Recently I launched a new business. It allows people to find their favorite Kindle books at a big discount.
Why bother launching a new business? One day, suddenly the idea came to me. When shopping on Amazon, I noticed that the price of a book can fluctuate wildly from one day to the next. The price could be $12.99 one day, and free the next.
Who has time to check the price every day? Wouldn’t it be great if there were a way to be notified when the book is on sale? That was the idea. And then I created the site.
If you are interested, you can check it out at Librosso.com. I would love to hear your feedback about how the service can be improved.
After launching the site, I began thinking about the different steps to business success. And that there is only one way to get from one step to the next: Action.
The Value of Action
It always amuses me when people talk about their bright idea like it is a valuable asset. Everybody has great ideas. But 99.99% of the time they don’t do anything about it.
After analyzing the traffic for the Online Investing AI blog, I became curious about the most popular post of all time. It turns out to be Rich Dad’s Cashflow Game is Now Free!. This got me thinking: why is this post so popular? Of all the Rich Dad posts, why do people love this one?
Rich Dad’s Cashflow Game
Perhaps it is because of the high price of the board game. When I last checked it cost over $100, compared to perhaps $20 for most board games. Does the Rich Dad game cost more to produce? No, it costs more because it is worth more.
What exactly is a franchise business?
There may be some slight variations from one situation to another but on the whole, this involves buying what is effectively a license from someone to open up your own business operating under their corporate umbrella and brand. It is a very familiar business model and offers the advantage of you being able to join a winning brand rather than needing to come up with your own business idea and develop it accordingly.
What are the main advantages of a franchise?
As touched on above, you are theoretically jumping onto the bandwagon of an existing successful company and that may be worth a lot to you.
Other things that might come as part of the package, though not always so do check, might be: Continue reading →
Given the state of current affairs, you may be a bit skeptical to invest your money in a new business that may or may not succeed. Essentially, you are putting money that could be used towards your own improvements to help improve the business affairs of someone else. It can be intimidating if you don’t have a lot of money. However, the rewards could be great if the venture succeeds.
Image courtesy NKNS
After an individual invests money into a business, this goes towards various expenses in order to help it succeed. This could be anything from paper for invoices and receipts to hiring local graphic designers for logos and signs. Landlords, utility companies, office equipment stores and more will receive additional sales due to the fact that the new company needs specific supplies and equipment. As long as the new establishment can maintain itself, this income could become residual for other companies in the area that need the income.
Recently I discovered Bountify, a new way to outsource small development tasks. It’s like Stack Overflow meets Guru.com. It’s useful because there are times when you want a complete solution to a small problem, and don’t have the skills or time to do it yourself. The model is similar to Fiverr, but you can pay up to $250 per task.
There are several things that are interesting about Bountify. It was created in Ruby on Rails by a single developer. This shows the leverage that Rails delivers to the programmer. What used to take several people months to do can now be done in 2 weeks by a single person.
President Obama upset some business folks when he basically said… you didn’t build your business.
In fairness, here’s what he said:
“If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business, you didn’t build that. Somebody else made that happen,” he said. “The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.”
So, he could be referring to the roads and businesses. In other words, businesses do not build the infrastructure necessary to allow their companies to bring in raw materials and send out completed products, or however else they conduct their operations.
But he’d still be misguided, for a few reasons–and perhaps it’s semantics.
If what the president is saying is that businesses did not build the roads, then he is only partially correct. Money from businesses in the form of taxes did indeed pay for those roads and bridges. Businesses partnered with government to create infrastructure.
I’ve become disenchanted with the whole “alternative income, new lifestyle, instant riches” line of books recently.
Disenchanted isn’t the right word.
Bitter. That’s more like it.
In fact, I’ve blogged about it in the Douchebag’s Guide to Instant Riches on the Internet. Basically, since the 4 Hour Work Week came out, writers have been stealing Tim Ferris’s script and churning out books with very little new information and a total absence of information that addresses some of the criticisms of the alternative income idea. Book after book said, “Find something you like, write about it, and create an informational product… then just count the checks.”
When people think of investing, they usually think about investing money. They consider the return they are likely to receive, and how much risk is involved. Yet there are investments available to us that are far more powerful than any monetary investment.
Image courtesy of Chipmonkey (^o^)
Imagine all the investments you have made that have nothing to do with money: investments of your time and effort, investments in people and relationships, investments in your body, mind and spirit, etc. These are investments that are mostly non-monetary. I believe that certain investments in time and effort are more important than any financial investment.
Think about it. How do you calculate the value of connecting with a best friend? Enjoying time with your family? Or even spending a Sunday doing whatever you want, because there is nothing that you “have” to do that day?
A wise man once said,
There is nothing of value that you can buy with money.
Failing Fast: Leveraging Strategic Failures for Unparalleled Success
Why hasn’t technology yet brought us a working time machine? Then we could go into the future, find out what products, services, and what business models were going to succeed, come back into the past, and replicate them – or at least invest in them. Or if not a time machine, how about a crystal ball? Every businessperson I know would like to have one of those!
Image courtesy ItzaFineDay
Well, we don’t have time machines or working crystal balls – at least, nobody I know has one!
So, we are doomed to fail, at least some of the time.