A great idea - Hire your children!
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This post was made to the Associate Program Forums. It has sparked some great discussions on Affiliate marketing. Stuff like Setting Goals, Blogging, Content Creation, etc. I received permission from Dave Sr. to post this hear. I think he has a very good plan outlined, and the idea of hiring his son is great. By the time they are done with this site, they should have some income coming in, and his son will have some good business experience.
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My son (Dave, age 16) and I have done a deal. We have agreed that he will spend a certain amount of time each day during his summer holidays working to learn how to build a business on the internet. We have a business plan in place that provides him with a small weekly wage in return for reaching certain targets.
The objective of the venture is to establish whether or not it is feasible for both of us to generate a residual income from doing business on the internet. If successful my son will use the income to support his needs while at college while I will use it to help towards achieving my goal of early retirement from my current job.
Our strategy is that over the course of approximately 2.5 months during the summer period we will explore the possibility of generating an income from the internet by:
- Developing an understanding of internet marketing basics.
- Seeking advice and guidance on internet marketing forums.
- Studying what others are doing to make money on the internet.
- Testing certain internet business strategies.
It is the intention to review tested strategies fortnightly and to decide on whether to continue with the strategy or not. The plan is to implement a new strategy fortnightly regardless of whether the previous strategy is discontinued. It is the intention that this will eventually result in a number of successful strategies operating at the same time.
The financial target for the 2.5 months is to be in a position where the business is generating 40 Euro profit per week by the end of August.
Interim targets are as follows:
- End of June – Initial understanding of basic principles of internet marketing. Decide on strategy.
- End of July – Income/Expenditure break even. Review strategy.
- End of August – 40 Euro per week profit. Review strategy.
The launch of the business will be funded with an initial investment of 800 Euro.
A budget will be established for the venture which will forecast income and expenditure for the period up to end of August. Financial information will be presented in the form of cash flow and profit and loss spreadsheets. These reports will be updated and reviewed on a regular basis but at least weekly.
What we are looking for now is:
- advice on what reading materials or other resources will give us the best guidance on implementing our strategy.
- guidance on what strategies to implement in order to be in the best position to meet our targets.
- a MENTOR – somebody who would be willing to guide Dave through the maze that is internet marketing.
Dave and Dave have a blog at Internet Business Oportunity Lab where you can follow their progress through the Internet Marketing adventures, mishaps and profits.
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This thread was reprinted with permission from the Associate Program Forums
There are some great discussions in the actual thread, and some superb advice.
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