How to be rich from business?
This is the question we get asked many times every day, unfortunately there isn’t a quick way unless you was born into wealth or you win the lottery. But there is a way to get rich and that is by doing certain things consistently well.
Do not think about money
Yes that is right, do not think about money and how much you are going to earn, by all means have your dreams, but never ever think about money, instead think of the things that are in your control, like making sure that business you are setting up or buying, you are not leaving any stones unturned, it is planned to perfection, operations are efficient and customer service is exemplary, don’t be afraid to go the extra mile. If you can do these things well, money is the reward you get by installing these values into your business process from day one.
Sell a product or service
Alot of people dream about getting rich, but are not selling anything, so where will the money come from? It’s not going to come out of the letter box one day, time will pass; you will get old and still stuck in the same place where you was 10 years ago. You must identify a product or service you want to provide and then get selling. You create wealth by selling something, the more you sell for a decent profit your wealth will grow. When you have wealth then its very easy to make wise investments and your pool of money keeps getting bigger and bigger, yes you could even swim in it if you wanted to. But yes this is where it starts.
Important point: If you are not selling something, unfortunately you are not going to be rich, simple fact, remember this the next time you are dreaming of riches.
Create a channel to get the product or service to the end user efficiently
We like to use the word channel to describe how the product or service flows from your business to the end consumer, what are the processes involved and how its streamed line, this is very important because if you have a lot of expenses along this channel, you will earn less at the end, so its best to have a channel which keeps your costs down. An example of a channel, Amazon warehouse, their website and end customers, and lot of customers use their channel to buy products they want. Big supermarkets have a channel, their channel being the big stores in each town to get there products in large numbers to customers. You see what we are getting at?? Now this is what you need to create, a channel to get your own revenue stream going so your product reaches your customers!!
Now that you have created your channel, what you need is volume, that means as many customers as possible using your channel to get the products and service they were looking for. More volume of customers equals to more orders which equals to more sales and that equals to more profits for yourself, your pool of money has started to grow.
Now that you have your channel and your volume, the key is to keep that volume up consistently, remember when you have a business running it comes with fix costs, like your rent, staff wages, stock that you are holding in your warehouse, so if you have a period where the sales slow up then how will you pay all these costs, it will squeeze you and all the hard work you put in to create your channel can will go to waste. I advise to have a weekly target in mind which you must hit consistently to keep your business operating profitability and making your bank account bigger, because if we look back, that is all what we wanted. But without consistent performance you will not get anywhere.
Important point: Delivering consistence performance is the key to any successful business.
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