So How’s All Of This Going To Make Me Rich?
The first rule of business is that there is only one reason to be in business: profit. If you are in business for any other reason, you should consider it a hobby or a non-profit. Now we don’t want to make a profit at the expense of everything else but we do want to make a profit. The way we make a profit is by selling a product or service for more than it costs us to acquire the product or service.
If we can find a product or service with a market, and we can sell for a profit after all of our costs, we can probably expand our marketing effort to reach more of the market. In other words, if I can sell 10 of an item and be profitable, why can’t I sell 10,000 of the same item? If I make $1 an item profit, I have gone from $10 profit to $10,000 profit.
There are a lot of if’s here and many people try several different things before they find the magic product with the expanding market. So it probably will not happen overnight for you, but you keep working at it. Take the time to do the market research for items you are considering and you will save yourself a lot of money.
As I told my son who is going to be a famous actor, concentrate on being better at your craft and the money will come. If you concentrate too much on the money you will miss important things that you should have recognized. Find ways to understand more about business. Do your research. Find and evaluate new products. Test out the market. Do good things and the money will eventually come.
Starting a business is an investment for your future, it is in no way a method to get rich quick. You have to pay your dues before you reap the rewards. Understanding this will make it much easier to get through your early years.
So how are you doing? Have you found the right product yet?