionnaires. Other point-winning
or earning actions include referral of friends and associates and
others. It’s very easy to identify rewardable action points as they are
clearly displayed with earnable points in a green button close by.
Points are easily redeemed from the dashboard on a user’s profile.
Once on the points page, a simple step of entering an email address
facilitates the withdrawal process causing the user’s e-Giftcard or
PayPal account to be credited as selected by the user.
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Survey Junkie is considered one of the higher paying survey sites.
To learn more about Survey Junkie, simply follow the link below:
https://www.surveyjunkie.com/
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4.
Paid Surfing by Swagbucks
Paid surfing is a method of making side income that ensures that for
multiple uses of the internet, users get paid. Online portal,
“Swagbucks” makes this method possible by attaching the
possibility of earning swag bucks (SB) as you perform different
activities on the web.
This system is a little different from other paid duties in two major
ways:
1. Users are not restricted to undertaking surveys before they can
earn. The activities necessary to earn are more passive and
consist of regular things that users would normally do on the
web.
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2. The system awards swag bucks, not money directly. Swag
bucks can be redeemed at any time and there is no minimum
threshold required before payouts occur.
That said, the pertinent question becomes, what are swag bucks?
Swag bucks, as described by the website, are the web’s premier
virtual dollar.
Some of the activities a user can perform online to earn swag bucks
include:
- Searching: This activity allows users earn by simply searching
online and this is an activity that almost everyone performs.
Users can search as they normally would but with the
dedicated swag bucks search engine. Performing this activity
guarantees that periodically, the user will be rewarded with SB
search wins.
- Watching videos: This platform rewards users for watching
videos of regular stuff like they normally would. These things
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included entertainment news, cooking techniques and
technology trends. The best part is, swag bucks are earnable
for them all.
- Shopping: Online shopping has become the norm today. The
convenience and wide range of options offered is hard to beat.
The Swagbucks portal takes it a step further, allowing users to
earn swag bucks while they shop online. Their “Shop & Earn”
section is a delightful corner of the web to be on with over 700
major retailers, all offering a SB rebate for every dollar you
spend.
- Playing Games: Swagbucks encourages its users to have fun
playing games online and earn while at it. Such a prospect is
surely a dream come true for lovers of gaming entertainment.
- Discover: An interesting section of Swagbucks is the Special
Offers corner which allows users to discover many great offers
for very low prices. Users can use the platform to get deals like
discounted Netflix deals, comprehensive car insurance, movie
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tickets and everything in between. Whatever offers interest
users can be filled by them and amazingly, they can earn at the
same time!
- Taking Opinion Polls: A lot of big brands heavily value the
opinion of average consumers and swag bucks are at stake. The
Trusted Survey dashboard is available every day as long as a
user qualifies for it. There is also a Daily Poll where users share
their opinions and receive swag bucks.
BONUS TIP: Add the Swagbucks “button” to your web browser. This
will allow you to get Exclusive Rewards not available to those who
don’t have it!
To learn more about Swagbucks, simply follow the link below:
http://www.swagbucks.com/p/register?rb=45947505
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5.
Website and App Testing by Usertesting.com
Usertesting.com is a site dedicated to getting feedback from
consumers and users by asking them to use a product while
articulating their thoughts about the experience. These products are
mostly apps, websites and mobile games – easy to use services that
final users will be able to use and access easily.
The simple premise of this particular method, hosted on
usertesting.com, is to visit a website or an app, complete a task on it
(like watch a video), speak your thoughts out loud as you watch and
when you’re done, get paid. User testing is quite specific with their
payment schedules – after a short task of 20 minutes, users get paid
$10.
To become a test user, there are only a handful of requirements:
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1. Possession of a PC or Mac connected to the internet. For users
that would like to perform mobile tests, they would require an
iPhone, iPad, Android phone or tablet. Whether a phone or
computer is used, it is necessary for them to have a working
microphone.
2. Downloading of the testing software offered on the platform.
3. Minimum age of 18 years.
4. Ability to speak thoughts out loud in English.
The testing software is necessary because it allows recording of the
user’s computer or phone screen as they go through the site or app.
Mouse movements, clicks and phone taps are analyzed to see what
typically gets a user’s attention and how a site or app appeals to a
user.
The voice of every user conducting tests will be recorded but their
faces will not for obvious reasons of privacy. The voice recording is
for a voice appraisal of the website or app being tested. This method
facilitates immediate, honest feedback from the user, as opposed to
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using written feedback which is more prone to over-thinking and
over-rationalization. Also, not every person can arrange their
thoughts in words as much as in the spoken form and so it is highly
beneficial for owners of tested websites and apps to get feedback in
spoken form.
Testers are paid via PayPal after a waiting period of 7 days which
allows for quality assurance.
To learn more about User testing, simply follow the link below:
https://www.usertesting.com/be-a-user-tester
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6.
UI Testing by Trymyui.com
UI Testing is a method of testing specifically dedicated to getting
feedback for websites (mostly) concerning the user interface on
such sites. Most website designers put in their best to make sure
that the interface is smooth and intuitive enough for users to enjoy
as they use but it doesn’t always turn out that way. This could be
due to a few reasons including assumptions, myths or a
misunderstanding of the target audience.
To get around this and to fine-tune the experience, web site owners
and designers put their websites to the test by letting users browse
through them and recording them as they do.
TryMyUI is a very effective platform for this particular form of
testing. It contributes to making the web a better place to be and an
easier place to navigate by letting designers and coders clearly see
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obstacles hindering their audience from having a great experience.
Some of these obstacles are obstacles that could not be envisioned
otherwise.
TryMyUI encourages testers to relax and be themselves while they
test the sites. It asks testers to use the site the way they would in
real-life situations and then speak about what they liked and didn’t
like so that the professionals developing the site can make
appropriate adjustments.
After testers send in a video of their device as they use the website
or app, they also add a short, written response to a quick survey
about the test just concluded. This platform does not have a limit on
the number of tests a user can take – a few a week is normal – but
they are only spare time gigs and should not be seen as fulltime
work.
The payment on TryMyUI is a fixed amount of $10 for each test and
tests typically last for 20 minutes. Testers receive their payments
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every Friday via PayPal. Worthy of note is the fact that tests are
reviewed and accepted by the platform’s graders before being
cleared for payment.
