Top 5 Covid Business Ideas
Transcribe of “Top 5 Covid Business Ideas Using Less Than $100”
Hi guys, Neil Waterhouse. This week’s video is my top five COVID-19 business ideas for using less than $100. This is based on the performance of not just our businesses. But also feedback from our students who over the years have sold over $1 billion on eBay, Amazon, and their own websites. I regularly interview these people and these are what we call case studies.
First needs to meet our criteria
Business Ideas, For a business to go on our list, it first needs to meet our criteria, including: It must require less than a hundred dollars outlay. And it must have case studies showing average people who’ve grown from scratch to a minimum of 6 digits in less than 12 months. The next criteria is the business must allow the owner to work from home with absolutely no requirement to ever need to leave home for work requirements. This is even more critical now with COVID-19 and lockdowns. Next is, no inventory at home and no staff at home.
The business must be able to run from anywhere on the planet
The business must be able to run from anywhere on the planet. A home, coffee shop, anywhere that has got the internet. And with such firms these days that’s pretty much covers the whole planet. The business must create a passive income. So the business not just makes money while you’re not there, it also grows by itself. It must be a proven formula with no guessing and it must have case studies. So let’s launch straight into it. First of all, just so we’re on the same page.
Passive income is income resulting from cashflow
According to Wikipedia, passive income is income resulting from cashflow received on a regular basis requiring minimal to no effort by the recipient to maintain it. Now, passive income. It’s very easy to create. If you’ve got hundreds of thousands of dollars spare or millions of dollars spare. If you can just purchase shares, real estate, or other types of investments which generate dividends or rent.
Creating passive income from scratch
However, in this video I want to focus on creating passive income from scratch and using less than a hundred dollars. Now, passive income is something I’m very passionate about and anyone that’s been following me over the years or has read my last book would know I spent a ton of money and time including spending over $30,000 just to one group, out of my own pocket to join a group of 105 millionaires and multi-millionaires to simply find the best passive income methodologies.
Few factors that must be taken into account when looking at any passive income methodology
Now, when looking at passive income, there are a few factors that must be taken into account when looking at any passive income methodology. Let’s quickly go through those before I show you what I believe are the best types of passive income today. The first is, “What is the chance of an average person succeeding with the venture? Or the case study success stories from ordinary people?
Self publishing a book
For instance, one type of passive income that gets banded around a lot these days is self publishing a book. The problem with any strategy like this is, you are creating and selling an unproven item. Yes, the book could do really well and you could be the next J.K. Rowling, however the reality is, over 90% of books fail and of those 10% that do make it, less than 2% of them produce more than it would wage. Now don’t get me wrong. I’m shocking at spelling, however, I managed to write a best seller and my kids are always criticizing my spelling.
Writing a book is something you’ve always wanted to do
Now if writing a book is something you’ve always wanted to do, you should do it. But if it’s not something that you’re really passionate about, in my opinion, there are much easier proven options with a tongue-less risk. Now, the next factor that needs to be taken to account is, after you go through the effort of creating a passive income, how long will the passive income go for? You know, even songwriters who create hits and book authors who write best sellers normally have a declining passive income. They normally need to keep creating new songs and writing new, hopefully bestsellers.
The secret I believe to a passive income today is to leverage your time
Now the secret I believe to a passive income today is to leverage your time using easy to source, low-cost outsourced overseas labor. Let me explain. Everybody needs to know Business Ideas. Every business on the planet, of course has to sell either a product or a service. Now, personally, I prefer to sell products than my time. And the where I prefer to sell products for the last 20 odd years is online due to the fact it’s so easy to automate and you can run the business from anywhere on the planet. And selling online is not only COVID compatible, but online sales, as most people would know have boomed since COVID-19.
Places to sell products is eBay, Amazon, and our own websites
My favorite places to sell products is eBay, Amazon, and our own websites i.e Shopify store, and also Facebook Marketplaces. Now the quickest way to success, especially for a beginner, is to only sell items which are already selling over and over every month and also selling at a profit. We call these proven items. And the great thing today is we have the technology and the formula to continuously find products to sell. That is products that are already selling over and over and making a profit every time they sell.
How long will the passive income go for?
Now earlier I said one factor that needs to be taken into account with any passive income methodology is how long will the passive income go for? Now when selling anything online, almost every product has a product lifespan. That is every part will only sell normally for certain amount of time. Some might and only have a lifecycle of a couple of months. With our products might have a lifecycle of many years.
Product attrition rate
In the industry we call this the product attrition rate. Now whether you have five products listed or 50,000 products listed, you’ll always have an attrition rate. Now, the great thing with selling online, it is easy to beat the attrition rate and therefore have a never ending passive income. And the way you do this is, let’s say you’re building a drop ship business, just for any newbies out there; a drop ship business, by the way, is where you sell a product and you get paid first before you purchase the product.
You do not need to pre purchase upfront inventory before they’re sold
In other words, you do not need to pre purchase upfront inventory before they’re sold. Anyway, I’m not going to go into how to build a drop ship business in this video because I’ve done that in a previous week’s video. But if you miss it, I’ll put a link on the screen and below. But the strategy is still the same, whether you’re building a drop ship business, an importing business, Amazon, Shopify, or whatever, you simply learn each task and then you teach a virtual assistant to do each task.
The great thing these days is you can easily get virtual assistants from one to $2 per hour
And the great thing these days is you can easily get virtual assistants from one to $2 per hour. Again, if you miss that video on how to do that, how to get virtual systems from one to $2 per hour, I’ll put a link on the screen and below to that week’s video. Now implementation of software and low-cost virtual assistance is how I’ve been running my online businesses for over 20 years. I simply learn each task then I just outsource it. This I believe is the quickest ways for anybody to build a passive income.
Top five passive income strategies
So my preferred top five passive income strategies are: To build automated online businesses selling the same products on eBay, Amazon, your own independent website, Facebook Marketplaces. Then when you have enough products in a niche like home and garden by the Autumns, toys, pets, whatever. You put all those products in that niche in a separate account and then sell that as a business.
Use those capital funds to purchase dividend paying shares
You can then use those capital funds to purchase dividend paying shares. There’s a lot of tax advantages to doing this. You can also purchase rent yielding real estate. Again, I’m not going to go into how to build those businesses in this video, as again, I’ve done that before, but again, I’ll put a link on the screen and below if you miss that video. The awesome part about these strategies is, you can build these businesses using less than a hundred dollars selling on eBay, Amazon, you own independent website and Facebook Marketplaces; and these businesses give you regular cashflow every day.
Selling off a few niche businesses each year
And then selling off a few niche businesses each year that you’ve grown from scratch gives you an additional capital injection and you can normally sell off businesses from one to four times its annual profit. So if a niche business is making say, $100,000 a year after all expenses, this can only be sold for $100,000 to $400,000.
Business Ideas: There was a huge demand for your businesses
And there was a huge demand for your businesses. Anyway, let me know your thoughts. I hope this week’s video help you with some COVID 19 businesses ideas for using less than a $100. If you want to know more about how to get started with Dropshipping, I’ll put a link on the screen and below to free step-by-step workshop. This includes case studies from people who’ve started from scratch and have built six and seven digit Dropship businesses. If you found this video useful, please hit that thumbs up button and make sure you hit the subscribe button to the no fluff channel that teaches how anyone can make a full-time living from their home using eBay and Amazon. Until next week, stay safe. List more, sell more. This is Neil Waterhouse.
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