How to make £1000 a month!

Posted in Blog, Matched Betting, Musings on 7th July 2020

Pile of Money

Starting from £0 - How to make £1000 Quickly in the UK?

I've seen this question answered on so many sites but yet every answer seems to miss the biggest point of the question; how to make the money when starting from zero!

£0 to £100 is the hardest part of this, once you are over £100 the income will increase more rapidly. I've therefore split this guide into a few parts;

The First Step - Making Money Starting at Zero.

This is the hardest group; this, in my opinion, is the group who will have to put in some graft. There are really two ways to get to your first £100; you trade your time for money or you trade items for money (there's also T-shirt designing but this takes longer as is better to do whilst doing the others)

Trading items is the easiest but does depend on you having something lying round which you are happy to sell. This can be the perfect time to tidy out your wardrobe or empty your garage.

If you decide that you do have items worth selling, then you now have numerous places you can advertise them. Some of these are free, here's my run down of the top places to sell:

  • Facebook marketplace - very easy to list, no fees and I have had some very quick success. Downside is it is mostly to local sellers so rare items you may not have as big an audience as you could on other platforms.
  • Gumtree - easy to list and generally free. Overtaken slightly by facebook marketplace however as it is free there is nothing stopping you listing on both.
  • eBay - this isn't as good as it used to be. eBay now looks to favour business sellers and the fees can be quite high. However it should not be discounted completely and for the right item, even with fees taken into account, you may still get the highest price.

The alternative option is to trade your time for money. However I did say how to make £1000 without a job so the usual ways are out. Therefore this is going to be a bit different but also teach you a skill which could be highly useful in the future. For full disclosure though, I've never done any of these.

  • Handyman/Gardening - this will take some door knocking and most likely a lot of rejection. However there are always jobs round the house that people hate, go door knocking and see if any of your neighbours have anything you could help them with.
  • Uber Eats - sign up to become a delivery driver https://www.uber.com/gb/en/deliver/ with the offer to pay within 48 hours. Remeber the aim here is to make your first £100 so putting in a few shifts with Uber Eats should get you there

Uber Eats Delivery Driver, on his way to making a £1000

The Next Step - How to Make £1000 Online

For this step you are going to need a minimum of £100 ready to invest, without this go back to step one. The more you have ready to invest the quicker and most profitable this will be.

This step is based on Matched Betting, which I have already wrote the Ultimate Beginners Guide to Matched Betting This guide goes into so much more detail and as a beginner you will make £1000 extremely quickly.

As a brief over view of matched betting, it is a tactic to use bookies special offers against them. Using a bookie and an exchange you will bet and lay the same bet, then use the special offer to extract garanteed profit. If you have a low starting "bank" then start with the lower value offers and work your way up. If this all sounds greek to you, read the guide and it will all become clear.

The long term - guide to making £1000 extra consistently each and every month

Starting off with matched betting it is easy, the money rolls in as the offers are plentiful but over time these offers start disappearing. This is the point where most quit, take their extra pot and run away into the sunset.

Road off into the sunset

However this can be just the beginning of your journey as there are a range of ways to continue making an extra £1000 a month consistently. These will take a bit of work however there are some good resources out there. For an example Oddsmonkey have a thriving community which will go into detail on how to extend your match betting career.

Personally if sticking with match betting, casinos are the simplest and most time efficient way to make money however they do carry a greater level of risk. As long as you have a big enough bank and continue with good bank management rules this risk is greatly reduced.

Making Money with Retail Arbitrage

As an alternative retail arbitrage is very popular and a simple way to make some extra money each month but does require some work on your part. To explain in simple terms this is buying a product at one shop then selling it somewhere else for a profit.

The most common way to do this is to buy items in local shops when they have a special offer, charity shops or even car boot sales then sell them on Amazon. Luckily Amazon has an app available which you can use to scan the barcode of the item, this will then show you amount the item is selling for an Amazon and what the fees would be. This gives you the amount you would get, if this works out to be a higher value then the price you can buy for then you will profit.

With Amazon FBA, you can even ship the item to their warehouse and let them worry about the postage and packaging to the customer. Meaning even when you are away, you can profit.

T-Shirt Designing

This one can actually be started from Zero however it is more of a long term project as it will take time to build up profitability, which is why it could be worth doing whilst making your first £1000.