To learn more about TryMyUI, simply follow the link below:
https://www.trymyui.com/worker/signup
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7.
Userlytics
Userlytics is a user testing platform that allows website owners and
developers receive feedback on their sites. The website makes use of
multiple expressions to differentiate itself from its competitors.
First, it states that other analytics tell you “what” while it tells you
“why”. It also champions the use of Branching Logic in the
conducting of its tests.
Branching Logic allows conditions to be set, for example success or
failure depending on the answers to questions asked in
between specific user testing tasks and instructions to help the
system decide what specific tasks and/or questions should be
directed at different participants, as a result of their actions and/or
answers.
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Branching Logic helps to make sure that regardless of how the
experience swings for a user, the system can pick up on it and learn
something valuable for developers. The gap between moderated and
unmoderated usability testing can be successfully bridged by
developers customizing their user testing script to specific
participants. This moderation occurs with the scalability of remote
unmoderated user testing still maintained.
If you’ve ever had a frustrating experience on a website or app and
wish such experiences could go away, Userlytics is the place to go
effect change. Userlytics encourages such people to get on their
platform to address such challenges while also getting paid on a
part-time basis. The usability of websites and apps is important to
the creators of Userlytics and they hope it’s important to their users
too; this is why they encourage them to work from home and in
their free time to test sites and apps.
Userlytics follows a simple four-step procedure:
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1. Registration
2. Getting invited
3. Giving feedback
4. Getting paid
Some of the key features offered by Userlytics features include:
1. Picture-in-picture User Testing videos
2. System usability scale (SUS), Net Promoter Score (NPS) and
Single Ease Questions (SEQ)
3. Time on Task user testing metrics
4. Global panel and recruitment of B2C and B2Bd
The official requirements stated by the platform for their intending
users are listed below:
1. A PC with Windows 7 or higher
2. A microphone
3. A webcam
4. A Mac with OS 10.7.3 or newer
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5. A recent version of Java
To learn more about Userlytics, simply follow the link below:
https://www.userlytics.com/
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8.
Snag a Job
Snag a job is an online platform where people can register and get
access to a variety of jobs that bring in good cash. Snag a job is the
self-styled #1 hourly marketplace in America and is currently home
to 80 million registered hourly workers. It focuses on creating
instant, quality connections so workers and employers can establish
a working relationship in just minutes.
There is truly a myriad of jobs to choose from and workers are
assisted in locating their preferred jobs by categorizing the available
jobs along lines such as location, category and industry. Other
categories offered on the site for the purpose of simplifying the job
search process are position and company.
Some of the categories of jobs offered on Snag a job include:
- Hourly jobs
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- 1st, 2nd and 3rd shift jobs
- Entry-level jobs
- Bilingual jobs
- Seasonal jobs
- Student jobs
- Veteran jobs
- Full-time jobs
- Others
Some of the job industries listed on the site include:
- Automotive
- Construction
- Accounting and Finance
- Customer Service
- Restaurant Business
- Hotel and Hospitality
- Beauty and Cosmetics
- Healthcare
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- Telecommunications
- Sales and Marketing
- Retail
Snag a job makes the job search process easier and more efficient
through their bustling but curated marketplace and also through a
high powered end-to-end platform of talent and workforce
management solutions aptly named “People Matter”.
Snag a job makes it possible for all categories of people to get paid
work and this is especially effective for people who just want to get
some side income so they can get their trading accounts up and
running.
To learn more about snag a job, simply click on the link below:
https://www.snagajob.com/find-jobs
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9.
TaskRabbit
TaskRabbit is an online and mobile marketplace that specializes in
freelance work. It quickly links customers or employers with
contractors – called taskers – together on everyday tasks that
include its four major pillars: cleaning, moving, delivery and
handyman work.
TaskRabbit is a great place to find work that pays decent cash
especially if you’re good at any of the four above-mentioned pillars,
which you most likely are. If you’re not, you can still look through
the site for other categories.
Previously, TaskRabbit operated on an auction model inspired by
eBay where jobs were posted and taskers placed bids for these jobs.
A few years down the line, the company had reason to believe this
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auction model was unsatisfying to both employers and taskers and
so they changed it.
Currently, TaskRabbit uses a system that matches a posted task to
multiple taskers showing their hourly rates. The taskers shown
represent the diversity of taskers available in terms of prices and
experience levels. A tasker can then be selected by an employer and
a time for the job scheduled. At the same time, real time
communication can begin in earnest via a custom messaging
platform developed by TaskRabbit.
Worthy of note is the fact that while TaskRabbit presents the
opportunity of starting a home-based business, many of the tasks
will not be performed at home. Some virtual-only tasks exist but
most tasks posted on TaskRabbit reflect the site’s intention to get
paid help for people on real world tasks. Therefore things like
furniture assembly, decorating, home and office deliveries are
common on TaskRabbit and these are jobs that can definitely not be
done from home.
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The basic requirements for potential taskers are listed below:
1. Potential taskers must be at least 21 years old.
2. Potential taskers must possess a valid Social Security number.
3. Potential taskers must run an active Facebook or LinkedIn
account.
4. Potential taskers must have a bank checking account.
5. Potential taskers must possess relevant skills.
Potential taskers need to apply on the TaskRabbit website to declare
interest. They will need to input details about their skills and
personal information. This is necessary because TaskRabbit takes
identity seriously and performs a criminal background check. After
approval, new taskers are required to undergo a compulsory two-
hour orientation before they can begin to work on the platform.
To learn more about become a Tasker, simply click on the link
below:
https://www.taskrabbit.com/become-a-tasker
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10.
Uber
Uber is a global taxi technology company that works by the principle
of ridesharing, where drivers are encouraged to drive their own cars
or rent them and passengers can request rides on their own or share
them (including fares) with others.
This is one of the most well-known opportunities in this resource.
My own brother-in-law was an Uber driver, which helped him
support his family while he was between regular jobs.
For any person who can drive and has access to a decent-looking
and running car, Uber is a great way to earn money. In fact, Uber
provides full-time employment to thousands of drivers across the
globe and so even a part-time commitment to it can bring in a
decent side income.
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Uber provides different services and because of different reasons
including economics, demand and even city specifics, some are only
available in certain cities or regions.
