Financial independence is one of those things that I crave. One way to gain financial independence is to be my own boss. Turning my hobby into a profitable business and making money from a hobby would be an ideal way to gain financial independence. Not to mention the fact that eventually I would be able to decide how often I work and when I work.
Fortunately, my hobby can be repackaged in many ways and can be sold in digital format. What I like doing (my hobby) is also considered evergreen which basically means that the information I provide will still be valid for decades to come.
If I had $1000 to spend I would use it to start a business. Here is how I would spend the money.
- Take a SEO course – The acronym SEO stands for Search Engine Optimization. I would take a SEO course which teaches how to rank a website high in the search engines so that it receives a decent amount of free traffic. SEO courses usually teach how to structure a website so that it can be found on the first page or within the first pages in the search engines; depending on the keyword search. These courses also teach methods of producing content (articles, video), generating leads (i.e. collecting emails in exchange for free information). Furthermore, SEO courses usually also teach strategies for getting links and/or traffic back to your website. The cost of such courses can range anywhere from less than $100 to well over $1000. From time to time there have been SEO related courses on the market, from well known marketers, that cost about $500. My first purchase towards financial independence costs $500.2. Get web hosting – The next thing I would purchase is a prepaid web hosting plan for one year. By paying a year in advance this helps save money as compared to paying for hosting each month. A beginner level prepaid hosting plan for one year can cost about $90. So far I have spent a total of $590 but there are still some other things I need to buy.
- Buy 2 domain names – I would buy 2 domain names. One domain name would be used for a blog. The blog will provide free content, blog posts and additional content that can only be accessed in exchange for the user’s email address. The second domain name will be used for a members only site that provides more in depth and varied content. The cost of the two domain names would be about $28 total.
At this point I have spent $618 out of the $1000 I started with. I have $382 remaining.
Hire freelancers – To get the business off the ground I would hire freelancers. The type of content and where the content is posted will in part be dependent on the information found in the SEO course (previously mentioned). However, the freelancers will be asked to write articles, post articles and produce simple short videos. Some of the articles will be posted on the blog previously mentioned. The remaining articles and videos will be posted on social media sites depending on the suggestions found in the SEO course. Typically, articles and short videos are posted on various social media sites to spark interest in a product. I would also write articles, produce videos and help with getting the word out on social media. The remaining $382 will be used to pay the freelancers.
Those who submit their email will receive useful information by email and the email will also contain a link to a paid product. The profit generated from any sales will be used to fund development of the product that will be available on the second domain at a future date.
Financial independence is one of those things that I crave. One possible path to get there is to work for myself and to be my own boss. Some people do it the hard way. But there is another way you can get rich and financially independent. This is a bit unusual way but has worked for many, just go and hit the slots in a casino. If you know what you are doing and you do it right, you can become a millionaire virtually overnight.
So I’ll leave it to you to decide which path is for you.