This article is a Case study based upon the feat achieved by a 23 year old Vlad Biaheza who turned free credit given by a stock trading app and used it to reinvest and start various small businesses to get to $10,000 in one month only using the internet as a challenge.
This is mainly possible if you live in the US and have an internet connection, but we will look upon alternate ways for international readers too, and go through steps on how they can monetize this opportunity provided by the internet
So lets dive into it..
*protip : have a pen and paper in hand to take notes
Step 1, Build Capital Starting with $0.
The way Biaheza did it, was through affiliate marketing also called as referrals, He used Webull to do this, (Webull, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund)
He installed Webull, and obtained the referral link provided in-app, and sent the referral links to his friends and family to sign up
How this works is,
- You Install Webull
- Obtain your referral link
- Send the referral link to friends or family to sign up
- Once they sign up, you get a free stock
3 people signed up from his link and was rewarded with 3 Free stocks respectively
The next thing to do after getting the stocks are, selling those stocks and converting it into cash and depositing it into your respective Bank accounts
That’s it for step one, If you are not based in the US the options below might help you with getting your initial cash
1. Swagbucks ($10 Sign-Up Bonus)
Swagbucks is a popular rewards site that compensates users via “Swagbucks” (or SB) when you complete short online tasks.
As an incentive for signing up, Swagbucks offers $10 for all new users who download their mobile app
You can earn rewards with Swagbucks when you take surveys, watch short videos, shop online, use their search engine to browse the web, and more. Exchange your SB for PayPal cash
2. InboxDollars ($5 Sign-Up Bonus)
InboxDollars is similar to Swagbucks. They pay you for taking surveys, watching videos, and shopping online.
One thing that makes InboxDollars unique is that they also give you rewards just for reading their emails. Every time you confirm you’ve read one of their emails, they’ll reward you with cash.
*You need to earn at-least $30 in order to withdraw your earnings from InboxDollars
Cash Earned after Step 1 = $10-$30 depending on what app you use
Step 2, Time To Reinvest!
Now, Biaheza goes on to design a T-shirt for Teespring based on recent trends
He has a “Ok Boomer” Text based design on Teespring,
For the uninitiated, Teespring is a free platform that lets you create and sell over 20 kinds of products with no upfront cost or risk. They handle everything, from printing to shipping to customer service, all you have to do is design and upload, Click here if you want to learn more
Once you have designed your Teespring T-shirt for free, You need marketing, the money you have earned in the previous step will be used here for marketing.
- Remember! The design that you make needs to be in a specific niche (topic) so that its easier to market and find the target audience.
You can do this two ways! Facebook Ads or Influencer Marketing on Instagram
Lets Go with Influencer marketing if you are a beginner,
- Once your design is ready, you will need to find meme pages or theme pages on Instagram for you to promote your t-shirt.
- Remember to find pages that are very close (Topic wise) to your Design, only then you will find audiences that are interested to buy
- Advice for finding great Instagram pages are,
- Always go for pages with 40,000 to 130,000 followers sometimes more is also good if the price is right (Higher the number of followers, higher the cost will be to market or promote on their page)
- Check individual posts and see if the comments are from real people and not bought
- see followers list and check how many followers do not have their profile pictures after scrolling twice or thrice (no profile pictures mean the followers are likely bots and are not genuine)
Once you’ve found your page, all you need to do is, DM them and ask how much money does it cost for a post promotion for 24 hours with link in bio
Here is an example for a message of what you can send,
- Always make sure to pay via PayPal, because sometimes page owners take the money and never post the promotion, and you cannot get your money back if you’ve payed via any other method other than PayPal
- PayPal will refund your money if there is any dispute, thus ensuring the safety of your money
So once all that is done, and you’ve finished promoting your t-shirt, You should have some profits by the next day Keep in mind! the design needs to be relatable and designed well to sell well.
