Niall Doherty's Blog, page 176
August 28, 2020
eBiz Weekly #86
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August 27, 2020
How to Find Remote Jobs (2020)
Pretty much any job that can be done from an office can be done remotely these days.
Here are seven legit ways how to find remote jobs:
Remote job boardsApply directly to these companiesMake your current job remoteUse your network
Check these Facebook GroupsPitch your favorite companiesCreate your own remote job
Remote Job Boards
We’ve spent 100+ hours researching and reviewing remote job boards.
These are the best we’ve found…
Multi-Level Marketing Online – 5 Things To Know
What is Multi-Level Marketing?
With this type of online business you’d be a salesperson for an MLM company that sells physical or digital products.
You’d make money by selling the company’s products but the big earnings come from recruiting other salespeople and getting a percentage of their sales, then a percentage of sales from the people your recruits recruit, and so on down the line.
Multi-Level Marketing is one of 19 types of online business and considered a Level X online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with multi-level marketing?
Unfortunately, it seems that making money with multi-level marketing is almost impossible.
There have been a number of studies and investigations into the earnings of MLM participants – Wikipedia has a handy list – and frankly they’re all quite discouraging.
The most recent, large-scale MLM income report I found was a 2018 survey by Magnify Money.
They surveyed 1,049 MLM participants and these were their key takeaways:
The hourly earnings of those surveyed worked out to a paltry $0.67 per hour:
Marsha here represents a typical MLM participant…
Marsha MLMMulti-Level Marketer $0.67 average hourly earningsPros and Cons of MLM Businesses
Possible – though very unlikely – to earn big money. Usually only happens if you get in early and can recruit well.Decent skill-building opportunities, especially in sales and marketing.
MLM companies are highly controversial and widely considered to be a scam.Almost impossible to earn a consistent living this way.Good chance you’ll spend more money than you earn.MLMers are often encouraged to sell to friends and family, which can make Christmas dinner kinda awkward.Many MLM companies encourage you to sell offline rather than online.
See how MLM compares to other types of online business
Is MLM a good way to earn a living online?
I wouldn’t recommend it.
The odds of making good money here are ridiculously low and, if you ask me, MLMs have too shady a reputation to risk associating yourself with them.
Full list of ways to make money online
Multi-Level Marketing Resources
The Multilevel Marketing Cults: Lies, Pyramid Schemes, and the Pursuit of Financial Freedom.
The below video by James Jani is a must-watch for anyone considering MLM…
Multilevel Marketing: Last Week Tonight with John Oliver
Another video about MLM that’s worth a watch…
Online Gambling – 5 Things You Should Know
What is online gambling?
Gambling is playing games of chance for money. You can’t influence the results; they’re totally random. (As opposed to betting, where you do have some influence.)
Online gambling is done via the internet. You pay to play and get paid if you win.
Gambling is one of 19 types of online business and considered a Level X online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with gambling?
Here are the legit ways I’ve found to make money online with gambling…
Online Lottery
Apparently you’re more likely to get struck by lightning 
than you are to win the lottery (source).
But rare stories like this from theLotter – a website that lets you buy lottery tickets online – keep people playing their lucky numbers…
Aura Dominguez CantoOnline Lottery Winner $21 million jackpot winningsSee what lotteries you can play on theLotter
Online Casino Games
Here we’re talking about playing games like slots and roulette online.
Most likely you’ll lose money playing these kinds of games.
This lady is one of the few believable examples I’ve found of someone winning big playing online slots…
Stacey ROnline Slots Winner $143,235 online slots winnings in 24 hoursOnline Betting – 5 Things You Should Know
What is online betting?
I define betting as placing a wager on a certain outcome and winning money if your prediction proves correct.
This is similar to gambling but not purely based on luck. Your skill, knowledge or ability can influence whether you win or lose, sometimes significantly.
For the purposes of this site, we’re only concerned with online betting, which is betting that can be done over the internet.
Betting is one of 19 types of online business and considered a Level X online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with betting?
Here are the legit ways I’ve found to make money online with betting…
Sports Betting
Jonas Gjelstad is one of the rare few who have made quite a bit of money online betting on sports…
Jonas GjelstadCo-founder of Trademate $54,000 monthly sports betting profitMatched Betting
With matched betting, the aim is to make money via the free bets and deals offered by online bookmakers.
This chap earns a decent hourly rate doing exactly that…
Foxy MichaelMatched Bettor £31 – £42 per hourBet On Yourself
With HealthyWage you can bet money that you’ll reach your weight loss goal. Win the bet and they’ll pay you a cash prize.
Wendy WageHealthyWage Winner $1,945 average weight loss prizeSee how much you can win with HealthyWage
Other sites and apps where you can bet on yourself:
DietBet – similar to HealthyWageStepBet – bet that you’ll take a certain number of stepsRunBet – bet that you’ll run a certain distanceProveIt – bet that you’ll beat other people in arcade games
Esports Business – 5 Things To Know (2020)
What is an esports business?
Esports is playing electronic games for money. You would usually compete with other people in organized tournaments.
For the purposes of this site, we’re only interested in esports that are played online (ie. not in big arenas packed with spectators).
Esports is one of 19 types of online business and considered a Level X online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with esports?
