Questions

My startup just failed. What could I start to "immediately" generate $1,000/mo?

Talk from your personal experience only, if possible.

19answers

The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it.

Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling.

If you call 100 people in your network this week, you will have a consulting gig within 3 weeks.

Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days!

Dave


Answered 5 years ago

Mate, assuming you have transferable skill set to 'add value' just join another startup. It also keeps you in the game.
$1000 a month is not much for almost everyone if you can help out and not 'take time'.
Ping people on LinkedIn and hustle. Whilst you are there plan next steps.


Answered 5 years ago

There are several things you can do:

1- Get a job to cover your expenses until you figure out your long term plan

2- Look for a startup in a similar vertical/category and offer your services. Failure is a great teacher and if you can help another startup avoid the same mistakes you make that can translate into a great service.

3- Do some consulting for other companies. Find companies that need your specific level of expertise and go out there and pitch your services on a consulting basis.

Good luck


Answered 5 years ago

Hi Alexander,

First, sorry to hear about the start-up failing, but remember there is always light at the end of a tunnel and there are many tunnels you can go through.

I started my digital agency at the tender age of 23 with startup captial $500 and the business was based out of my house. Sadly, I failed my first year in the business, but I learned a tremendous amount from my mistakes. I've just had my 3rd year anniversary and we are now doing over a $1 million in revenue.

Questions:

1.) What is your career background?
2.) What is your primary skillset?

I believe every successful entrepreneur needs to be perfect three important steps: people, process, product.

I'd like to get on a call with you and help uncover any of the problems you're having and potentially point you in the right direction to making money fairly quickly.

Look forward to hearing from you.

Best,
Adam


Answered 5 years ago

This is tough to answer without knowing more about you. What skills, resources, and relationships do you have at your disposal?

One of the simplest businesses to start is a consulting practice. However, "immediately" generating income will depend heavily on what sort of relationships / contacts you already have, and how great the need is for your particular expertise.

Since all I know about you so far is that you've been involved in a startup, I'd recommend you look to your local startup / entrepreneurship community to find another company who needs some short-term work you could do on an hourly basis. You've apparently got surplus time, so monetize that while you figure out what's next.


Answered 5 years ago

Based on your capability and competency, you could consider scouting for projects on freelance marketplace like oDesk, Elance etc. Making $1,000/month shouldn't be a bigger challenge.


Answered 5 years ago

Why don't you consider your failure as an opportunity and use "rebranding" as an exit strategy. start the company again under a different name with all the lessons learned.


Answered 5 years ago

Hi, I've been there and it can be a pretty scary place. The first thing I'd say is that "immediate" may be the tough part here. I think the good news is that you've set an achievable goal at $1,000/month.

I asked a similar question of James Altucher, author of Choose Yourself, and he suggested -

1 - Apply to be an Expert on Clarity.fm (so here I am!)

2 - Reach out to your existing network

3 - Think about what you're good at doing and start a blog to write about it

I'd add to the list -

4 - Read "Choose Yourself" by James Altucher

5 - Check out becoming a coach on coach.me

I'd say of the 5 points in this list, #2 is probably the quickest path to income. That said, I'd still plan for a 30-60 day payment lag, by the time you find a secure a paying gig/project.

I personally found it difficult to break the ice and ask for help from my network. However once I did, was rewarded by being reminded how supportive my network is, as many of them have been where I was and were more than happy to help!

Along those lines, I'd be happy to offer you a free 1 hr call to talk further. If you're interested, please drop me a line via Clarity and reference this question. Sometimes it's helpful just to be reminded we're not alone in experiences like this.


Answered 4 years ago

Start by earning $1 NOW!
Then earn $10 JUST NOW!
Next $100 QUICKLY
And you have the means to "immediately" earn $1,000/m
Either 100 x $10 or 10 x $100 ... which ever is quickest.

Example: Assuming you can earn revenue online.
Step 1. Build a squeeze page for a "Pro Report" costing $1
Step 2. Create a one time offer for $10 to sell to $1 buyers
Step 3. Upsell a $100 to the $10 buyers

"Pro Report" ... "Five valuable lessons I learned when I crashed my start-up ... and how you can save THOUSANDS if you are willing to learn from my experience." The report gives an overview of the five lessons ... enough to expose the pain/fear of failure and convince them that you have real lessons to share.

How many startup entrepreneurs would pay $100 to learn five quality lessons to save THOUSANDS? You only need 10 per month ... the $1 and $10 sales must cover your advertising costs.

Then start planning your startup and talk to me about how to reduce the risk of failure, enhance the probability of success and eliminate the financial cost of failure! As you have learned "Failure is never fatal" ... and, of course, success is never final. Be prepared next time.

BTW, when I crashed my last business I wiped out $2m in a flash ... then I designed a Capital Protection Plan (CPP) that is the only system proven to eliminate the financial cost of failure for entrepreneurs and investors.


Answered 4 years ago

Start working anywhere you can and start working on how to sell information products online.

If you want to make money as a consultant, apply for every job you can at Monster, Indeed and other sites in your field of expertise. Then during the interview suggest that you work as a consultant instead. I have used this technique dozens of times with great success.

The easiest thing to sell is dollars for pennies. So, tell them how they can improve their business, increase sales, make more profit, and focus on small businesses.

Do not continue to exchange hours for dollars. It is a losing game. You can never win doing this. Bill only by the project. And get paid according to percentage of completion. In addition, charge a royalty whenever possible. You have to establish yourself as the go-to expert in your field to do this.

Spend as much time as it takes to come up with answering this question..Why would I buy your product or service? This will give you your USP. From there you will develop your drive, your, passion, and your marketing voice. From this you will develop unstoppable perseverance for success.

