Thursday, 7 January 2016

How to make money from any business

Many people have stories to tell concerning the easiest way to make money.  However, it is easier said than done. Few years ago, the easiest ways to make money was to get a good paying jobs probably either bank or oil companies. Dwindling economy and job insecurity has made working in banks less rewarding; decreasing oil price also makes oil and gas less lucrative.

The new believe is that Entrepreneurship  is the best way of making money.
The problem is that people doesn't have original idea. When pure water business started, hundreds of people gambled into it. However, two years later, hundreds of  people opted out of the pure water business voluntarily because they couldn't make money. Hundreds of shops are closing everyday because the owner suddenly lost interest in the business.

Why are people closing businesses why others are doing well in the same business?
1. Unrealistic profit estimate
2. Inexperience
3. Wrong reasons for starting business
4. Wrong team


Young entrepreneurs most time gambled into business just because they want to become very rich thereby missing out. People that start business because of real passion to solve a particular problem rarely close down.

I consult for small business especially during start up phase. Many businesses had actually been killed by their owners even before starting. Imagine someone opening an office with 70% of his start up capital even without having an idea of what to do there. Inexperience can kill any business.
Wrong team could be dangerous for any business. Every business requires good marketing and sales team, account team and human resource unit. Recruiting wrong people into this team could end business halfway.

How to make profit from any business
There is money in every business; from waste management, refuse disposal,  recharge card supply, pure water, Toilet tissue, sand and granite supply etcetera.

How to make money from any business
1. Identify the business
2. Obtain relevant information
3. Identify the competitors
4. Exercise patience at the start-up phase.
Before quitting any business next time, find out to know why people are still in the same business. It could be that some thing is wrong with your approach to that business. Identify what went wrong and fix it. 


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