The services include:
- UberRUSH, a courier service currently available in New York,
Chicago and San Francisco.
- UberBOAT, available fully in Istanbul and during special events
in Miami.
- UberGO, available in India providing hatchback rides.
- UberAUTO available in Pakistan providing an Auto Rickshaws
service at a much cheaper price for riders.
The initial driver requirements for any person who wants to drive
on the Uber platform are listed below: (Please note that there are
vehicle requirements that are required to be met after the driver
requirements and some components vary from city to city).
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Your vehicle must be one of the following: a four-door car,
truck or minivan. Manual transmission is accepted.
You are required to be 21 years of age or older (23 depending
on your city).
The intended driver is required to be on the insurance for the
vehicle used.
You must pass a background check.
A minimum of three years driving experience is mandatory.
Your vehicle must be fit to pass an inspection from Uber.
You are required to have a clean driving record.
There are a few vehicle restrictions for Uber and they are listed
below:
You are not able to drive for Uber with a full-size van (Ford
Transit, Ford E-Series, GMC Savana)
Taxis and other marked vehicles are not accepted.
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The use of Crown Victoria is prohibited.
Uber does not allow the use of salvaged vehicles.
Theck their website for any updates to the above rules.
The opportunities for Uber drivers vary greatly depending on your
location.
BONUS TIP: There’s a moble app called “FarePilot” you can
download to your cell phone which will help you find hotspots so
you can get more rides. The app has a 4.7 out of 5 star review.
To check for specific guidelines in your city of residence ad start
driving, simply click on the link below:
https://m.uber.com
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11.
Lyft
Lyft is a service very similar to Uber. In fact I know drivers who sign
up with both services so they get more opportunities.
Lyft is a company that provides on-demand transportation primarily
from its mobile app. Lyft encourages riders to not rely on personal
cars but request a ride on the mobile app when they need one.
Lyft is a good way to earn some money if you’re a good driver, have
access to a neat, well-conditioned car and if you know city routes or
are good at navigating. In a bid to reduce impersonal rides and
encourage conversation, the platform gives drivers and passengers
the option of adding personal information like hobbies and musical
preferences to their profiles.
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Lyft offers four types of rides in all cities in which it operates with an
extra option which is not available in every city. The four basic types
of rides provided by Lyft are listed below:
Lyft is the basic and most popular offering that matches
passengers with nearby drivers.
Lyft Plus matches passengers with a six-seater car.
Lyft Premier matches passengers with a more Premium ride
with seating for four.
Lyft Lux matches passengers with a luxury car (i.e.: SUVs with
highly rated drivers).
The extra option provided by lift which is only available in some
cities is:
Lyft Line, which is the cheapest option and will match
passengers with other riders if they are going in the same
direction.
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The driver requirements for people interested in becoming Lyft
drivers are listed below:
- You must be at least 21 years old and must possess a U.S.
driver license that has been active for at least one year.
- You must pass a driving record check will be checked by a
third-party company and analyzed by officials at Lyft.
- You must pass a criminal background check. Note that you will
be screened for both criminal offenses as well as driving
incidents. Also, these checks start from county-level databases
and extend to country-level databases. (In the city of New York,
both DMV and criminal background checks are performed by
the Taxi and Limousine Commission and they follow their own
particular set of licensing standards.)
The vehicle requirements are listed below:
- The vehicle must be a 2006 model or newer except in a few
states
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- The vehicle must have 4 doors
- The air conditioning and heat of the car must be fully
functional
- The car tyres must possess sufficient tread and must pass a
penny test.
Individuals willing to become paid drivers on the Lyft platform learn
more by following the link below:
https://www.lyft.com/
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12.
Amazon Flex
Amazon runs a program called Prime Now and as the name implies,
products ordered on the platform arrive at shoppers’ homes and
offices in as little as an hour. The magic behind these lightning-quick
delivery times is the supporting delivery platform titled Amazon
Flex.
In turn, Amazon flex is serviced by a group of individuals who are
working with Amazon on a free schedule basis, functioning as
delivery drivers. Amazon declares that the job pays at least $18 an
hour and that drivers can make as much as $25 per hour.
For products on Prime Now, instead of using big courier companies,
Amazon uses independent contractors. This practice leads to lower
costs for the company and surprisingly shorter delivery times
because Amazon Flex usually uses local drivers. Amazon Flex is
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great for people looking to make side money from driving but who
may be unwilling to carry strangers, even with detailed profiles and
the chance of conversation.
The schedules are truly worker-dependent as deliveries are
assigned to Flex users on days they are free and they can always
schedule their availability and consequent non-availability for the
future.
The requirements for becoming a driver for Amazon Flex are given
below:
- You must have an Amazon account
- You must have a valid driver’s license
- You must reside in a participating city
- You must possess a decent car
- You must have a clean driving record and pass a background
check
- You must have a smartphone
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After available hours have been sorted out and the process
completed, drivers can show up at distribution centers and begin
work. Even though available days can be selected, drivers cannot
have a delivery neighborhood preference or a package type
preference.
Drivers need to do no more than drive over carefully to deliver
orders and pay attention to the package type and instruction given.
Some special instructions frequently encountered are: “deliver only
if someone is home” and mostly for liquor deliveries, “check
customer ID”.
Amazon also offers support to Flex drivers throughout their route
and the moment deliveries are completed, drivers can head back to
their distribution center to pick up another delivery.
I’ve talked to several people who are Amazon Flex drivers and the
response I received back from them was 100% positive. They like
the flexible hours and many of them mentioned they personally
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preferred this because they were delivering packages rather than
transporting people (as with Uber or Lyft).
BONUS TIP: There are many other similar delivery services for food
or general delivery that will probably be available in your local area
(a quick Google search will help you find them).
We often have deliveries made from our local Ralph’s Grocery store
which we love because not only do they deliver, but they do the
grocery shopping for us which is a big time saver. Again, I’ve
interviewed many of the grocery delivery people and the response
was 100% positive.
To learn more about Amazon Flex driver, simply click on the link
below:
https://flex.amazon.com/
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13.
Frugal for Less
This one’s a little different from the others in that the approach is
how to increase your NET INCOME by reducing your expenses,
along the lines of the saying “a penny saved is a penny earned.”
However it also includes valuable educational articles on how to
increase your income as well.
