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Saturday, 2 July 2011

My Plan To Outsource Questions On Webanswers To Generate Passive Income

Webanswers has been a really great source of passive income and I want to take it to the next level. I am considering outsourcing many of the questions to virtual assistants who can write well researched answers. Before I reveal my exact method I want to let all my new readers know that the purpose of this blog is to document my progress to build a residual stream of income which I want to use to make my monthly mortgage payments. I have 3 phased targets that I want to achieve

Phase 1 : Create £430 per month in residual income so that I can pay my interest only mortgage

Phase 2: Create £600 per month in residual income so that I can pay my full repayment mortgage

Phase 3: Create £134,000.00 to pay off my mortgage in its 

Phase 1 is a long way away however if you read my June Income Report you will see that I am 20% there and have accumulated a vast amount of knowledge and experience to get there. I have achieved £32 in June using Webanswers and I want to take this to the next level and hire a Virtual Assistant to answer all the questions that I pick out. The benefits of using a virtual assistant are immense, your productivity will increase and hopefully if you can manage the person properly you can build a profitable long term relationship.

My Webanswers Outsourcing Plan

1.Find A Virtual Assistant

I have found a reputable site called Odesk which provides a place where you can hire writers and virtual assistance at a fraction of the price. I have seen many people offering their service for about $1 per hour which is really cost effective. The ethics of employing someone for this amount may be questionable however the way I see it is that their quality of life and standard of living will improve and in third world countries the cost of living is really low. So in real terms $1 in Bangladesh may be worth $10 in the west. From my experience of Webanswers I have seen that 400 answers generates about £30 which means 1 answer is worth  7 pence. Based on this calculation I will be offering a contract to my prospective employee to answer 1000 answers in a month for £100. I plan to put the following ad in Odesk to see what kind of response I get.

 I am offering to pay $166 to contract a virtual assistant to answer questions that I have in certain areas of Law, Finance & Health.

I need 1000 answers to be generated in a month which means you will need to answer 33 questions per day. The answers should be original and all content will be scanned through to check for plagiarism. The answers must add value and be concise and should help address the question and conclude it. The answers must have 3 short paragraphs with at least 250 words. The answers must not have any spelling mistakes and must be grammatically competent. If you can answer these questions well and on time then I will be prepared to pay even more for the next contract I have available. 

I want to create a long term profitable relationship and your quality and reliability will be rewarded with more profitable contracts. Please respond if you are interested.

Here is the Odesk Advertisment.

2. Conducting Interviews

Once I get some responses I will start to ask for sample work and set them some tasks such as answering questions. I will pick the one that I think is the best and then start the contract immediately. I have checked out some of the candidates available and I am astonished at the level of experience and education and with proper guidance and management I really think we can build a profitable mutual relationship.

3. Setting Everything Up

Once I have hired the VA I will feed them 33 questions per day and expect a response from them the next day. The responses will be checked by myself and I will make any amendments that I think is necessary. Once I feel the answer is adding value I will post it on webanswers and hopefully contribute to making the site a better place.

The Maths Behind My Experiment

You might be thinking that if I pay someone £100 or $166 to answer 33 questions per day I will need to earn more than £3.33 or $4.50 to break even. This is true however I am looking at the long term picture. By spending £100 and accumulating 1000 questions based on my original calculations I expect to make £100 per month. If I can earn this amount every month then in a year I will expect to make £1200. The return on investment is over 1000%. 

I am really excited at the prospect of working with someone and If I can develop a fruitful relationship I will definitely share some of my profit so I can build a long term relationship, hopefully this is a win-win proposal.

I always like to finish my posts with a quote that captures the essence of what I am trying to achieve so here goes.

Efficiency is doing better what is already being done - Peter F. Drucker


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