I get asked this question all the time, “So, Steve, what is that you do?”

They know I “work” from home on the internet, but they never seem to understand how I can just “goof off” all the time and never seem to be “working.”

Well, let me start by telling you how I got started in internet business. If you have some money and basic understanding of running an internet business, then the quickest way to get yourself an internet business would be to buy one.

When I started dabbling with the idea, I didn’t have a whole lot of money, and I don’t have a solid understand of what an internet business is. This was back in 2001, 2002, when eBay has just created a category on their website under:

Business & Industrial > Other Industries > Websites & Businesses For Sale

I was immediately sucked into this category on eBay as I try to find myself a profitable internet business. I browsed the listings day and night, daily. Then I started buying some of these so called “established websites” and boy, was I in for a shock. Let’s just say that many of these “established websites” were just turn-key websites that web developers have designed and sold many times over.

I was also sucked into the pretty eBay ads stating how much “potential” these websites have. And as you can expect, 9 out of 10 of the websites I have purchased went down the drain. Did they have the “potential” that these salesmen are promising? Yes, if you know what to do with a website and know how to promote it to become profitable. Well, I learned.

However, there was one particular eBay purchased that have allowed me to collect true passive income from. When I tell people, “I get paid from casinos online, ” they usually flip out. Most people do not know this, but online casino is a HUGE business. Most people would not think of gambling much other than Las Vegas, let alone gambling online! But the fact, it is out there and gamblers do gamble in the cyberspace.

“Oh, so you gamble for a living?” my friend asked. NO! Why would I gamble when I know the house has the odds? Why would I want to be a player when I can be a casino? If I let you choose, would you want to a piece of the casino’s revenue?
Here is how it works. I help the casino find players on the internet and introduce them to their online casino. In turn, I get paid a portion of the casino’s revenue from the players. I hope this opens your eyes to what is possible out there. Also keep in mind that online casinos are not the only business that pays you a residual income. I just happened to stumble upon this industry and it has paid out handsomely.

Now, back to eBay. There are a lot of JUNKS on eBay that you don’t even want to consider buying. Occasionally you will find a couple genuine online businesses that are being sold. I like looking on eBay for those because I know a legitimate business will often be sold undervalued. As a rule of thumb, you can expect a business to be sold for 10-24 times its average monthly profits. So, for example, if a website profits $5,000/month, you should expect to shell out at least $50,000. If you want to start earning passive income on the internet by buying an existing online business, that’s fine. That is how I got started. However, be careful not to buy into “potentials” - that’s just marketing gimmick.

As always, post your questions in the comments section below and I will answer it in another post. Be sure to put your name & email in the announcement list (to your right) so you will be notified when a new entry is posted.