I was once asked the question, “How can I safely make $30,000 in 30 days?”
$30,000 equates to approximately $1000 dollars a day, so it’s no easy feat to earn this kind of money.
In this article, we’ll look at some realistic strategies to make this dream come true.
Here goes…
The Problem
The first issue with the question is the word “safely”. The other issue is one of time. Thirty days is such a short period of time to make $30,000 that the risk needed to make it would probably be far too great for the questioner.
As an entrepreneur, it’s essential to evaluate the risk of any project. For example, if you have a product that sells for $100, you will need to sell at least ten products a day to reach your goal.
But then you still need to take into account the costs to manufacture the product, marketing and delivery. Most importantly, you also need to factor in your time.
After factoring in all of these, you may find it’s costing you $80 to ‘make’ $100. You are effectively risking $80 a day to make just $20.
If something were to go wrong with your production process, delivery or another competitor undercuts you, you could potentially lose thousands of dollars in a month.
The Solution
With this in mind, a potentially better option would be a digital product or solution with high margins and low production costs, rather than a physical tangible product.
A good digital product can reduce manufacturing costs to near zero. Your initial costs should only be the creation of the digital product itself and the time needed to create it.
The idea behind a digital product should be to create a high-value, high-margin product that the market wants. If there is a natural desire in the market, it should not be overly expensive to promote.
However, with digital products, there are no guarantees. Your shiny new solution could sell one copy in a month or it could go viral and sell thousands, who knows?
You need to understand you are going to need to risk some time, money or both upfront to create your digital product and then spend more time and money to market it effectively.
This is why entrepreneurs need to be risk-takers. They assess the risk and execute accordingly, looking for a high return.
If you are looking to be ‘safe’ the return will inevitably be low.
If Time Is Not An Issue
If time is not an issue then your options are a bit wider. Here’s some food for thought:
Educate Yourself: Pick a field that you are interested in and educate yourself thoroughly in it. Whether it be financial markets, crypto, the legal system, plumbing or AI. Whatever it is, aim to get educated in the field and most importantly put that knowledge into practice.
Don’t make the mistake of thinking that qualifications are enough. You will need to show real-world application of your knowledge for success.
Build Your Personal Brand: It’s becoming more essential that entrepreneurs have a personal brand. What this means is you should spend some time ensuring you market yourself as well as your venture. Aim to get articles, write-ups and exposure about you personally and your business endeavours.
Remember, taking this route means you must act with integrity and grow your reputation naturally.
Entrepreneurs like Elon Musk and Richard Branson are experts at this. Building a personal brand will make it so much easier to stand out from the herd. It will also make you a more attractive proposition in an ever-competitive marketplace.
Learn about Sales: Surprisingly many entrepreneurs shy away from learning sales techniques. Sales often conjures up images of pushy, hard-sell tactics.
That does not need to be the case. Learn to sell by helping your prospects solve problems and by showing the value you offer. Read books on the subject to get ideas and concepts.
Everything in life is about sales, the interview, getting a partner and building your business. Effective knowledge in sales will also help build you a better life.
Freelancing or Consulting: Once you have built up your knowledge and qualifications you could advise others and outsource your skills at a cost.
Set Up a Business: You can utilise your skills, qualifications and sales knowledge to set up a business in your field. If you have built up a personal brand you should have few issues building trust with your potential clients.
Get Hired: With your in depth-skills and qualifications, you should be qualified enough to bag a well-paid position within your sector.
Final thoughts
Making $1000 a day is achievable but you do need to be realistic. If you are looking for quick money in thirty days, for example, the risks will be high and the outcome may not be what you are looking for.
A longer-term strategy will ensure that you can one day reach your goal simply by educating yourself, building your personal brand, learning about sales and maybe setting up in business one day.
Good luck!
***Disclaimer: This article is not financial advice and is given for informational and entertainment purposes only. Readers should conduct their own research and not invest more than they can afford to lose. Crypto is extremely volatile, and as such can drop in value considerably without notice. Pop Up World has a global presence and is not specifically targeting any jurisdiction with its content. Any crypto references are not intended for UK businesses or consumers. You should always seek legal advice to understand if the use or investment in crypto is allowed in your jurisdiction.
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