Here are the legit ways I’ve found to make money online with esports…
Online Video Game Tournaments
Will Wierzba has earned quite a bit of money online playing Counter-Strike: Global Offensive…
Will "Rush" WierzbaProfessional Gamer $15,300 average monthly winningsPlaying Poker Online
Poker pros like João Vieira seem well capable of winning big in online tournaments…
João VieiraProfessional Poker Player $109,603 prize money from 3 weeks of online pokerPlaying Chess Online
Chess grandmaster Hikaru Nakamura has done nicely playing his game online…
Hikaru NakamuraChess Grandmaster $35,000+ estimated monthly revenue
Investing Online – 5 Things To Know (2020)
What is investing?
In terms of online business, here we’re talking about investing money in digital assets or financial markets for the long term. Think months, years, or even decades.
You can profit if the value of your investment increases enough over time, or if you invest in successful companies that pay dividends.
Investing is one of 19 types of online business and considered a Level X online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with investing?
Here are the legit ways I’ve found to make money online with investing…
Buy and Hold
The buy-and-hold approach is most commonly applied to stocks, but Erik Finman applied it to Bitcoin in 2011 and saw the value of his investment increase almost 500x over the next six years…
Erik FinmanBitcoin Investor $2+ million from bitcoin investmentsRobo-Advisors
Robo-advisors are automated investment services. You set your investment goals and risk tolerance and let the algorithms do the rest.
Popular robo-advisors include Betterment and Wealthfront.
Mr. Money Mustache saw almost a 25% return in six years investing with Betterment…
Mr. Money MustacheDo-It-Yourself Investor with Betterment $40,944 5-year earnings on $167k depositsDividend Income
Jason Fieber has bought shares in more than 100 businesses. Thanks to the regular dividends earned from those investments, he was able to retire from regular employment at age 33…
Jason FieberInvestor and Entrepreneur $1,500+ monthly dividend incomeReal Estate Investing
Online platforms like Fundrise let you invest small amounts in real estate projects and earn returns.
This guy tested out Fundrise for 18 months and reported an 8.4% return…
Dave HFInvestor $1,244 return on $14,813 investment with Fundrise
Trading Online – 5 Things To Know (2020)
What is trading?
In terms of online business, trading is when you try to profit from financial markets using short-term strategies.
Trading is one of 19 types of online business and considered a Level X online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with trading?
Here are the legit ways I’ve found to make money online with trading…
Day Trading / Swing Trading
This usually means buying and selling stocks within a few minutes, hours or days.
You’ll find the occasional success story here, like Ryan Roots quickly earning thousands of dollars on trades via the Robinhood app…
Ryan RootsCo-founder of Ralli Roots $8,000+ profit from 16 days of tradingHowever, the largest studies done on day trading show that you’re unlikely to earn any money this way.
Poor Donnie here is representative of the typical day trader…
Donnie Day-TradeDay Trader $0 or even lessForex Trading
Here you’d be buying and selling currencies online (eg. US Dollars or Euros), aiming to sell for more than you buy so you can earn a profit.
Justin Mueller has had some good results with this…
Justin MuellerSerial Entrepreneur $31,224 forex profit in 2 monthsCrypto Trading
This is like forex except you’d be trading cryptocurrencies (eg. Bitcoin or Ethereum) instead of traditional currencies.
Tony from JRNY Crypto is one of the few regular crypto traders I’ve seen doing well…
Tony JRNYFounder of JRNY Crypto $3,802 profit in 3 weeks trading crypto
Social Network Business – 5 Things To Know
What is a social network business?
With a social network business you’d provide an online platform that people would use to build social connections with others who share similar interests, goals, backgrounds, whatever.
You’d have several monetization options with this kind of business.
Social Network is one of 19 types of online business and considered a Level 5 online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with a social network business?
Here are the legit ways I’ve found to make money online with a social network business…
Create a Free Online Forum
Most of the well-known social networks are essentially big message boards monetized with ads.
Reddit is a prime example, co-founded by Alexis Ohanian in 2005…
Alexis OhanianCo-founder of Reddit $8.3+ million Reddit monthly revenueStart a Paid Community
Dan Andrews co-founded the Dynamite Circle, a private community for established entrepreneurs…
Dan AndrewsSerial Entrepreneur $50,000 Dynamite Circle estimated monthly revenueMembers of the DC pay a quarterly or yearly fee.
Start a Facebook Group
Colin Theriot grew his own social networks (Facebook Groups) within an existing social network (Facebook) and has monetized them in various ways…
Colin TheriotFounder, Cult of Copy Facebook Groups $20,000+ monthly revenue
Online Marketplace Business – 5 Things To Know
What is an online marketplace business?
Think of a marketplace business as the evolution of a referral business. You’d own an app or website that makes it easy for “buyers” and “sellers” to meet each other.
Many marketplaces monetize by taking a cut of each transaction or by charging for membership or listings.
Marketplace is one of 19 types of online business and considered a Level 5 online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with a marketplace?
Here are the legit ways I’ve found to make money online with a marketplace business…
Start a Physical Products Marketplace
John Sillings co-founded Art in Res, an online marketplace that connects artists with art buyers…
John SillingsCo-founder of Art in Res $16,000 Art in Res monthly revenueBuild a Digital Products Marketplace
Joe Magnotti co-founded Empire Flippers, a marketplace for people to buy and sell online businesses (mainly websites)…
Joe MagnottiCo-founder of Empire Flippers $2.47 million Empire Flippers monthly revenueStart a Services Marketplace
BJ Wright started Funnel Rolodex, a marketplace for freelancers who offer services related to building and optimizing funnels…
BJ WrightFounder of Funnel Rolodex $58,000 Funnel Rolodex monthly revenue
