How to become financially comfortable
By oneclick
@oneclick (21)
March 28, 2013 5:04am CST
I have discovered that one of the best ways of achieving financial comfort is to create your own business model with a global reach. Doing this online ensures you can either offer products and services to a number of people all over the world. Over time you online business grows into a business empire sweeping in cash to you. This though doesn't come without challenges right? I'll like to hear some challenges of those already into full online businesses and those aspiring to.
1 person likes this
9 responses
@wittygenie28 (92)
• Philippines
28 Mar 13
I don't have any online business or any business for that matter though I am planning to have one. From my perspective, jump starting the business is a challenge because you have to make sure that you start good in order to make it going. Once you have done this successfully, I believe that everything's going to fall in the right place.
@bloggeroo (2167)
• Philippines
28 Mar 13
Starting your own business is a very risky proposition. I should know. My business went bankrupt on its first year. Of course, I didn't have the skills and knowledge to be managing a business when I started.
Maybe, when you are older and wiser when you started your business, it might succeed. Having sufficient capital also helps. If you don't have much, you will likely run out of cash before your business turns a profit.
@viju0410 (2286)
• India
28 Mar 13
Hi witty,
Not only the its risky but you should have a proper planning, start up costs, funds and then only you can 'launch'. welcome to mylot and i'm sue you'll get more useful info here for your start up. happy lotting!
@bloggeroo - rightly said, we also need to keep in mind all the pros & cons. sorry to hear about your bankruption but i'm sure by today you are an expertise and have developed skills and knowledge. all the best.
@jkct02 (2874)
• Kota Kinabalu, Malaysia
29 Mar 13
It is not very hard to figure out that in order to make money from trading or business, you have to sell the product at a price higher than the cost that you have to pay. It is also not hard to know that if you can sell a profitable product to a lot of customers then you will make a lot of money. What is VERY hard to do is, what product/service that you can make a reasonable profit which is also wanted by a lot of customers is?
@jkct02 (2874)
• Kota Kinabalu, Malaysia
30 Mar 13
I am not so sure that "there are a lot of products out there" that could let us make a reasonable profit which is also wanted by a lot of customers. I will be very happy if you could just provide me one out of the many products that exist out there.
@IntrovertShy (2780)
• Marikina, Philippines
30 Mar 13
I like what you said here. All successful people who are doing online business have many challenges in life. I also want to stay and read all who respond here as I want to know also the challenges they have been to, and because I am still starting from online business, I would take this as my inspiration.
@viju0410 (2286)
• India
28 Mar 13
Hi,
Welcome to mylot. Appreciate about your views on financial comfort.
it is not easy to built a busines model overnight. Anything online or offline would take time and needs hardwork, reasearch and above all the idea should be unique - i.e. something different from what others are doing.
I don't have any such challenges as still i'm working fulltime but very much wanting to start out some venture of my own in the near future....
happy lotting !
@oneclick (21)
•
28 Mar 13
I completely agree with you, you must have an idea that is unique, most times the idea comes from understudying an existing idea, tweaking it to solve an inherent problem or a whole new area no one was looking at before. The main point is that these ideas solve problems. You're lucky you do not have these challenges now. if you really want to start your business, take up the challenge, start small and grow big, in the long run it pays for those who tenaciously hold on.
@roshigo58 (4859)
• Pune, India
30 Mar 13
Hi,
For every business with other factors risk taking is the important factor. No businees is easy. We should have patience to achieve success in business. I don't know about online business. I am working only on mylot. But there are many people who are doing online business and they are earning money. i think you are ready to accept challenges so any business is not difficult for you. Best of luck.
@Lhadycarra (54)
• Philippines
31 Mar 13
How can I start? I don't have enuff money to do it. HAist but you're right with that!
@oneclick (21)
•
1 Apr 13
Well every successful process begins with a thought. If you have concluded on what you want to do then the first step will be to know what the minimum amount is for you to start and what little resources you have now and how they can be best utilized. You can always start small and grow big.
@aryajayaprakash (1643)
• Japan
28 Mar 13
Once you identify your goals, you can start doing towards your goals. The challenge will be the consistency in the input work. Unless we are strongly motivated to the end of our mission, it is hard to stick with the daily work.
@bloggeroo (2167)
• Philippines
28 Mar 13
The formula seems to be the same in all situations: accumulate moneymaking assets. This is the advice of Robert Kiyosaki in his bestselling book Rich Dad, Poor Dad. And I think it can stand the test of time.
Incidentally, digital assets are highly risky. They do not retain their value well compared to traditional financial assets.