Frugal for less is a valuable web resource that helps people “find the
ultimate path to financial freedom”. It is a website dedicated to
helping people have more money in their bank account by living
prudently.
Regardless of how much your income is, you’re most likely spending
more than you need on frivolities and if you could cut down on
them, you could have more money at your disposal to either save for
a rainy day or even spend on other things you really need.
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The extra cash that comes from prudent living can, in this sense, be
seen as a kind of side income and potential traders can take this
cash to start running their accounts.
Depending on your income level, Frugal for Less says it can help you
save as much as $13,000 in as little as 10 months.
According to the website, there are several ways to save money in
today’s world but there are also several other ways that can make
the money go away really quickly. It’s therefore important to escape
the wide pitfalls that can make a person save money and still blow it
on unnecessary stuff.
According to content posted, the following benefits are what every
follower of the site will be able to gain:
Bring yourself a lot closer to financial freedom
Save 10% – 70% on dining, grocery shopping, renting a car,
getting a haircut, etc.
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Be advised about the current best deals as well as free deals on
the market
Figure out ways to pay nearly nothing when traveling
(airplanes, hotels, transportation, ATM fees, etc.)
Find the best ways to start building your wealth toward a
better future
With close following of the principles and highly practical advice
given by Frugal for Less, it is possible to gain side income from
money you would otherwise be spending. The simple action of
joining the Frugal for Less mailing list can easily give a person great
tips and insight into saving money with little time and effort.
People interested in getting these techniques are advised to
subscribe to get free e-mail updates on regular blog posts.
Their blog posts also often cover topics on how to make extra
money such as:
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25+ Best Survey Sites: Get Paid $600/Month Or More From
Home
15 Summer Side Gigs to Earn Extra Cash
11 Ways to Make $200 Fast
10 Ways to Make Money as a Stay at Home Parent
More Than 20 Ways to Make Money as a Retiree
To start learning how to save big time with Frugal for Less, simply
click on the link below:
https://www.frugalforless.com
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14.
Tutoring
If you have skill, talent or knowledge you can teach to other people,
you have a world of opportunity for you to make money and using
the Internet, it’s easier than it’s ever been to make money doing so
(and enjoying the process!).
Take something you’re good at, and offer that service:
Photography
Singing
A foreign language
Math
English
History
Art in all it’s various forms
Pretty much anything other people want to learn!
Here are several online ways to offer your teaching services:
Craigslist
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https://kaplan.com/work-with-us/join-our-team
http://www.Smarthinking.com
https://www.udemy.com/teaching/?ref=teach_header
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15.
Be a “Mystery Shopper”
My own daughters do this on a regular basis. They make good
money and have a lot of FUN doing it! Every week they tell me new
funny stories about their adventures.
They often do 2-4 of these gigs per day! Getting jobs is never a
problem for them – they can work as much as they want.
They also enjoy the feeling of being a “secret agent” for the
companies they work for. When you do this you’re operating as kind
of a “spy” for the company.
Don’t think of that as a negative thing. The companies do this to
protect you and me, their customers, to make sure we’re being
treated well, fairly and have a great experience with their products
or services.
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In addition to getting paid and having fun, these gigs often come
with some side perks, such as getting free food, movies, etc.
My daughters have worked with:
Sassie Shop http://site.sassieshop.com/shoppers/
BareInternational
https://www.bareinternational.com/evaluators/
AmusementAdvantage
http://www.amusementadvantage.com/shoppers/application
BONUS TIP:
To avoid scams, make sure you aren’t asked ot pay a fee as part of
your signup process.
Also you should check the company with the MSPA (Mystery
Shopping Providers Association) to see if they’re a member. Here’s
their webpage that includes a list of member companies:
http://www.mspa-americas.org/member-companies
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16.
Do freelance work online.
There are several websites where you can offer your skills as a
freelancer and work from home on your own schedule.
Skills that are in demand are too numerous to include here, but most
of them fall into the areas of:
Virtual Assistant
Graphics and design
Digital marketing
Writing and translation.
Video and animation.
Music and audio, including voiceover.
Programming and technology.
Business.
Fun and lifestyle, including comedy.
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Administrative support
Customer Service
Accounting
Photography
Logo design.
Data entry.
Web research.
Customer service.
Article and blog writing.
Editing and proofreading.
Numerous types of Internet marketing.
Website design and/or development.
Telemarketing.
Translation.
Transcription.
Various levels of legal services.
Engineering and architecture.
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Etc.!
Some of the most popular sites to offer freelance work include:
http://www.fiverr.com
https://www.upwork.com
https://talentexchange.pwc.com
https://www.myoutdesk.com
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17.
Work from home remote, part-time and/or freelance work for
companies.
https://www.flexjobs.com/jobs/telecommuting-jobs-at-alere
Interpreters/translators:
https://www.languageline.com/careers/interpreters-overview
https://gengo.com/translators/
Graphic Design:
https://99designs.com/designers
https://www.cafepress.com/cp/shopkeepers/index.aspx?page=ma
ke-money
Baby sitting, Aupair, Child care:
https://www.greataupair.com/search/job.cfm
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Education:
https://www.connectionsacademy.com/careers
http://www.edmentum.com/about/careers
https://www.tutor.com/apply
https://www.k12.com/careers.html
(my own daughters went through this program and loved it!) https://kaplan.com/work-with-us/join-our-team/ Bookkeeping or accounting
https://www.supportingstrategies.com/careers
https://careers.intuit.com/
Pet Sitter
https://www.rover.com/become-a-sitter/
Cooking
https://eatfeastly.com/account/become-cook/overview/
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Participate in a Fous Group:
http://findfocusgroups.com/
Rent out your home or a room in your home:
https://www.airbnb.com/host/homes?from_nav=1
Place company ads on your car:
https://carvertise.com/drivers/
Other or General:
https://careers.hmhco.com/go/Remote-%28or-Work-From- Home%29-Opportunities/2397700/ https://www.flexprofessionalsllc.com/ https://worldwide101.com/jobs/ http://www.thesmartcrowd.com/about/workers/job-opportunities/ https://www.nettranscripts.com/careers.htm https://workingsolutions.com/who-we-are/work-at-home/
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https://www.mturk.com/worker (Operated by Amazon.com) https://www.liveops.com/careers/ https://www.ttecjobs.com/en-US/page/work-from-home
https://www.thumbtack.com/pro
https://www.kellyservices.com/
https://jobs.gcu.edu/all-jobs
A one-stop-site for remote and flexible jobs:
https://www.flexjobs.com/
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18.