Your Teespring Dashboard should look something like this,
So whatever profits you have now gained via Teespring will be added to your balance,
i.e Teespring profits minus promotion fees
So lets recap.
|Webull/ Swagbucks/ Inboxdollars||$10 -$20|
|Marketing/promotion cost||– $20|
|Total Money made||$74|
* Alternate method if you have time, and don’t want to spend on marketing
If you do not want to spend money on marketing like you did for Teespring, You can Host your designs on Teepublic.com or Redbubble.com, These two sites do their own marketing and promote your designs on Facebook and Google to whoever is likely to buy your designs
Teespring provides very little traffic in-and-of itself. So unless you are an expert marketer and can drive traffic to your campaign, you will see zero sales. Compare this to a site like Amazon (Merch by Amazon), Etsy, Redbubble or Teepublic; these all have large organic audiences who are ready to purchase. You can make sales on these sites simply by relying on their existing traffic and customers…you don’t need to drive the traffic yourself.
And if you are someone with a following or you’re able to drive traffic using ads and promotions, you could probably make more profit and receive more long-term benefit by sending people to your own site (eg. a shopify store)
To learn more, you can join Facebook groups regarding Print on demand Services and passive income, Click here to join Passive Owls
Step 3, Rinse and Repeat of Step 2
If you got good sales from the design you made in step 2, you can use those profits to market it some more,
Repeat the same thing, find great and relevant theme pages on Instagram, ask for promotion rates, and promote extensively until you are satisfied.
Ready to jump on to the next step?
Step 4, Starting a business or Investing
You will need have made a minimum of $200 to enter this step (Make $200 from previous steps)
Now, once you’ve saved up $200+ you can move on to start a business in various ways, you can start with any of these options
- Affiliate marketing
- Invest in Real Estate with Fundrise
- Buy dividend paying stocks through Ally invest
Biaheza went with dropshipping as you can see from the video above, But if you are not comfortable with dropshipping, you can choose any of the other methods of starting a business mentioned above, but it will take a lot of time to make profits or any returns compared to dropshipping
For starters, Dropshipping is a method of eCommerce in which you set-up a custom website showcasing a range of products available in china or other wholesale sites.
Once someone purchases something from your custom website and pays you the said amount for the product showcased, you then go on to use that money to buy the product from china and send the product directly to the customers address at a lower price, thus keeping whatever is left over as profits
Now lets begin with Dropshipping
Step 1 :
A customer from somewhere around the world places an order in your website for a product that they saw and liked, (usually after coming across an Ad that you’ve placed about the product on social media like Instagram or Facebook)
Don’t worry if you don’t know how to build a website or don’t have any technical knowledge to do so, You can build great and awesome looking websites with shopify, WOOcommerce, Wix, etc.
Click here to read more about eCommerce site builders and their comparisons
If you go with shopify, you even get a 14 day free trial, thats all the time you need to make a few bucks to jump on to our next step
If you find this method to be successful, you can subscribe to Shopify’s monthly plan, and scale your shop to gain over Five or Six figure annual income)
Step 2 :
Once the customer places an order on your site, and you accept the payment. The amount is deposited into your bank account
Step 3 :
You then go to Aliexpress, and order the product from Aliexpress with your account, but instead of putting in your Delivery address details, you enter the delivery details the customer gave you while ordering on your website.
Step 4 :
the ordered product goes directly from china to the customer, you don’t have to worry about shipping or inventory.
How do you make money from this?
