Yahoo Finance How To Make An Extra $1,000 Without Much Work
There's a legitimate way for you to boost your income by $500 or even $1,000 per month without spending a ton of money and time to get started.
I call it The Remora Method and it's a proven strategy for building a profitable side business (or full-time business for that matter).
Let me tell you how it works and give you three examples of real people following this strategy.
The Remora Method
In most side businesses, the majority of your time is spent marketing, promoting, and telling people about your new business. After all, it's new and no one knows about it yet. And if no one knows about it, then no one can buy from you.
The problem is that marketing and promoting requires a lot of work and this either discourages people in the beginning, because they realize how difficult it is to get new customers, or it prevents them from getting started in the first place.
The Remora Method offers an alternative. It's based on creating mutually beneficial partnerships with other successful businesses. In other words, instead of worrying about selling yourself, promoting your work, or finding customers, you partner with a successful business that can do the selling for you.
The goal of The Remora Method is to focus on providing a product or skill that you are good at and then let someone else take care of the rest of the process. The result is that it's much easier to build a profitable side income without working all day.
Here are three examples of how The Remora Method works in real life:
1. Events and seminars
Let's say that you are knowledgeable on a specific topic. This could be anything from how to help businesses become compliant with environmental standards to how to eat healthy. Literally, any topic that solves a problem or teaches people a new skill can make extra money for you.
For example, let's say that you're a parent and you are good at getting newborns to fall asleep. You could offer a "sleep coaching seminar" that teaches new parents how to get their baby to fall asleep quicker.
The only question is, "How do you find parents that will buy a ticket to the seminar?"
Using the principles of The Remora Method, you could partner with local family organizations like the YMCA, stores that sell baby clothes, and other businesses where new parents shop. Each business could give its customers a voucher for 10 percent off your sleep coaching seminar and whenever someone buys using that voucher, you pay the business a small referral fee.
The parents get 10 percent savings and learn a helpful skill, the businesses get a referral fee, and you get a sold-out seminar that you wouldn't have had otherwise. Everyone wins! It's the best way to boost your income.
2. Freelance, Consulting, or Coaching Services
The Remora Method can also work for freelancers, coaches, and consultants. This includes freelance writers, designers, life coaches, business consultants, and any other service provider.
Let's say that you're a web advertising consultant. You would be the perfect complement to many digital agencies.
For example, a social media marketing agency already has clients who may want to run paid advertising in addition to their social media campaigns. As a web advertising consultant, you would be a perfect fit to help that agency expand its offerings and you could work as a subcontractor. This partnership allows you to focus on what you're good at (web advertising) and prevents you from worrying about finding new clients because the agency will bring them to you.
In exchange, you can split the profits. And perhaps even better, you're still working on your own schedule and at your own convenience, so you can fit your side job into the rest of your life.
Once again, everyone wins in a situation like this and The Remora Method makes it much easier for you to build a side income without spending tons of time searching for new business.
3. The Local Store Owner
The Remora Method works well for small business owners as well.
Let's say that you own a small cigar shop. You could partner with men's shoe stores, luxury car dealerships, and other businesses that appeal to the typical cigar smoker. Then, you could offer a voucher for one free cigar to any customer of those businesses.
The stores you partner with love this setup because they are offering more value to their customers. And how many of those customers do you think will buy a box of cigars when they come in to enjoy their free one? I'm guessing a lot.
As these examples illustrate, using The Remora Method allows you to create a mutually beneficial partnerships that can save you time and earn you money. In most cases, a well-placed partnership is worth much more than a big bank account. And even better, it's a true win-win for everyone involved.
James Clear is the founder of PassivePanda.com and the creator of The Remora Method, a system for building a legitimate and profitable side business that makes $500/week.
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