Arbitrage
This one (and the next one) are like “businesses.” They can take
more time, but they can also make you a LOT of money if you decide
to commit to the process!
In the world of the financial markets, arbitrage is defined as the
simultaneous buying and selling of currency, securities or other
products in different markets or in derivative forms in order to
capitalize upon the imbalance and take advantage of different prices
for the same product.
A simpler definition of arbitrage is that it is the simultaneous
purchase and sale of a product to make a profit from a difference in
prize. This difference in prize is usually significant enough to offset
any running or operational costs.
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On the stock market, for example, if an institution trades currencies
on two stock markets and finds there is a difference in both markets
– usually temporary, for markets are eventually adjusted – a
currency can be bought for cheaper in one market and sold for more
on the other market.
Arbitrage would be impossible if markets were perfectly efficient
but markets are not and when they are, they seldom stay perfect.
While arbitrage is very familiar concept with professionals in the
financial sector and is concerned with dealing with stocks and
currencies, arbitrage also happens in everyday situations with
everyday products and therefore, an average Joe can easily get in on
it and rake in a healthy profit.
While you may choose to do arbitrage trading in the financial
markets in the future, this e-Book is about how to make money in
other ways, before you have the financial means to trade at that
level.
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To understand how to make money off this concept outside of
trading, let’s use another example that you can use with very little
money.
For example, if you can get a pair of sunglasses for $50 and
conveniently sell it for $120 on another platform, market or physical
space, you would be performing arbitrage and making good money
off of it. You could also sell for $55 if your competitors are selling for
$70 and cash out.
One form of arbitrage is physical store to online store arbitrage.
While a lot of people have the idea that online stores are far cheaper
than physical stores, especially because they make deliveries, it is
not always true. Online stores do sell some products at ridiculously
low prices but this is possible in part because they sell other
products at very high prices and this is not always obvious to
customers.
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To make some money from this, when you walk into a physical
store, take note of some products you can sell. Any product will do
as long as you’re comfortable and can find a ready market for it.
When you find a suitable product, first try to choose small-sized
items for purposes of portability. Then compare the price of that
product at the physical store with the cost on a few online stores.
You can do this while still at the store by using the web browser on
your cell phone. When you find products that are listed, compare
and then list your products too for sale.
You can list your products for a lower price and let customers flock
to you. You can also list for a higher price in places where people are
not aware they can get it for lower, and still get people to flock to
you.
There’s even a great opportunity to get items for free and then sell
them online by:
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1. Go to Craigslist.com for your local area and under the “for sale”
section, look for the “free” link. There you’ll often find
hundreds of items in your local area people will give you for
free if you’ll simply come and pick them up! Typcially they may
need a little cleaning up or minor repair. But it’s a great way to
get inventory (products) at no cost to turn around and sell for
pure profit!
2. Look around your house and garage and ask “What am I not
using?” Most of us have MANY items we don’t use any more
that we could sell online. Also, ask your friends and family for
any items they no longer use. My own daughters are in this
business and do this every week and it works great!
Where can you sell products online? Here are just a few places that
most anyone can setup easily and quickly:
eBay
Etsy
Craigslist
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eBid
Bonanza
Your Own Online Store (using Shopify software is a popular
option).
According to Gary Vaynerchuk, millionaire wine critic, digital
marketer and entrepreneur, the average person can make as much
as $20,000 a year from arbitrage, so this definitely has the potential
to make you more than a sideline income!
In his #2017FlipChallenge posted on social media, Vaynerchuk
asserted that this is possible not only from selling old and unwanted
stuff but by two other methods as listed below:
Patronizing thrift stores, garage sales, pawns shops and other
such establishments.
Engaging in online arbitrage
We According to Vaynerchuk, a lot of us spend a lot of hours a year –
I assume they will be hundreds, at least – doing random things that
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do not generate money. He believes that if you take the total number
of hours that you use up playing phone games and reading on the
daily commute, it becomes a very significant number.
While escapism is very important, most of those hours or at least
some of them can be cut down and converted into money making
time and what better activity to perform than one that happens right
there on your phone, same as gaming, reading and others but with
the potential to earn you good money over the period of a year?
The #2017FlipChallenge, which encouraged people to go out there
and use arbitrage to earn as much as $20,170 a year (aptly named
after the year), is still as relevant this very moment.
In online arbitrage, all a person needs is a mobile phone, really. By
scouring online vendors like eBay and Amazon, as well as classified
ads sites like Craigslist, anybody can easily see the worth of certain
products on one market (or vendor) and compare it with prices on
another site.
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When such a comparison has been made and an opportunity for
profit spotted, you can then buy on the site with the cheaper price
and sell on the site with the more expensive price.
The Importance of Research
A lot of advantages can be gleaned from online arbitrage only if you
are willing to put in the work and do some research on products on
these online stores.
You can do this by checking on these sites for how much unwanted
items in your home are worth.
The apps for such online stores like eBay provide services where
you can literally scan items to have estimates of what they cost. And
if you want to get the price of some other item online or you had
unresponsive scans, you could just type in a short item description
and still get a price listing.
Part of the research that enables you take advantage of arbitrage
involves a few processes including:
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Understanding the basics of the forces of supply and demand
Understanding the mechanics of sales on online stores
The Forces of Demand and Supply
To be clear, the forces of demand and supply are a little more
complex than they appear to be especially as painted in everyday
conversation. But still, a basic knowledge of the topic will suffice in
getting a hang of how to use pricing to drive maximum profit.
The concept of demand and supply is regarded by many scholars as
the backbone of a market economy. Demand is simply defined as the
quantity of a product or service wanted by buyers while supply,
strictly speaking, is defined as the amount of a product available in
the market.
This means there is a difference between the quantity of products
the market can offer and the quantity they actually supply. The
quantity of the product actually supplied is the amount of goods
which manufacturers are willing to supply at a certain price.
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Because of this interplay, price is a reflection of supply and demand
and the relationship between price and how much of a product is
actually supplied to the market is known as the supply relationship.
Both demand and supply are governed by laws and they are given
below.
