Since I now have an official “entrepreneur’s” blog, Im going to go over one of the biggest issues that entrepreneur’s have. Which is risk. I know that all jobs have some sort risk involved, as for most jobs you run the risk of getting “fired”. But that rick can easily be avoided by doing your job in the first place. As for my job* I run into many risks. Yes, I do work for myself so I cant get fired. But there are countless other risks involved. The main risk involved for me is a reliable money source. I make 90% of my funds though yahoo.com, 5% is from google, and the remaining 5% is from random web designing/programming/everything else. Now lucky I can live off of just doing one of those (yahoo.com, google.com, web design). However, yahoo.com and google.com are very risky when it comes to income. They are consistly shutting down accounts daily (Example - http://www.sitepoint.com/forums/showthread.php?t=373715 ). Just image my yahoo.com account getting shut down. I would have to find another way to bring in an income.
Over the last 2 months I have been working on ways to take less stress off my shoulders by producing more revenue sources. I will list and explain each one below.
1. Savings - This is very simple. I give myself a salary of 2,000 a month. The rest goes into savings. Now there are many different ways to save, the most common is a regular “savings account”
.
However, there are even entrepreneurial ways to save…
2. Stock Market - Now first off I HATE the stock market, I dislike it because it is just too slow and too time consuming to make money off of it. Well of course it helps to have lots of money to invest into the stock market (It takes money to make money). But for me, its not worth the time and money.
3. Real Estate - Now this is my favorite! Yay! I will be buying at least one peace of property this summer (to save
). How it will work for me is I will buy some real estate, then let is site for at least one year (for tax reasons), then sell it for more than I paid for it. That part is pretty simple. However there are ways to increase the chances of gaining an even better revenue. Maybe plant some tree’s or do some landscaping on the property, or some fix the house up a little, the list goes on and on. And yes, I do consider this a savings account, its a high rick savings account of course, but this way is better than buying a 60,000 wake boarding boat that will lose its value as soon as you take it off the dealers property. I will keep everyone updated on how my real estate journey goes
Now dont worry, I haven’t been spending these last 2 months thinking about my savings account. I have been working on different ways to bring in income, so I dont have to rely on a few sources. I will list them below as well.
1. My biggest one right now is buying and selling websites. I will make a website from scratch, then get it some traffic, keep it for a few months, then sell it for 12 x its monthly revenue. I have always done this, but usually with smaller, more turnkey types of sites. Now I have my first site for sale over $100,000.
2. Selling ads on my network. Instead of relying on google or yahoo, I can reply on myself to sell the ads. Whats the best part? I will never terminate my account, haha. But the big disadvantage is that it will take too much time.
Now I am figuring out more. But for the time being I have gathered up those 2 lists. I will be working on more ways to gain valuable income sources. I will keep everyone updated.
* I do not consider what I do as a job, I do not consider it a hobby. I actually do not have a word for it. But if someone ever asked me what I do, I tell them “the internet”. And if I do not what to explain what I do (because it is a lot of work to tell someone what I do), I just tell them I work on a tree farm, haha.
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