Brief overview, using photoshop creating a design which you feel will appeal to an audience of people. List your design on Amazon Merch. Make a profit every time one of your designs sells. If this interests you then I highly recommend taking a look at this guide which goes into a lot more details - T-shirt design guide

Sports Trading

A lot of people follow their match betting career into Sports Trading. It is profitably but it is something I have very little understanding of. Therefore I have stolen this description:

One way to explain it is: sports trading is just like stock trading. Instead of buying and selling shares of company, we buy and sell bets on sporting events. The real beauty of sports trading is that we don’t care who wins or loses the event. Just if the price moves. Because of this, we don’t have to pick winners to be a winner.

A stock traders main aim is to buy low and sell high. The principles are exactly the same in sports, but we lay low and back high. Making a profit, regardless of the result.

If you find this interesting then I suggest reading about it from someone who know's what they are talking about - Caan Berry

How to significantly reduce your changes of making £1000

As I said at the start I've read so many different answers regarding this question. The majority of them are written by, I can only assume, people who have never made a single penny online never mind £1000.

The question has even been changed to "How to make £1000 a week online" with even wilder suggestions. The reason I want to debunk these or add a bit of truth to them is that making money online does not have to be difficult. However if it's made to look difficult then it makes it much easier to sell you their guide...the one with a normal price of £497 but for you today only £97. Not only that they will throw in these other guides with a combined value of £997...All of them you do not want.

So lets cut through the bullshit and lets look at some of these suggestions with a bit of honesty.

Multi-Level-Marketing (MLM)

This goes under so many different names, actually this one annoys me so much I'm going to write a full article on why they are so bad. In very simple terms though, you are the product. They are a pyramid scheme, hidden behind selling a product. Recruit your friends and then get them to sell your weight loss products, etc. Do not go near, you will lose money not make.

Blogging

Can you make money blogging? Yes. Will you make money in 2020 by just writing about content and hoping to make money? Almost certainly no!

The truth about blogging. Writing the content is one part, getting traffic to your site is the next then actually making money from this traffic. Firstly if going down the SEO route (getting traffic from search engines) then it can take over a year before you even start to see some traffic. You will also need to out reach to other bloggers to get links from their sites to your site.

Personally if you want to write a blog as a hobby, then go for it. If you want to write a blog to make money then treat it as a business.

Affiliate Marketing

Making extra money on the side with Affiliate Marketing? No chance. Building a business with Affiliate marketing then yes. However I much prefer the term performance marketing over Affiliate marketing. The reason been is that you have to preform well to get paid.

Simple terms you get paid if you can get someone to perform a certain action. This could be sell someone elses product, enter an email address, sell a lead, download a mobile application, etc.

The fastest way to do this is with paid traffic and follow the arbitrage model. If the cost of the traffic is less than the payout, you make a profit. Sounds simple but it is highly competitive.

The biggest part of paying for traffic is data collection. You want to collect as much data about what converts and what doesn't. This can be which advert gets clicks, which landing page gets clickthroughs, which path converts...however this isn't all; the other things that can effect it are; time of day, operating system, users age, users nationality, users interests, etc

To find this out you need to track this information. Which means having a good tracker and buying enough traffic to find this information out. This can be done but as a starting budget I would recommend £10,000+ which you are willing to spend on "data".

Alternatively you can use "free" traffic, however there isn't any such thing as free traffic. This will usually involve a big time investment and still carries a monetary cost.

Bottom line, it is a business not a "side hustle". Anyone who tells you other wise is trying to sell you something...or doesn't know what they are talking about and are best ignored.

Trading Forex

80/20 principle. 20% will make 80% of the profits, the remaining will most likely lose money rather than make money.

This is another one that annoys me. Mainly because the people selling "Forex Trading Training", do not make money from it. Instead they usually hire a car for the day, get some photos posed outside someone else house. Pretend they are a big shot and then sell you their secrets for the small price of $97. Not caring that you will likely lose money. Scam Artists mainly!

To conclude this guide on making £1000

Pile of £20 notes

Stay away from the scams. Dont listen to the advice of most money making blogs. Avoid YouTube videos. The ideas are all rehashed. They haven't been easy ways to make money for the last 5, if not 10, years.

Match Betting is the easiest way to make some extra money online, especially at the start and will get you to £1000 very quickly.

From there stick to tried and tested techniques, the ones which do make money. Feel free to try some of your own stuff but do not get swept up in the promise of riches with very little work.

If after making some side income you decide to turn it into a business then there are numerous succesful businesses online. You will have to plan to run these as a business though. That means put the hours in, put the effort in and run them as a business.

Until you reach that point though, be happy with the extra money in your pocket from this guide...

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