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eBiz Weekly #55

Former pastor earning $60k/month online

This week:

  • Former pastor earning $60k/month online
  • Blueprint for a Facebook Ads business
  • Online income for wedding photographers
  • Build a billion-dollar company = terrible goal
  • 5 myths of million-dollar businesses
  • Paying Instagram influencers to promote affiliate products
  • 5 Surprising Startup Statistics
  • Intro to affiliate marketing (video)
  • The biggest competitive advantage in business
  • Hiring writers for niche sites

Former pastor earning $60k/month online

A brand spanking new interview on eBiz Facts: On building a $60k+/month online business with no money or experience

In brief:

  • Joel Young was $50,000 in debt with a wife and kids back in 2013
  • He started recording voiceovers for clients on Fiverr using an old mic 🎤
  • Then he started offering video services, shot with his iPhone 📱
  • He earned $34k his first year, working from the corner of his bedroom.
  • Now he has a small team and the business earns at least $50k profit each month
  • He and his family spent most of 2017 touring the US in an RV

My favorite part of the interview:

I spent ZERO dollars to get started! That’s the absolute truth. I know that because I was so broke I didn’t have any money to spend. I literally found a way to use what I already had to turn a profit.

Read the full interview here »

Blueprint for a Facebook Ads business

This post on Reddit details an 8-step process that grew a marketing subscription (SaaS) business from almost zero to $160,000/month+ in revenue.

In the end, the campaign generated more than $1,100,000.00 in lifetime revenue from only $92,707 in ad spend.

That’s almost a 12x ROI 🤑

What if you took a month or two to learn and practice Facebook ads, then pitched a bunch of SaaS companies on that same process?

Do you think you’d get some interest?

Online income for wedding photographers

A Chicago-based wedding photographer 📸 reveals how he makes money online in this 15-minute YouTube video.

He earned $3,411 in September, about two-thirds of that via a site called Pixieset.

Here’s how it works:

  • Eric (the photographer) shoots a wedding as normal
  • He uploads the photos to Pixieset and sends the client a link
  • The client can download the digital images for free
  • If they want print images, they order them off the site
  • Eric receives a commission for each print sale
  • He offers clients a time-limited discount code to spark orders

Totally passive once he’s uploaded the photos, and a nice addition to his usual fee for shooting a wedding 🎉

Build a billion-dollar company = terrible goal

Sahil Lavingia, founder of Gumroad, reflects on his failure to build a billion-dollar company:

I was just 19, a solo founder, with over $8M in the bank and three employees. The world was starting to take note.

Fast forward a few years and the company was bleeding $100,000’s every month and had to lay off all 20 employees 😔

Gumroad made it through the gauntlet and can be considered a very successful business, but it will never be the billion-dollar company 19-year-old Sahil envisioned.

Key takeaway, even if you’re only looking to earn a few thousand dollars a month:

It doesn’t matter how amazing your product is, or how fast you ship features. The market you’re in will determine most of your growth. For better or worse, Gumroad grew at roughly the same rate almost every month because that’s how quickly the market determined we would grow.

5 myths of million-dollar businesses

At about the 36-minute mark of a recent episode of the My First Million podcast, the hosts list out a few things people say you need to build a million-dollar business, but you actually don’t:

  • You don’t have to care that much about the problem you’re solving
  • Your product doesn’t need to be that good
  • You don’t have to hire the best people
  • You don’t need great design
  • You don’t have to be great at delegation or outsourcing
  • You don’t need to care that much about user experience

Sure, all those things are good to have and likely give you an advantage, but they are not requirements to success.

You can find examples of thriving million-dollar businesses that have broken one or more of those rules 😎

Related article mentioned on the podcast, by the guy who created Gmail: If your product is Great, it doesn’t need to be Good.

Paying Instagram influencers to promote affiliate products

The punchline of this 25-minute YouTube video is that the guy only made $22 profit.

But that was after only 3 days of testing the idea, so he could well be on to something.

More important than the idea or the results though is the thought process and rapid execution. If you can absorb and emulate that, I wouldn’t bet against you building a successful online business 🚀

Related: Instagram influencer marketing activity apparently increased by 48% last year

5 Surprising Startup Statistics

Fortunly shares 20 statistics here.

These five were most surprising to me:

  • More than 69% of American 🇺🇸 entrepreneurs start their businesses at home
  • 42% of startups fail because they offer products or services that the market doesn’t need
  • Immigrant entrepreneurs account for 25% of all new businesses in the United States
  • 81% of American small-business owners work overtime
  • A 60-year-old startup founder is three times more likely to succeed than a 30-year-old founder

Intro to affiliate marketing (video)

This new 16-minute video by Ahrefs is so solid that I’ve listed it first on my list of the best free affiliate marketing training resources 👍

The biggest competitive advantage in business

Sam Altman writes:

I think the biggest competitive advantage in business—either for a company or for an individual’s career—is long-term thinking with a broad view of how different systems in the world are going to come together. One of the notable aspects of compound growth is that the furthest out years are the most important. In a world where almost no one takes a truly long-term view, the market richly rewards those who do.

Lots more great stuff in that article 😍

Like this:

One of the most powerful lessons to learn is that you can figure out what to do in situations that seem to have no solution. The more times you do this, the more you will believe it. Grit comes from learning you can get back up after you get knocked down.

Hiring writers for niche sites

This article is written by a lady who runs a number of successful niche sites and currently works with ~20 freelance writers ✍️

You should read it if:

  • You want to hire writers yourself
  • You are a writer and want to get hired

Related: the author mentions a course called Project 24 in the comments of that article. I reviewed that course in-depth a few months back.

That’ll do it for this week.

Was there anything above that you found particularly useful or interesting?

I aim to pack these emails with the best tips, insights and opportunities for building your online business. Your feedback helps me do that.

Also: feel free to forward this email to a friend, or you can direct them to the online version here: https://ebizfacts.com/ebiz-weekly-55/

In case you missed em, here are the last three editions of eBiz Weekly:

Until next week, rock on with your legendary self 💪

Niall Doherty – Ubud, Bali
eBiz Facts

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1 Comment

  1. “A 60-year-old startup founder is three times more likely to succeed than a 30-year-old founder.” I like this, and if I can only wait until I’m 90, I’ll be SIX times more likely to succeed!

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