So, why should one try something that is risky ? Because, the risk is primarily in one sense only, ie one could end up being unsuccessful. That’s all. In another sense there are very less risks. That’s because, unlike most other ventures, both the alternatives provide one with the opportunity to start very humble and test the water until one smells any success. Also, both of them are decent ventures involving hardly any hardship (or headaches) provided one is good at any one of them.
In both cases, all one needs initially are a computer with internet connection, some amount of time, effort, idea and virtually as little money as one wishes to put in. If one begins sensing success more money could be brought in anytime. If success eludes, all one stands to loose are, primarily, the time and efforts invested. Yet, it’s your life and you need to take your decisions carefully.
Alternative 1, ie online equity trading, will be discussed first. Those who are about to quit or have already left jobs and are unsure of what to do next or are looking for other jobs reluctantly can think of taking a plunge into this alternative.
Set aside a small sum (say, $1000 or INR 50k) as well as a short period of time (say, 6 months or so) that you can afford to loose or risk. That’s what one is going to risk which should not be an issue for most. If it still is an issue, one should avoid this alternative as something even lesser may not be adequate.
Take a good crash course in day-trading ( jobbing ). Note that day-trading or jobbing is one of the riskiest methods of equity trading. But, if one’s financial condition is not quite good, ie one can afford to invest only a small sum, this is one of the very few available means that can earn you enough money to take care of all your bills.
If one could become a master day-trader he would be affluent sooner or later. And, if one is not a master, yet, is a reasonably consistent performer, it should be up to him whether he wants to be employed or not as he would still be able to manage reasonably well without a job.
Sounds like a dream ? Don’t get carried away. Only less than 10% of all day-traders are believed to be successful. Most others linger and fade away in the course of time. Yet, you could be the next one to enter the “5% or so successful” league. How would one know unless one tests the water?
Spend a week or so learning the crash-course in day-trading and there are people who provide that kind of inexpensive courses. Remember that you are just experimenting with the bare minimum resources and not trying to become a financial or share market wizard. Upon learning the tricks of the trade it’s time for the practicals. Start day-trading using those skills. You are bound to loose money initially. Invest very small sums as your aim right now is not to become an Warren Buffet but to try to use the skills successfully. In six months or so you should be having a pretty good idea on whether to go ahead with it or say quit.
By that time your winning trades should consistently outnumber the loosing trades generating small yet consistent profits. If that’s the case, you are ready for the show. If that’s not the case or you have already exhausted the entire capital before six months, say quit forever and never bring in further money as this one is simply not your cup of tea.
In case you happen to own a healthy balance sheet and you are keen on working independently, simply avoid day-trading or jobbing as you don’t need to take high-risk routes and risk loosing large sums. That’s because you are liquid enough and can opt for the low-risk-moderate-return route. Take a good course to acquire the medium to long term equity investment skills and then go for the kill. Never go for high-risk instruments as you don’t need to.
Alternative 2, ie starting one’s own websites, is something which anyone can do. However, if one wants to be commercially successful one needs to invest lots of time, effort, knowledge, idea etc. As to money, one can start with little or no money – at least initially. If the website(s) starts generating decent income one can always bring the money in to add more worth to them.
For those few who are in jobs and are planning to quit after a year or so this could be something worth trying provided they have the following traits : a) Reasonably good knowledge and interest in one or more areas such as engineering, travel, finance, insurance, electronic gadgets, cars, books, movies, music, news, etc, etc. One can start one or more websites (or blogs) depending upon the number of areas one is good at. b) Sufficient time and resources to update the websites (ie write articles) regularly. Websites or blogs not having enough original and useful content can’t be commercially successful. They also need to be updated with such content on regular basis. c) Reasonable knowledge in english (writing). One does not have to be a master in english writing as your are not discussing english language in your websites. One can find a number of commercially successful sites out there with very ordinary english. That’s because readers come to the websites to find useful information or knowledge in that domain and not to learn english. For example, in this site one would find the word “equipments” in several posts which is incorrect. The correct spelling is “equipment” whether we talk about one equipment or many equipment. There could be other linguistic discrepencies as well. If a reader gets too fussy about such matters, be almost sure that he is of least or no worth to you as his concern is not what you are writing but how you are writing. Obviously, you could be better of without him. Yet, quality language is always desirable in any website as it adds further value to it. d) Patience is another necessary trait in this arena. Most websites do not become commercially successful overnight. It may take years to smell success and there are no guarantees even after that. Usually, sites with unique and high-demand content can only smell commercial success within months if updated frequently. So one needs to be patient and also needs to have the ability to absorb a likely loss of the time and effort in the event of a commercial failure.
On the upside, there is no upper limit of commercial success even with low financial investment. The key investment would be knowledge (unique content having good demand), time, effort etc. There are examples of filmsy success stories. And then there are a good number of examples of moderate success stories as well. Also, anyone can start websites. In case of commercial failure, all one stands to loose are time, effort, etc. as loss of money can be kept at a bare minimum unlike most other ventures.
On the downside the success rate is low. Unless you can update your site(s) with unique content of good demand on regular basis (at least for a year or two) you will have to be content with having something of your own rather than something commercially successful.
Websites or blogs can be started or tried by not only those who are contemplating leaving their jobs and not sure of what they should do but also by those who are successfully and happily engaged in employments. In fact, it’s simplicity and low or zero capital requirement render it worth trying by anybody belonging to any profession. Also, one need not necessarily have a commercial angle in one’s mind. It can be started as a hobby, for networking with friends or peers, for sharing photographs, personal matters, etc with family or friends and so on.
One can also start as a hobby or just to test the water and can always opt to go commercial later if the website(s) draws a healthy number of visitors. As already mentioned, websites can be started free of cost. But, if one decides to go commercial, it’s best to go for paid independent webhosting services. Such paid services do not cost much and provide a lot more facilities as compared to the free ones. If one is serious about earning from one’s website(s) one will have to go for one of those paid hosting services. To know more about all these the author can be contacted.