The Law of Demand states that, if all other factors remain equal,
the higher the price of a product, the lower the quantity of the good
that will be demanded.
The Law of Supply states that, if all other factors remain equal, the
higher the price of a product, the higher the quantity of the good
that will be supplied.
The implications of both laws are as follows:
As the price of a product goes up, so does the opportunity cost
of that product.
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This increase in opportunity cost causes buyers to reduce the
amount of any product that forces them to forgo the purchase
of another product they value more.
Producers are willing to supply more products when the price
is high because selling at a higher price increases their
revenue.
The law of supply is heavily dependent on time. This is because
manufacturers must react quickly to a change in demand or
price but they may not always be able to do so.
A change in price caused by demand may be either short-term
or long-term. If demand rises on a short-term basis,
manufacturers may adjust to this demand by using their
production equipment more intensively to produce more
goods. If on the other hand, demand rises on a long-term basis.
manufacturers will have to change their equipment and/or buy
new ones to accommodate the long-term change.
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The Mechanics of Sales on Online Stores
Sales works in certain ways and if your intention is to make more
sales and more profit off these sales – on online stores, in this case –
you will need to understand how sales work.
Pricing is a huge determinant for the quantity of goods you will be
able to sell in a particular market and it is something you should be
ready to give some time to understand.
If for instance, you bought an item off Amazon or Craigslist for $10
dollars and you can see that on the average, the item goes for more
on eBay, should you list your product at $13, $15 or $18?
Knowing the answer to this question is important because if you
price your item too low, you’ll make sales but you’ll be selling
yourself short. And if you price your item too high, you might not
make any sales at all.
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The optimum point needs to be found so that your price is high
enough to be very profitable and low enough to encourage people to
buy.
Using eBay as an example, let us look at a simple method for
determining the optimum price to list your product at, especially
when starting out as a new seller.
Steps to follow:
1. Get out your phone and use your eBay app
2. Search out a particular item or scan one
3. Go to completed items
4. Study the trend
Following the simple steps above will give you a clear idea of the
pricing mechanics of a particular product and help you understand
where to place your product to cash in.
The completed items option on eBay lets you see a few important
details about the number of items similar to your search including:
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The number of items that have sold recently on the platform
The price at which these individual items sold for and
The frequency of sale of these items
With such information at your fingertips, you can easily start your
foray into online arbitrage and make some decent money for
yourself in the process.
SMALL STORE ARBITRAGE
This form of arbitrage is more hands-on and requires you to go out
in your neighborhood and beyond and explore the products on sale
in any small store you find.
“Small store” is simply a collective term for little sales points and
events including but not limited to second hand stores, pawn shops,
thrift stores, flea markets, garage sales and charity sales.
At any of these small stores, the variety of products on sale is
incredibly wide. What is more incredible is that a lot of these
products are underpriced. Remember that pricing is simply a
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reflection of worth and worth is usually relative and can sometimes
be seen as a function of perception.
For instance, a pair of high-end sneakers released in 2004 will be
pricey at the time of release. It is unlikely that by 2010 that such
sneakers will be in high demand and consequently their perceived
worth will drop along with their price. By 2015, such sneakers might
have attained retro status and they would be worth a decent amount
to students or sneaker aficionados.
In fact, at that point in 2010, their price on the market would be
reasonable to a person who owned those shoes and no longer needs
them.
As long as you can shop your product around to a person or niche
that perceives a certain value in a product, you can get good returns
on it.
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So when you finally pick a product and pay for it, you can then go on
to sell it either in person or list it on an online store for someone
else to buy at a higher price.
Wouldn’t that really be a bargain?
TIPS FOR PROFITING FROM ARBITRAGE
When you find the product you want to sell, whether hidden in some
corner of your house or at a thrift store, how do you get it out there?
Sure you can post to an online store like eBay or Amazon and wait
for someone to see it and contact you.
Or you could do the opposite, you could go the extra mile and use
the following tips to get your product to move, especially if you have
medium to large objects and if they go for a little more than pocket
cash.
Tip 1: Push your product as far as you can
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If you want to get your products from one market sold on another
and therefore profit from arbitrage, just posting “for sale” on one or
two sites and in a few other places will not suffice.
You will need to go the extra mile and put your products in different
markets and even different niches or versions of a niche as
necessary. It is only when your product has gone as far as possible
that you will see a surge in buyers and the chance to even pick who
you would rather sell to.
Even though it’s easy to assume that your buyer will be in your own
backyard, I advise you to keep an open mind because some buyers
are willing to even come into your city or town from long distances
to inspect products if they are that valuable. Therefore, do not limit
yourself.
Of course you can also sell your products online through eBay,
Amazon, etc. so you don’t have to meet buyers face-to-face at all.
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Tip 2: Post Often
If your approach to profiting from arbitrage consists of getting your
product, posting online and sitting back, you may not get the results
you want. Social media and ads boards tend to be crowded and
posting once is not likely to position your product in front of
potential buyers.
Therefore, post multiple times but be careful. Such ads might put
some people off and so, make sure to post some valuable, insightful
content in between.
Tip 3: Get Creative
If you really want to get your products moving, don’t make any
bland ads or posts. Be creative enough to incorporate pictures and
make your posts look as catchy as possible.
To go a step further, make a video. No, this is not over the top but
will instead show aspects of your product that might not have been
captured with images and text. Videos make a huge impact on
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viewers and if you make good ones, you can expect to convince more
people than usual.
If you can, show yourself in the video; any fears a buyer might have
are likely to go away when they say a nice friendly video of you
displaying your product.
Tip 4: Follow Up
Sometimes, you get into talks with a client and at some point,
communication ceases. They say they’ll get back but don’t and
somehow that deal goes down the drain. Experiencing this enough
times is enough to make anybody feel bad and skeptical about the
whole process.
Understand that sometimes the client just needs reassurance. Or
convincing. After a while of silence, just send a quick email or
message and politely tell them you’re just checking in and that the
product is still available. It’s usually enough to work the magic.
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RESOURCES FOR ARBITRAGE
1. Bitbond:
https://www.bitbond.com/resources/online-arbitrage/
2. Currencies Direct:
https://www.currenciesdirect.com/en/news/online-
seller/10-things-you-need-to-know-about-online-arbitrage
3. Order hive:
https://www.orderhive.com/succeed-online-arbitrage
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19.