Suppose you choose a product on Aliexpress.com with a price-tag of $4 including shipping
As you will be promoting the product and selling it from your website, you can change and increase the price-tag, See images below for reference
Notice the price on Aliexpress? its around $4, now lets see what dropshippers are selling it for, see below
Here’s a Case study Example to make it easier to understand, Read below
- You search for a product on a Chinese or US Wholesale website, ex, Aliexpress.com
(Sign up through this link to get $19 in coupons to get you started)
- Lets’s say you’ve selected a handheld steamer as a product you want to sell that costs about $19 (Check it out here)
- Next you set-up a Shopify site and design it to look good, and add a product listing taking images for the handheld steamer from Aliexpress. and set the price as $35 ($16 more than cost price)
(Remember to write awesome and compelling descriptions to convince people to buy)
- Next you make a compelling video (Usually provided by Aliexpress) and request Instagram meme pages with high follower count to promote your video on their page and providing the link to your website in the bio of their page, so that people can see the video and go to your website to buy if they like it.
- Next, an interested customer purchases a product and pays you $35 via the payment methods provided. and the money is deposited into your bank account,
- You then go to Aliexpress, and order the product from Aliexpress with your account for $19, but instead of putting in your Delivery address details, you enter the delivery details the customer gave you while ordering on your website,
- Next, the ordered product goes directly from china to the customer, you don’t have to worry about shipping or inventory.
- You then keep the Difference between what your customer payed you, and what you payed to the supplier as profits i.e $16,
So, Now you’ve made $16 Dollars per sale
Lets make at-least $1600 in this step before we move on
If we were to make $1,600 with the same product from the case study above (portable steamer) we will need a lot of marketing to do.
As you are a beginner with Dropshipping or Marketing, its better to go with Influencer marketing (I.e Posting promotional posts on Instagram)
More Articles and Case Studies to read regarding Dropshipping
- How to Start an Online Store With Minimal Cash Investment
- The Definitive Guide to Dropshipping with AliExpress
- Common Dropshipping Mistakes (and What to Do Instead)
- Alibaba 101: How to Safely Source Products from the World’s Biggest Supplier Directory
Step 5 : Scaling to $7,000 With Facebook Marketing and dropshipping
The video above is going to be very valuable for dropshipping beginners, regarding to mistakes one can make while dropshipping
Step 6 : Getting to $10,000 With Print on demand
Now that we have made around $7,000 from our previous endevours, the Concept of Print on demand is perfect for our next step! its got no minimum order quantities, no need to carry inventory, very little set up costs, and lots of success stories.
Great for beginners and trained professionals, read below to know how to get going and scale up.
Step 1 : Discover a great idea for a profitable niche
You’d be surprised how many people start an online shop without assessing product profitability first. Choosing a profitable niche is the most important challenge you will face in your eCommerce journey.
A print on demand (POD) business can be set up in two ways – either focusing on a product niche or a subject niche.
1. A product-niche
A product-niche POD business requires you to decide early on what type of product you will be selling (or a selection of several similar products) and stick to that.
For instance, you might decide to sell movie-inspired pillowcases or t-shirts featuring humorous quotes. In this case, you will sell only pillowcases or only t-shirts, but many different designs.
2. A subject-niche
A subject-niche POD business, on the other hand, requires you to uncover a trendy subject, such as ‘dream meaning’, for example, and create a range of products carrying designs that reflect this subject niche. This could include everything from pillowcases to tote bags to wall tapestries.
Step 2 : Create and validate designs for your print on demand business
Doing your own research and extracting the best ideas from the internet and your social network is a key step in finding a profitable niche. But it’s not the only one.
Before spending any money on your business idea, take it to town. Validating your designs is a crucial part of a successful start. What may seem like an awesome idea in your head, might be completely ignored or misunderstood by your target audience.
The most common methods for validating ideas include sharing designs on social media networks, online forums, and your personal network. When posting to platforms like Facebook and Twitter where a big chunk of your followers are close friends and family members, be sure to disguise the idea to avoid over-positive reactions that might skew the results. Reddit is a great research tool, too – no one will sugar coat their answers there, so you know you’re getting the real deal.
Step 3 : Set up your Print on demand businesss with Printful
- Step 1: register a domain name.
- Step 2: choose an eCommerce platform. (Like Shopify or WooCommerce)
- Step 3: design your shop and create custom products.
Take a look at the video below to understand better