There Must Be Something That’s Recession Proof Right Now?

COVID-19 has disrupted businesses of all types across the world. I have already written about the turmoil that markets are in. I’ve also mentioned that our business was largely affected too. In fact, our business was affected before most other businesses when COVID-19 was only limited to China. All this while I’ve been thinking what could be the right thing to do during this tough time.

I thought about software businesses, which may also be struggling, but far less than other kind of businesses. In fact there are some software businesses that are doing better than they have ever done before; Zoom for example. As S&P500 index goes down as much as 30%, the stock price for Zoom is up by 30% as more and more people resort to work from home.

You may have also read that Amazon is hiring as many as 100,000 people to fulfill the customer demand. So Amazon doesn’t seem to be doing too bad either as people resort to online shopping to follow social distancing.

The more you read about the bad news on Twitter, Facebook or wherever you get your news from, the more opportunities are presented to you. In fact, when the world was functioning on full-throttle, it was tough to find opportunities because every industry was so competitive. Now, opportunities present themselves to you.

For example, you may have read that in many parts of the world, everything has been closed except for pharmacies, groceries and food deliveries. This is an obvious proof that if you could deliver medicines, essentials or food, you might be doing better than others. But what’s more obvious is that if there was a delivery version available of everything else that’s on a complete shutdown, that could be an even better opportunity.

If people are locked in their houses, they might need more than food or medicines. They certainly need video conferencing (zoom) to continue to work from home. They need Netflix, obviously. They probably also need to workout, right? Probably other things to keep themselves entertained or busy.

Because people need to still workout, we’ve launched our “workout from home” brand in the last couple of days. We’ve seen initial demand for it, and plan to scale it in the coming weeks. There’s a big e-commerce opportunity right now and I encourage that you seize it.

Moreover, Shopify is giving away 90 days free trial instead of the regular 14-days to help small businesses stay afloat. So what are you waiting for? This could be the time to kick-start your e-commerce journey.

Protecting Your Ad Campaigns From Yourself

Lately, I’m writing only about Facebook ads & e-commerce. That’s because since 1st January, we’re busy with the launch of our new store. We took a big part of 2019 off and planned to do some work from 1st January 2020. It has consumed us so far. But today is a good day because today we made it profitable.

In 12 hours, we have done $415 in sales. We’re projecting to close the day at $700.

Our ad spend for today is $154.81 which is about 37% of our gross sales. The net-margins are low right now but since we’re just getting started and the pixel is developing, we’ll see improvements with conversion rates over time. We also haven’t introduced any kind of lookalikes at this point in time.

These aren’t our desired results. We have to make up for the losses incurred with ads in the first 15 days. We need to optimize the ads after removing whatever segments aren’t converting to bring the costs down. We also then need to scale this campaign. If everything goes right, we should be able to do that in the next 7 days.

The reason why I’m not touching the ads right now despite that there’s room for improvement is because campaigns take time to optimize. Many people suggest not to touch your campaigns for 24 hours after you make them. While this could work if your campaign is completely off, I generally suggest 48 hours if there’s some sign of success. And so I’m going to let these go on for at least 48 hours and will not modify them.

After 48 hours, I’ll decide how to modify them by looking at breakdown data.

So if you want your campaigns to work, you need to protect them from yourself. Stay away for 48 hours, be patient. The cash might burn and it is going to hurt you, but the profit lies after that.

Making a Million Dollar Out of Thin Air

It sounds surreal. A million dollar out of thin air? How can you create money out of nothing. You can’t. But you can create money without having any money. Like you do in an employment. Although, you probably can’t make a million dollar with employment. Then how can you make a million dollar without investing any money. Only a few people can imagine something like that. Let me assure you, it’s possible. Not just possible, I personally know dozens of people who have done it.

You start with doing work that has no associated cost. The only cost would be your time and effort. Like starting a YouTube channel with your phone. Just like my friend ZSM did. Or you could work as a freelancer on UpWork / Fiverr and build your way up to becoming an agency or creating a product. Or you could just write a blog. Or create a following on Instagram or Facebook to be an influencer. Or you could sell arts and crafts, or T-shirts and hoodies on Etsy, or TeeSpring or Printful. If you’re a developer, you could be selling services on Fiverr and eventually start making plugins, apps and themes for WordPress and Shopify creating a product and a value-asset.

Let me assure you, I’m only scratching the surface here. If there are 99 ways to make money online without investment, I only know of 1. And I’ve written about what I know here. My brother recommended me this channel. May be you’ll find a lot more options to kick-start your internet journey there.

In summary though, there are hundreds of ways to make a living on the internet. Hundreds of things that need no capital to start. And hundreds of them that can eventually make you a million dollars. Sure, you’d most likely need to pivot at some point, but you can most certainly get there. Let me talk a bit more about the pivots below.

Suppose you start as a T-shirt designer on Fiverr. You sell time and skill to make money. Eventually you pivot and also start selling your designs on Etsy and use a print on demand to fulfil your orders. Once you get the hang of it, you now want to hit a larger audience or a global market. You pivot again and you take your designs to Shopify. You now invest a lot of money that you have made thus far in audience acquisition using ads on Facebook, Snapchat, Instagram, Pinterest etc. You find more print on demand services in different countries so you can locally fulfil your orders. Eventually, you’re doing hundreds of thousands of dollars in sales. You have created a million dollar value-asset. All with sheer hardwork and no external funding or investment. You have successfully turned $1 into $1,000,000.

I don’t want to mention names here for the sake of privacy, but I know at least one millionaire in Pakistan from each of those categories: an influencer, a designer, a blogger and a developer.

The question is do you just like reading articles with a million dollar in the title, or are you gonna take actions.