How to become a billionaire when you are poor is certainly a challenge, but never completely impossible. You only need to know how to do it and apply yourself to the goal. Of course, it always takes some luck and some smarts to follow the correct path to riches.
What Makes Money in Business
There is a rule in business that the foolproof things to invest in are the products that people are going to purchase no matter what.
Those things that are always purchased products having to do with becoming beautiful, becoming rich and vice. Vice can cover anything from sex, gambling, drugs and alcohol. If you stick to one of those sure winners that the depression could not even kill and market it right then you will make money.
It is a common misconception that coming up with a great invention is the path to riches. That is rarely the case in reality. People often daydream about turning their idea about a new contraption into billions of dollars. The reality is that the inventor rarely sees the cash the invention generates. The inventor spends many years perfecting the device and patenting it. Then he sinks his life savings into trying to market it or finding someone to buy it from him. It is the person down the road, after one or two regenerations of the product that actually makes the big money. The inventor is almost always left out in the cold when it comes to the billions of dollars his product makes.
The Best Way to Pick a Product to Sell
The best choice for a product that is going to help you become a billionaire is the one that has been invented and has already been on the market for a long time. You want to pick the product that has already been marketed to the point that everyone currently wants it. That is the hard part of the marketing, convincing people they have to have it. Once that part is done, it is easy street and the prime amount of money is being made. The marketing costs are very low and the return is very high. It is at this point that you can make the most money with the least amount of effort and it will never get better. That is the product you need to pick to center your business efforts around.
Sure, whatever goes up must also come down. The trick is to pick the right product that is in high demand right now and still on the increase. Once the product peaks then your business needs to be promptly sold. If you are old enough to remember the pet rock craze of the 1970s, you’ll remember that it was a ridiculous product. But the thing was that everyone all over the United States just had to have one. This goofy product was nothing more than a river bed rock in a cardboard box with a handle. It had a little stuffing in it for “bedding” for the rock and lots of decoration and writing on the box. That was it. It did nothing. It had no special significance. It was just a rock, much like you’d find in your backyard. People bought the rock to keep as a pet. Of course, it was meant to be ironic and a bit of a joke, but the idea really took off. It made its “inventor” a fortune. Soon people were putting knockoffs on the market, attempting to capture some of that ridiculous amount of cash.
The time to break into the pet rock market was when it was just on the rise up. If you tried to market this idea now, no one cares and it would likely be a complete loss. It has already been done and it is over. You have to pick a “pet rock” idea while it is starting to catch on.
Of course, picking the product is not an easy thing to do. Not even the best business people are able to pick the product on the rise perfectly every time. The experts will pick wrong and lose their investment from time to time, but the experts will pick right far more often and come out ahead.
How to Start a Business with No Money
You can start a business with almost no money. You just need to dedicate a lot of your personal time to it to get started. Pick an industry that looks like it is becoming more and more popular and there are other people out there pumping a lot of money in to marketing it. Then find out where you can buy the product wholesale. Once you know what you are going to sell, figure out how much it’ll cost you to get your hands on that product and then set a resale price for it.
Put up a free website to sell your product. You can get a free website at many places and a favorite is WordPress.com. Spend a lot of time working on your website to make it perfect. Add a shopping cart to the website that is compatible with WordPress or you can put your phone number on there for people to call in their order. Open a free PayPal merchant account so that you can accept credit card payments.
To score the best in the search engines for when people are looking for a good deal on this new product you are selling, write articles about the product you are selling and put them in a blog section. Every week add at least one more article. How to score high in search engines is a very big topic, so you should take a class to get up to speed on that. It is vital that you appear very high up in search engine results or else no potential customers will find your website.
Now, when you get an order for this product, that is when you buy the product yourself. You do not have to have the product in stock all of this time you are setting up your new business. You do have to have your supplier lined up, though. You do need to be sure that when you receive an order that you can have this suppler send you the product immediately. When you receive the product, repackage it and ship it to your customer.
As you make sales, you reinvest your profits into your company. You will want to invest money into your website right away. Buy a domain name and move your website to a paid webhosting service. Make your website as professional as possible and upgrade your shopping cart to a better one. Spend some money on graphics and hire a writer. After that, invest profits in a business location, licenses and possibly an employee. Once all of this is done then start stocking the product.
You can start a company at home in your garage or a spare bedroom and with a free website. You don’t need to put out a lot of money to start your company, you just need to invest hours and hours of time. As you earn profits on your sales then you invest it back into your company. You will take a salary when you are up and running and can afford to take a salary.
How to Market Your New Company
Putting up a website isn’t the only thing you will need to do. People will not find your website just because you put one on the Internet. You do need to find ways to drive traffic to it. One way is search engine optimization. This helps you appear higher in the search engine results when people are looking for the product you are selling. There are other ways you will need to market your company also.
You need to find your potential buyers. This might be by putting up a booth at the local flea market or swap meet or putting products in a shop to sell on consignment. That is if you have been able to invest in product already. If not, you will need to stick to methods online or direct mail.
You can hang out in forums where people talk about the product you are selling and put your website address in your profile. As you participate on the forum, people will get to know you and will visit your website.
The Sure and Stable Winner
The stable investment and the place where most people will earn their fortune is in real estate. Of course, like all other money makers, it is not foolproof. You can lose a bundle in the real estate market, as the crash that happened just a few years ago teaches us. There are also bad buys such as buying a building that needs to be demolished and not realizing this at the time of purchase, purchasing property in a town that is dying or buying property where the water or other resources have been poisoned. You do need to be very careful when buying property, but when it is done right you can make a fortune.
Buying and selling real estate has been the traditional way to keep money in the family for as long as people can remember. Family estates were handed down to the next generation and still are today in many families. Land is always more stable than the stock market or businesses. Land is the one investment you can usually depend on to go up. Not always will that be the case, but it is more often than any other investment.
How to Make a Fortune in Real Estate
You can make money in real estate in several different ways. You can buy houses just to resell them, you can buy them and rent them to people, and you can buy acres of land that looks like it is destined to be desired by a big developer.
How to Grow Rich
There are a lot of ways how to become a billionaire besides hitting it big with a few winning lottery tickets. You do not have to have a lot of money to start. As you make money then you reinvest in your small business or reinvest in more real estate. Getting rich requires a lot of dedication and some smarts, not necessarily cash on hand. And it always helps to work for someone who has become successful in order to pick up more tips on how to invest money wisely.
Original Source: https://www.udemy.com/blog/how-to-become-a-billionaire/
May 1, 2014