THERE IS MONEY EVERYWHERE
Introduction:
The statement that there is money everywhere is correct. In every city, town or nation where there is economic activities, there is money there, but you have to discover what the people need and some of their desires that you can supply at a profit.
All the money flowing in an economy is happening in an exchange transaction. Somebody Selling Something of value to another person. Whether it is a Doctor selling medical services or a trader selling auto parts to an Uber driver etc, you have to carefully study the economy in your location and decide what you have to sell to others in exchange for their money.
There is money everywhere, but it will take foresight, feasibility and sometimes discernment to discover it, then strategy and hard work to key into it. As a Christian, what you see in the spirit is what you get. If you don't have great dreams, where you see yourself in some high position and in wealth, you may never climb to any significant height in life.
If that is your case, don't worry, I will guide you and God will help you. In this brief memo, we will look at how to discover money-making business opportunities in your environment. Discovering the idea is the most important first step, before you arrange to package it into a business, and of course marketing the product or service to make money.
We will also look at the 'Winning mindset' of a successful businessman or woman. Bear in mind that no lazy person can control wealth, only the strong in heart can control money. There is a relationship between risk-taking and making money, and it would be abnormal for a person who cannot take calculated risks to bust into money. If he does, he cannot manage it for long.
DISCOVERING A VIABLE BUSINESS
To build a successful business, you need more than a great idea. You have to be well organized, flexible, and creative, and pay close attention to the details while never losing sight of the big picture. You should also be prepared to make some personal sacrifices.
There are different ways to discover a viable business to invest in. We will look at discovering a business undertaking from "Your Passion" and discovering a money-making business from "What the Community Needs and Their Desires".
Your Passion:
In the business world, generating revenue and making money is the primary purpose of every business undertaking. Understanding the various avenues through which businesses make money is essential if you want to succeed.
The primary goal is to create a product or provide a service that addresses a specific need in the market. However, for a business to thrive and survive in the long run, it must generate revenue and eventually become profitable.
In trying to turn your PASSION (Things you can do effortlessly, without stress) into business, You will need to determine what your Passion can produce as a product or service, then carry out research on the business to discover for yourself, whether it can produce enough money to take care of your needs. If your finding is positive, you can turn that passion of yours into a business.
You should only create a business around your passion if other people are willing to invest money into it, or If you discover there is a demand for that skill or service in the economy. Look at the segment of the population demanding the service and their financial capacity.
Finally, consider the business model and structure you will adopt in selling the service to your customers. Make sure you have understood the secrets of the business, and what people are demanding and why. Consider the financial resources needed to start the business at micro and small levels.
Consider also the existing competition in the marketplace in the 'Passion Business' you are interested in. Find out what those making money in the sector are doing, and what is forcing many in that business area to close down.
This may take some time and effort studying and interacting with practitioners, and learning what they do. But until you are satisfied with cash flow and service delivery aspects, don't venture into the business yet.
If you have a passion for making good meals, that's okay. But you would find out the type of food that is moving fast in the environment, who are the people demanding the meals, at what price. Do the customers eat their food in the facility or prefer to take it away? Those that prefer to eat in your business place, what kind of environment would they like?
If your passion is in making shoes, as it is in Aba, that's fine too. Discover the types of shoes that are moving fast in the market. Is it baby shoes, school children's back-to-school range of shoes, or adult male or female shoes. You will also consider which of these shoes you have passion for, and the equipment and materials required to produce them.
Where will the shoes be produced? The shop size and location etc. Where will they be sold? Do traders come from other states to the community to buy shoes or are you producing for only the community? You need answers for all these questions before you can go into that "Passion-driven" business.
Business Ventures Created from People's Needs and Desires:
The other method is to investigate businesses around you to know the kind of cash flows they generate and the work involved. This is a painstaking process that will study businesses the person feels he/she can do. You may want to look at the Fast Food business, Courier company business, Frozen Food, Clothing and Fashion business etc.
The particular business chosen is then studied, in an apprenticeship capacity for years before funds are raised to finance the business idea. In other words, you have to study the business thoroughly for years and understand it's length and breadth.
Key to your success will depend on knowing sources of materials needed to produce goods and services, and production steps and stages. What are competitors in the sector doing that keeps customers coming? Will it be a sole product business or multiple products using the same production line e.g Coke and Fanta can be produced with the same production line for a starter. You can have indomie Chicken, onions and crayfish using the same line etc.
What price can the market pay for the products and services? Will the elites be ready for pay more for a premium variety? In children products, there's no premium, though product quality will determine its price. Make sure you have understood what does the market require and what you should produce and sell to meet their needs or satisfy their desire?
Sometimes, you are not necessarily required to produce, you can buy from the producers and make those products available to people who need them. Recently, I travelled to my village in the Eastern part of Nigeria, and as usual, those dealing with building materials are flourishing and building new houses and diversifying their venture.
