🧠 A Passive Income Website Idea
a sales hack you need to use + who is Michael Patryn? The crypto convict we can't get rid of.
Estimated read time: 4 minutes 52 seconds.
1. Business idea of the Week: 📷Webcam-Test Affiliate Site
Picture this… you’re about to jump on a Zoom call.
You’ve made sure your hair looks good and put on a nice shirt. You click, “Join Video Call” and your web cam turns on to reveal that you’re sitting in terrible lighting, and the dirty laundry on your bed is a total eye soar.
How could you have avoided this?
It’s simple. Test out your webcam before the call to make sure everything looks good.
But where do you go to test your camera? → Google.
Check out the Google search trend for “Webcam test”
We see a massive spike around the COVID lock downs, and continued search volume as the world stays remote. So how can we turn this into profit?
The idea: Create a webcam-test website, and monetize it with Google Adsense and affiliate links. This is not a new idea, but a big opportunity for passive income if executed well.
Here’s an example: webcamtests.com
With a quick analysis on Similar Web, we can estimate the site it receiving around 2.3 million visitors per month.
Using the Google Adsense calculator, we can estimate this site makes roughly $400K per year.
Yes, $400K per year for a simple website that runs itself.
But why is this site so successful? Because it ranks #2 on Google when you search “Webcam Test”.
How to get started: The first and most obvious step is building the site. You can hire someone on a site like Upwork, or network with technical website builders to partner with you. I spend a lot of time in Reddit groups, and met my technical co-founder through one of my posts. Trust me, there are technical builders out there looking for ideas and co-founders to run the marketing/growth side of an internet business. You just have to find them.
Once you’ve managed to get your site built, it’s time to drive traffic. The best long term strategy is SEO, but this will take some time to show results. For example, webcamtests.com has the word “webcam” written 49 times on their homepage, and the word “test” 39 times. The use of targeted keywords is the reason they rank so high on Google.
To drive traffic early on, I recommend making insightful posts on sites like Quora, Reddit & Twitter. Any site where users ask questions, and you can provide an answer with a link to your site. Check out this video to learn more about this strategy.
Now that your site is built and you’re finally starting to get some traffic, its time to monetize! 🤑
Go to Google Adsense and register your account. Once approved, you can now run ads on your site.
Like this 👇
And now, you sit back and watch the passive income roll in….kinda.
You’ll have to continue to drive traffic, and that is the key to this business.
More traffic = More $$$.
Let me know what you think!
2. A Sales Hack You Need to Use.
There are 1000’s of sales strategies that all have their time and place. One strategy that is key to getting the sale or closing the deal is Price Anchoring.
What is Price Anchoring? Price anchoring is the “practice of establishing a price point which customers can refer to when making decisions.”
For example if I tell you a 3 bedroom house is $300K, you have no idea if that is a good deal, or if you’re getting ripped off.
But let’s rewind for a second. If I first say, “the house 3 lots down is a 2 bedroom and just sold for $400K, and this 3 bedroom is selling for $300K”. Now it sounds like a deal.
This strategy is used in almost every business you can think of. Whenever you see a 25% off sale, the business is using the original price as their anchor.
Example: a $500 dress is on sale for $175. Even though $175 is still a lot for a dress, you perceive the value of the dress closer to $500.
How many times have you heard someone say: “Oh yea, it’s like a $100 “_____” but i got it for $20” ?
If the product was sold at the original $20, the customer would not perceive the value at $100, because it was never anchored to the higher price.
So next time you’re selling something, try anchoring it to a higher price to quickly increase perceived value.
sources: https://www.priceintelligently.com/blog/bid/181199/price-anchoring-to-optimize-your-pricing-strategy#:~:text=Price%20anchoring%20refers%20to%20the,for%20the%20%2475%20sales%20price.
3. Who is Michael Patryn - The Crypto Convict We Can’t Get Rid Of.
At the end of 2021 I invested $500 in a crypto project called Time Wonderland.
The project allows you to get an 82,000% APY when you buy and stake their TIME token.
At the time I invested, the token was trading for roughly $6,000/coin. Every 8 hours I’m paid out 0.6% of the amount of tokens I own.
For example, if you own 1 TIME token, you’ll be paid .006 tokens every 8 hours, or .9 tokens every 5 days.
Sounds great right? Well it is…. as long as the token price stays the same or goes up.
But of course, thats not what happened. When I invested, the token was at $6,000 and ended up going to $9,000. It was awesome. But that changed quickly.
The price proceeded to drop to $5,000, $2,000, and then $1,000. Fast forward to today, and the coin is now sitting at $110.
So what happened to my $500? It’s now worth around $170. 😂
But the plummet from $9,000 to $110 happened for a good reason. It was discovered that the anonymous Treasurer of TIME Wonderland going by the name “0xSifu”, was actually Michael Patryn.
Here’s a quick background of Michael Patryn:
In 2004 Omar Dhanani was arrested and served time for pleading guilty to conspiracy to commit credit- and bank-card fraud.
In 2007 Omar Dhanani admits to a separate criminal case for burglary, grand larceny, and computer fraud.
Omar Dhanani changes his name to Michael Patryn, and becomes the co-founder of Quadriga, Canadas largest crypto exchange at the time.
The CEO of Quadriga abruptly dies, and the company owes 115k customers over $190 million worth of crypto. - Check out the Netflix documentary 'Trust No One: The Hunt for the Crypto King' for more on this story.
When Quadriga is shut down, Michael Patryn claims he left the company years before, and doesn’t know where the missing $190 million went.
In 2022 we discover Michael is the anonymous Treasurer of TIME Wonderland, which gives his control of the $730 million sitting in the treasury.
The price of the TIME token plummets, and there is a vote to remove Michael as Treasurer.
This all leaves me wonder… If he was a convicted felon for cyber crimes, how was he able to co-found the largest crypto exchange in Canada?
…and then join TIME Wonderland after the Quadriga defrauded 115K investors!!
I have a feeling this won’t be the last we hear of Michael Patryn….
sources: https://amycastor.com/tag/omar-dhanani/
https://www.thedailybeast.com/quadriga-co-founder-michael-patryn-tried-to-bury-his-criminal-past-report