Starting a business doesn't have to be hard or expensive. This CNBC reporter started one with $600 and turned a profit in one week.
As a reporter at CNBC Make It who's covered some of the most incredible ways people have made money online — including a 28-year-old whose company has made millions buying things at Walmart and reselling them on Amazon and an entrepreneur who started selling board games out of his living room — I was curious to find out if it was as easy as they made it seem.
In week one of the experiment, I landed on the idea of selling crypto-themed apparel. In week two, I bought a domain, created designs to print on shirts and set up a Shopify account linked with print-on-demand service Printful to minimize the amount of labor I'd have to do once the business was up and running. I won't have to fulfill, print or ship anything myself.
The first post that went up in the /r/Bitcoin subreddit a day after launch garnered over 5,000 views. The traffic led to one sale, then two, then nine by day's end. Plenty of others who saw my posts disagreed — to the tune of over $1,200 in sales just after CryptoCrow.co's first week. In all, the work amounted to about a 40 percent profit margin .
"Facebook is great to acquire customers because you can hone down so insanely well," he says."The data on each individual is astounding. … Before, this kind of consumer targeting would have cost hundreds of millions of dollars." It's a large part of what Chapman teaches in his online marketing course, Academy of Arbitrage.
Using both, I set a budget of just $3 a day and let Facebook take care of the rest. Unfortunately, the Facebook ads I tested weren't met with nearly the same success as the Reddit posts and no sales have yet come in as a result. Chapman assures me that iterating on ads to find what works is all part of the process.
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