I hope this helps.
Best of Luck,
Mike

PS I may assist you as my time permits. Right now I am doing something that I haven't done for many years. I am actively soliciting new select clients due to selling one of my businesses and freeing myself up a little. But as you might expect, I am still very busy. That is how I like it.
TheLittleGuysWayToRiches.com


Answered 4 years ago

I run a domain name investment website and can flip or sell domain names I register for £1000 quite easily. My cost is minimal. Great business to play in. You should find a source who can help you with your start up budget and work from there. I started with £4000.


Answered 5 years ago

Many entrepreneurs are cash strapped at one time or another and we all have financial obligations that need to take priority so even though I don't know your skills and experience you could do the following...
1) start freelancing or consulting, use Clarity to promote your services
2) take a below-market salary at an existing startup and prove your value, maybe you'll get some nice stock options
3) start an ecommerce company - there are plenty of products, distributors and manufacturers you can find quickly online so whether you're selling candles or headlights or jewelry it's quick and easy to get started...perhaps they'll even do the dropshipping for you.


Answered 5 years ago

Failure is not a step backwards, it is a step forward. :)

I started making money since when I was 16 by consulting businesses with their online marketing! Most of my clientele so far have been from North America and I am based in Armenia!

Last year I started my own inbound marketing agency with $0 investment at the age of 22. Now we are 8 and some of our clients are Inc 60 fastest growing companies in the world.

If you have been an entrepreneur once making and have at least some experiences or a story to tell then making $1000 should not be a problem for you!

Call me whenever you have some time next week! This will take me only 10 minutes to answer to your question properly!


Answered 5 years ago

Freelancing is a great option, as it will allow you to utilise the skills you are likely to have
gained by creating a startup, while also giving you the opportunity to work on a contact-to-contract basis and it can be immediate (for $1000 anyway).

I run an online freelance marketplace for experienced professionals called Expert360.com. Our online workplaces empower businesses and freelancers to come together regardless of where they happen to be, to get work done. If you create a consultant profile, you can view projects and apply for relevant pieces of work. A number of the companies in need are start-ups - so perfect :)
Good luck!


Answered 5 years ago

What I have experienced is people pay for valuable information. Hindsight is 20-20, right? So, I'm sure you have learned something valuable that other folks, especially newby entrepreneurs, would want to know.

First, build your list. It's your mailing list or distribution list. Not a list where you ask for something immediately, but where you offer something of value to those on it. They say that you have to be in front of folks at least 7 times before they'll buy from you. I don't think that number is absolute but the principle behind it is true. Folks tend to buy from someone they feel they know and whom they trust.

Secondly, turn what you know and what you're learning into a money maker. An ezine, quick-reference ebook (pdf), an audio can go from free to money making in a snap. For example, you can conduct a conference call, record it and then offer the audio for a fee.

Let's do the math, okay? I'm a bookkeeper...lol! In order to make $1000, all you'd need is 100 folks who'd pay $10. You see where I'm going with this? The more your list grows, the more likely you'll easily make $1000month. And the more trusted you become, you can begin to increase your prices.

There's more I'd love to share. How about we arrange a time to go even further into the marketing aspect and list-building tips. Contact me at info@odysseyadministrativeservices.com


Answered 5 years ago

Option 1: make an account and AngelList (https://angel.co/jobs), there are a ton of startup jobs there, if you have the right skills you'll land one. They have both contract and full time.

Option 2: Get a service job that pays around $10/hour. Mcdonalds, clothing sales, etc. At Mcdonalds you'll get $8.50/hour for an 8 hour shift. I just checked out their website and there's a big apply button on it. You may have to work undesirable hours to get 5 days/week of work, but you could make it work. If you go this route, try to get a service job where you'll actually learn something other than how horrible some customers can be. Years ago I worked at Eastern Mountain Sports for $10/hour and I learned about outdoor gear from the work itself and from the training provided.


Answered 4 years ago

Sales on commission. If you can sell you can generate $1000 per month with ease and some hard work. It's faster than consultancy, doesn't carry the stigma of a failed startup (why would I pay a consultant who has failed recently?) and it will pay you handsomely.


Answered 4 years ago

One of the best ways to start a new business is to start a drop-ship online business. This means that you don’t carry any inventory when you make a sale. In a drop shipping business model, you list an item for sale on your website and when a customer makes a purchase, you order it from your supplier and have them ship it directly to the customer as if it was coming from you. The beauty of this model is that you don’t carry any of the inventory risk. In other words, you list a bunch of items on your site and if some of them don’t sell, you aren’t stuck with that inventory. Your supplier is the one taking all the risk of carrying the inventory, storing it and paying for it.

This is an excellent way to generate revenue every month (like the $1000 you want to make) while avoiding a lot of the risks associated with carrying inventory.

If you want to learn more about drop-shipping you can read my blog posts on the subject at Pezlogic.com. Here is the link: https://pezlogic.com/category/ecommerce/drop-shipping/

If you have any follow up questions or want to learn more about drop-shipping or ecommerce in general please feel free to reach out to me.

Best of luck!


Answered 3 years ago

Writing for hire.

I make anywhere from $2-5K/month doing writing work. There is a strong demand for solid tech and financial writers, including ones who have startup experience. I have quite a few clients in the entrepreneurial space who frequently have me write about funding, business planning, and the other aspects of starting a business.

You can get some bylined work at Inc, Entrepreneur.com, and various stuff through the Writer's Market maybe talking about what you learned from your experience with a failed startup. People definitely read that kind of content.

My line's open if you want to learn how to get paid as a writer. Consulting's definitely a viable option, but if you money like RIGHT THE **** NOW, I can tell you how to do it in the wonderful world of writing for internet.


Answered 3 years ago

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