Dropshipping
Dropshipping is a godsend for many small business owners hoping
to get into the online space and I’m sure this will become apparent
in the next few sentences.
Dropshipping is a method of retail fulfillment or supply chain
management where the seller does not keep an inventory or stock of
the products it sells. When an order is made by a customer, the
merchant purchases it from a third party (which might be a
manufacturer, wholesaler or other retailer) and gets it shipped to
the customer.
In dropshipping, the retailer or merchant never sees or handles the
product but instead focuses on acquiring the product and getting a
competent shipping company to deliver it.
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So if you’re a small business owner or have been considering getting
an online business or setting up an online store, dropshipping is one
of the very viable options you can use.
How Does Dropshipping Work?
To become a retailer in this business, how exactly would you play
your cards? Since dropshipping implies that you never have to keep
products in a physical store, then how exactly do your buyers know
what you have or can get?
To be clear, not many buyers know when they are shopping from a
retailer with an inventory and when they are shopping from one
who does not and you are at total liberty to either declare this
information or withhold it.
As long as you can get the products to them in time, many retailers
will not be bothered anyway.
You can display items “available” for purchase by creating a catalog
and this could be either a physical one or an online one. When
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orders are made, you simply contact your third party and since your
customers have paid already, you purchase the products they want
but instead of asking for them to be sent to you, you arrange for
them to be shipped directly to the buyer’s address.
In certain cases, you can even make arrangements with certain third
parties to pay them with credit if cash on hand is a problem. This
way, you can still get the product and ship to the buyer while paying
the third party when the cash is ready.
As an individual in the business of drop shipping, your position is
essentially that of a middleman and you might need to protect this
position in order to keep your business running.
This is because retailers, who are almost always looking for the
cheapest deals, might order from the manufacturer directly the next
time or even return the product and re-order it for cheaper directly
from the manufacturer. This situation occurs when the customer
finds out the address or the name of the company you got the
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product from especially when clearly stated on the label of the
package as a shipping address.
To ensure that this doesn’t happen to you, you can hide your source
or at least prevent it from being widely known by using one of the
following options:
Blind Shipping: Blind shipping is the term used to describe a
situation where one or more parties to a shipment do not
know who the other party is. For instance, the person who
orders the shipment might give the shipper an address
without a name or veil it in some other way by asking it to be
sent to a drop off spot. Alternatively, the person who orders
for the shipment might request that the shipper send the
product anonymously, that is without a return address. As a
business person relying on dropshipping, the second option is
more applicable to you and your business.
Private Label Shipping: Private label shipping is a method of
shipping where a shipment is made with a different label than
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that of the shipper or manufacturer. For instance, if you order
from ABC products and ask them to send a product to your
end buyer, they will automatically send the product with their
address on it. Private label shipping is a situation where an
agreement is made to have the package customized with the
return address of the person who makes the order, which is
you, in this scenario.
THE BENEFITS OF DROPSHIPPING
Is dropshipping just another fad? Why are retailers flocking to this
business model and what are the actual benefits that could be
derived from using it?
Some of them include:
It minimizes the risk of business: For a business that sells
any type of products, the traditional order of business usually
requires the owner to acquire an inventory of goods in a retail
store or warehouse (physical location) and then begin to sell to
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customers. This practice is risky because the business owner
will need a reasonable amount of money to acquire inventory
and this inventory can quickly become lost or redundant when,
for example, demand changes quickly and the product lies in
the store unsold.
It enables business owners to operate from a flexible
location: The very nature of dropshipping means that business
owners do not have to open their store or business in a
particular place. They can practically operate out of anywhere,
in either or a physical or virtual location. Dropshipping
switches the focus of the retail business from location to ability
to source for goods. If, for instance, a business owner intends
to sell a particular product, he doesn’t have to worry about
situating the store along transport routes of the manufacturer.
All he needs to do is come to agreement with this manufacturer
such that when products are ordered, they can be dropshipped
to the final consumer as soon as possible.
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It helps business owners save their time and money:
Dropshipping has made it possible for business owners to set
up shop without buying and maintaining goods. The time
involved in receiving, stocking and sorting out goods can now
be used to get into sending products to consumers and making
money. Expenses are also cut down since physical storage of
goods/warehousing can be a pricey process.
It enables product diversification: With dropshipping,
business owners are not forced to continue with certain
products simply because they have purchased them. With
physical stores, product lines cannot be switched easily
because they cost money to acquire and so the business owner
has to make an effort to sell existing stock first in order not to
run at a loss. With dropshipping, business owners can easily
make the switch from products or niches that are not doing
well and try something else without worrying about what they
previously spent.
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It provides business owners with the opportunity to make
immediate profit from negligible investment: With
dropshipping, the profits made from selling a product come in
as fast as possible and this is made more noteworthy by the
fact that the money necessary to start up is very negligible.
Practically anybody on any budget can go into the business of
dropshipping and with the right products and right strategy,
profit can be made in no time. With an investment into the
website or online store and a few marketing tools e.g Google
Adwords, a successful dropshipping business can be built.
THINGS TO KNOW ABOUT DROPSHIPPING
Dropshipping is good business but it can prove to be a little
stubborn sometimes. Many people get to know things about the
business as time goes on and they go deeper into it but I don’t
believe it has to be exclusively this way.
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You don’t have to be waist deep in the process to begin to figure out
the details of dropshipping. I am a firm believer in learning from the
mistakes of others, not yours and whenever I can, I grab whatever I
can from people with more experience than me.
So, apart from realizing that nothing is as easy as it looks, especially
with dropshipping, here are a few things you should know about
dropshipping:
1. You have to use an ad service that you’re comfortable
with: Ad services are supposed to help your business, not
complicate it, right? Still, many people jump into using certain
ad services for no other reason than that they heard or saw
that it was working for other people. For instance, Facebook
Ads is a great service but in order to benefit positively with it,
you have to be at least, familiar with it and use it properly to
get and convert leads. If you are not, you will end up wasting
valuable time and money too. If you’re starting from the
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scratch, instead of using Facebook Ads, I would recommend
that you skip it and start with Instagram.