This is because, the people make their money in the cities and return home to build wonderful houses in the village, paint and furnish the house. So, businessmen who can source building materials at fair prices and make them available are in for good business.
It is not only building materials that have money, there are many other business areas where people are ready to pay a fair amount of money to fix a problem or satisfy a desire. Take farm support services, where a group of people clear the bush for planting, help farmers with actual planting, weeding and fertilizing their crops etc for a fee. You should know the market demands that you can satisfy at a profit and formalize it into a business.
Another way to discover a business within your location is study the business activities going on in the City/Village. Is it farming, fishing, or processing of agricultural goods. Is the people's business activities connected to their natural resources like Crude Oil and Gas in the Niger Delta, or Mining different minerals as it is in the north?
The materials and implements they use in carrying out their business will be in demand. What is their other needs and desire? To give their children a good education, and leisure and to live in good houses. These needs and desires will also be in demand in the community.
All money is made by someone selling the solution to a problem people want to solve or selling a desire people crave. You should understand that not all problems are money makers, and neither is every desire that people may have can be a viable business.
The problems and desires that are money-makers are the ones that people are willing to spend money on, and this must be an established fact. You have to go to the field, marketplaces and city centres to find out from people doing the business, how good the cashflow from the business is, before you conclude it's a money-making business.
When you see a company making good money, find out what problem they are solving for people and how they are going about the business. So, being able to identify money opportunities is the first and most important thing.
The mindset of a Successful Entrepreneur
Success requires adequate preparation, otherwise, it may not be guaranteed. Different factors play roles in getting a poor person into wealth, and different things, individuals will have to contribute to that dream.
It also depends on the person concerned, and how desperate and prepared he/she is to get out of poverty. In this regard, we will be looking at the mindset of a man desperate to make a success of his business venture.
The Person's Mindset:
The mindset of a person is those beliefs and myths the person has accepted as right and the way of life. They are assumptions, notions and beliefs he has bought as reality in his/her life, from parents, friends and society. A person's mindset will control his words and actions, that is why the bible said something: Guide your heart with all diligence, for out of it flows the issues of life - Proverbs 4:23.
In developing a positive mindset for life and business, consider the following.
1. To be rich and successful, a person will not only guide his/her heart, but he also needs to equip it with sound knowledge of what is happening around him, as well as what is happening in the area of business he/she operates.
2. Integrity - As a child of God, your heart must be loaded with Integrity that will last a lifetime, in business and outside the business - Proverbs 11:3
Integrity should guide your thoughts and actions to establish you as a trustworthy businessman or woman. In addition, you need to strengthen your social relationship skills. Keep yourself positive, cheerful and focused. Tell yourself that what is worth doing, is worth doing well.
3. Don't be afraid to fail: Even if you did poorly initially, continue until you can do it better. Don't be afraid of failure. Keep your mind positive always, learn from your own mistakes, and gradually develop the 'Winning pattern' that will give you an edge over your competitors.
4. Guide your thoughts carefully because the quality of your thinking will resonate with the quality of your products and services. The quality of your thinking determines the quality of your outcomes in life.
Consider what your competitors are doing better than you and look for ways to match them considering your financial resources. Never ignore the competition in the industry or what your contemporaries are doing.
5. Seek to understand the business you are doing or the products you are selling. When you understand the trade or business, you will be able to help people with questions, solve a problem or achieve a goal. Familiarize yourself with every detail of what you produce or sell and operate from the point of view of a Consultant or 'Problem Solver'.
6. Develop a professional attitude, be positive, patient and easygoing, be a strategic thinker, and set goals for what you want to see happen within a time frame. Plan your work and work the plan. Decide also the strategy to be adopted and review progress continually. Be friendly and show respect to your customers by listening to their thoughts and opinions, thereby building the self-esteem
Act with integrity always, keep your promises, keep appointments and speak the truth always. Customers will come back again and again when they consider you as a friend acting in their best interest. Maintain a professional and friendly relationship with your customers and prospects.
FINANCING THE BUSINESS IDEA - Part 2
Strategies to Finance the discovery
- Parents
- Friends
- Relatives
- Inlaws
- Personal finance
- Financial Institutions
Friends, Jesus is coming soon. It is the loving-kindness of God that He has kept you alive till now. So, give Him praises and receive His Son, Jesus Christ as Lord and Saviour of your life.
Today is the day of salvation, tomorrow may be late!
Say this simple prayer:
Heavenly Father, I come to You in the name of Jesus Christ.
I believe Jesus died for my sins and rose again for my justification. I repent of my sins and ask for forgiveness. I ask Jesus to come into my heart and reign as my Lord and Saviour.
I receive Him by faith and I am born again.
FIRE...
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