Year 2010- BUSINESS That Still Makes You Money Even If You Are In COMA

Happy New Year again to everyone here! What is your new year resolution? If you want to know what people are hoping for in year 2010 around the world, please keep reading and I will show you the answer in a minute

So what business do you want to venture into in year 2010? I have many friends just hoping that the economy will get better so that they can keep their 9-5 job. And there are friends who are running businesses also wishing that the economy will get better and no more price hike for petrol so that general public will keep spending. So you see a lot of industries are directly affected by the economy outlook of year 2010.

No matter what businesses you venture into, there must be a:

1) Set up cost- How much money you have to invest to get the business running. You can start up a business investing nothing and making millions; you can also invest millions of dollar and making a lost.  For example,to start up a reasonable car wash business, you will have to invest easily RM17K or USD5K; to start up a direct sale business like Amway, your start up cost is closed to nil. Or to start up a Franchise business like KFC, it may cost you RM1 mil locally in Malaysia. So depending how deep your pocket is, there are definitely many things you can look into.

2) Man Power and Technical capability- When you have a business, you need someone to work for you. Of course there are many businesses can be done lone ranger, like direct sale business. But a lot of times, you need to leverage and therefore you need some workers to come in. Sometimes you need technical workers if you are in certain niche business, like machine supplier etc. So think and brainstorm to see if you can acquire the manpower you need.

3) Targeted customers- You must know who is your targeted customers before you dump any money in your business. Who is there to PAY you! Are they desperate kind of customers like people looking for quick solution to their problems (the most typical example is patient looking for doctor), or are they have particular needs (for example, sailor looking for prostitute when they land onshore). So you must know your market. Study your market before you venture into the business.

4) Payment! – This is the most important part of any businesses. My personal advice, don’t venture into business that will only pay you 30, 60 or even 90 days after. You will have cash flow problem if you are not financially strong. Nowadays people always say, Cash is King or Cash do the talking.  So why not think about a business which you can collect money instantly after delivery of service or product. Or it is even better if you can get paid first even before you deliver anything.

5) Time constraint- Do you want to run a business which will tie you down 7 days a week? Or you want a business that you can go anywhere, anytime you like and it still makes money for you? Even better, if you can have a business that is still running by itself and generate passive income for you if you are in COMA! A lot of businesses we see in our daily life are businesses that really eat up our time.

6) Profit margin- So what is the profit margin you are looking for? In a competitive market, the margin is always very low. Example, if there are many people selling tooth brush in one area, do you think the profit margin will be high for the seller? Look at China, there are basically thousands of suppliers to the similar product, and the price is really competitive. Therefore, the suppliers will only entertain the buyer with Big volume so that they can make More money with small profit margin. This is not the market or business model I would recommend. Why don’t you sell something that make you USD 50 each, rather than USD5. Then you will have to sell only 1 unit of the product and other people who are making USD5 will have to sell 10 units of the product to catch up with you. But if you are clever enough, you can sell your so called low margin product to somewhere else or other markets and make a lot more out of it… and this market is called Internet Market!

Like I said before, you can make money by going into any businesses. But after going through the list above, do you think there is such business that have the best of all the aspects above? Yes, it is internet business! Let me tell you why it is BEST:

1) Set up cost- You can set up a website at the cost of RM60 or USD20. A domain name cost you USD10 per year and the hosting is around USD5 per month. So how much you need you start a business? USD15!! That is it. Don’t tell me you can’t even afford to have the set up cost of internet business if you own a mobile or hand phone! Or if you have an Astro set in your house.

2) Man Power and Technical capability- For any online business, you can do it yourself at your own time. No recruitment needed unless you really grow big. And to set up a website, there are free software you can make use to come out with your own website within minutes if you know how to do it. If you really don’t have time to do it, then you can always OUTSOURCE. There are thousands of programmer online waiting for you to give them projects at very low cost, i.e. 10, 20 USD .

3) Targeted customers- Internet is the most wonderful market. You can choose to target every single one in the world who comes across your website. Or you can also target customers from certain countries at your own choice! So you have the control of what you want and who you want to sell your product to. Internet is just like our society, made up of different types of businesses and customers. As mentioned in my previous post, it is digital era now and people shop online for basically anything they want. I did my grocery shopping online with Tesco when I was in the UK few years back. All the goods were delivered to your doorstep! On top of that, NO Begging for people to buy from you.

4) Payment!- For any online purchase, the buyer has to make the payment first before the seller deliver the service or product. So you see the beauty of it?? MONEY IN first! Huh…. No phone call to chase for payment. No debt collector needed

5) Time constraint- What is time constraint in Internet business?? You can go online anytime you want. Even if you don’t go online, your website is still there doing the sales for you 24/7! So that is why I said, your business will continue to make money for you even if you are in COMA!

6) Profit margin- It is your call. If you are in the niche market, you can quote any price you want. For your information, one of the product that I am selling is making me a profit margin of 3000% !! That is the niche you should be looking for. When there is less competition, you can quote any price you want. And people in the desperate need will buy from you.

There are tons of things you can sell online. If you are good in creating information product and you have special knowledge in certain niche, for example you know HOW TO make Layered Cake, then you can come out with a HOW TO ebook or information and sell online. There will be people who wants to learn making layered cake don’t mind paying for your ebook. What is your cost again? It is close to Nil and you are utilising your knowledge to help people to solve their problem. Information is Money online!

So, let’s think over it again before you start any businesses. If you can find anything better than Internet Business, then go for it. If not, for a better life style and better control of your own time, you should start selling online in year 2010! If you are interested to make money online or to learn HOW TO make money online, feel free to sign up my newsletter and I will teach you HOW TO venture into internet business progressively. And come back to my blog frequently as I am always here to share with you the money making tips.

Ya, my promised to you just now, to check out what people really hope for in year 2010, you can go to 43things.com. If you know what most people are looking for in year 2010, you know what you shall sell online!