2. You have to test products and offer combinations
extensively: The key to getting your dropshipping business
running would be finding the sweet spot where buyers buy at a
price that is high enough to give you good profit but not chase
customers away. Depending on the amount of profit you intend
to make, you should test your website audience and social
media followers and influencers to see what works and what
doesn’t. Start by putting a price on your items and giving out
free shipping. Such a technique is usually very attractive to
customers but you shouldn’t stop there. Try flipping the tables
around and give a “free” product where they only have to pay
for shipping. See which model works better for your audience
or niche so you can pick it up and begin to use it extensively.
3. Keep an open mind on potential hit products: You might be
going through a list of products you would like to sell and in
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your head, you can already see your hit product, the one that
will bring you the most sales. You might also be wondering if
you’re being biased and if that’s okay. Yes, you are being biased
– don’t worry too much because this happens to the best of us
– and in terms of whether it’s okay, I’d advise you to fight it.
You need to keep an open mind because being biased causes
you to give unfair attention to certain products and neglect the
rest. What a surprise, when you finally find that the hit product
in your head doesn’t become a hit in real life and one other
product begins to win the day. This situation will make you
wonder how much better you could have done if you had given
all your products the same level of attention. This point also is
a call to action on the best way to determine what your
audience will like – work with data from research and do not
depend on your “feelings”.
4. There’s a method to the madness: While a lot of
dropshipping tutorials might make the whole process look
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very easy, the truth is, it’s never that easy. At least, not in the
“start your store, start making money” way that a lot of them
claim. These claims all imply one thing – as long as you’re
ready to jump into something, you will be making good returns
very soon, almost instantaneously. While these people are
obviously successful and have made good income from
dropshipping in order to teach you, they didn’t make it from
doing things randomly. They tested several methods and
strategies before employing the best ones for their businesses.
It is these methods that you should be looking out for.
RESOURCES FOR DROPSHIPPING
1. Shopify Guide:
https://www.shopify.com.ng/guides/dropshipping/understan
ding-dropshipping
2. eCommerce Fuel: https://www.ecommercefuel.com/what-is-
drop-shipping/
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3. Lemonade Stand:
https://www.abetterlemonadestand.com/what-is-drop-
shipping/
SOME OF THE MOST POPULAR DROPSHIPPING SUPPLIERS:
Alibaba
AliExpress
Doba
Dropship Direct
Dropshipper.com
InventorySource
MegaGoods
National Dropshippers
SaleHoo
Sunrise Wholesale
Wholesale Central
Wholesale2B
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Worldwide Brands
As new opportunities spring up every day, it is important to know what works and
what doesn’t and how you can adapt workable ideas to your particular situation.
Arbitrage and dropshipping are wonderful business models and they are open to
profit any creative, hardworking person out there. Their advantages are numerous
and they will definitely get you to pay your bills better or build another business
with the extra cash they bring.
Good luck if you decide to begin the journey to successful arbitrage and
dropshipping.
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BONUS SECTION
TAX SAVINGS
In addition to the INCOME you can make from a side business, there
can be significant SAVINGS to you as well, in the form of tax
deductions and benefits.
Most people think the only advantage of starting a home business is
for the increase in income. That is always the main focus, to be sure,
but there can also HUGE financial advantages via tax savings!
First, it’s VERY IMPORTANT you understand that I’m not giving
tax advice as I’m not a professional in the area of taxes.
I’m merely including a brief checklist for you to take to your tax
professional and ask if any of these benefits are available to you and,
if so, get the details (as it can get rather complicated!).
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Doing an Internet search is not enough to get accurate information
because among other reasons:
Tax rules can vary dramatically from country to country, to
county, state to state and even city to city!
Tax laws continually change!
The application of the tax code can vary tremendously
dending on your individual situation.
Even if tax benefits exist in your country’s tax code, you need
to know the qualifying rules, and make sure, you’re sticking
strictly to the rules of whether or now you qualify for those
benefits.
You need stick to the rules conservatively and document
everything clearly and accurately!
Generally only the business use of many items are deductible,
so when you work from home this can become a blurred line
for some things. You must keep them complelely separate.
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Many deductions are not fully deductible! Your tax
professional can share with you not only what is tax
deductible, but to what extent and the rules for qualifying for
those deductions.
Again – THIS IS NOT ADVICE OF ANY KIND! Seek out the service of a
tax professional!!!
While you’re talking with her/him, also ask if there are any
additional tax benefits of having your own small business that are
not mentioned in this list.
Okay, having said that, here’s a list of some items you may want to
ask your tax professional about:
Tax deduction for the space in your home you use for your
business.
Travel deductions to and from your home based business.
Business gifts.
Business clothes.
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Phone expenses.
Educational expenses.
Entertaining.
Travel.
Health insurance.
A retirement plan.
Certain fees and debts.
Collection fees.
Office supplies
Postage.
Subscriptions that relate to your business.
Mileage.
Auto costs.
Parking and tools.
Home office equipment including computers, furniture, etc.
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IN CLOSING
If you have any questions about any of these opportunities, please
send them to the companies providing the opportunities directly
and not to me.
I wish I could provide ongoing support to answer your questions
about all the various opportunities, but of course my focus is on
helping people with their trading, so all my personal support goes
into that.
From the multiple options discussed in this book, anybody with a
little time and dedication can make a decent side income for
themselves. If your intention is to get some money to fund a trading
account, then any of the options listed above will suffice.
If you are more resourceful or blessed with more time on your
hands, you could participate in more than one method and make
yourself even more.
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I’m going to end this book as I began it. Your mental attitude
with regard to money is everything.
To GET YOUR MIND RIGHT (which is the most important thing),
watch these 2 videos again. Here are the links:
https://www.youtube.com/watch?v=wnHW6o8WMas
https://www.youtube.com/watch?v=obdd31Q9PqA&index=56&list=FLcjyImdSWDTCGCa7G24faIQ&t=0s
All my best,
Dr. Barry Burns
Top Dog Trading
P.S.
While my intention in sharing these money-making opportunities
came from hundreds of people who wanted to become traders, but
didn’t have the money to fund an account, these opportunities can
be used to generate extra money for any purpose.
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That said, if you’re interested in learning how to trade the markets, I
offer a lot of FREE TRADING EDUCATION!
You’re invited to go to my website and sign up for one of my
FREE TRADING COURSES at: www.TopDogTrading.com