/biz/ - Business & Finance

>2: optimize how much money you make for the service you’re personally able to provide.

to continue with the tutor example, you’ve forcibly limited yourself with time because you’re only providing a 1 on 1 service. how do you get around this? look at any established tutoring corporation and realize that they provide large group, small group, and 1 on 1 tutoring services at various price points.

To stay competitive since you’re not a known brand, you can offer a lower price than these tutoring corporations and still do well for yourself. For example, you can have your tutoring sessions always be for a group of 5 and lower your rate to $15 per hour for each person. This would give you $75 per hour for group sessions, which would turn your annual compensation into $156,000. as you can see, optimizing your business is simple, getting more customers is the easiest part. The hardest thing is getting the ball rolling. In my experience, the best thing you can do is learn sales, confidence, etc. maybe even give out free learning sessions to get started. The other aspect is providing a service that people will pay more for. Usually, this requires improving your own skills, or testing your ideas in small groups to see if it's worthwhile. easier said than done but still doable.

While someone is willing to pay $15 per hour for group academic tutoring, that same person is willing to pay 3 times more for SAT or ACT tutoring. So if you expanded your skills into college test prep and charged $45 per hour per person for group tutoring with the same group of 5, your hourly compensation would be $225. This would make your annual compensation $468,000.

Imagine writing all that

>>29699545


>2.1: reduce the risk and cost of prospecting for potential customers and employers by providing your product/service for free.

A business is simple. BUYERS/MONEY IN -> VALUE/PRODUCT/SERVICE OUT. you don't need all the bullshit people do when they start a business like incorporating, getting an office, a professional made company logo, a business card or whatever. it's mental masturbation. GET BUYERS, PROVIDE THE VALUE. This can be done with ads and what have you, but it can be done for free. The goal is to get as many qualified people/companies through the door as possible. If you’re confident in what you can provide, market well, and provide something valuable. the proof should be in the pudding. No one ever needs to feel like they’re getting “sold.”

For a service-based business, you simply provide a free first session to anyone who seems like they are qualified to eventually buy from you. You can reduce the resource drain of this by doing it in group and large sessions if applicable. Regardless, the customer needs to truly receive significant value from the session. Don’t take it as an opportunity to lecture them on why they should pay for a real session. This is what all those finance gurus get terribly wrong

For a product-based business, you can provide a very cheap to produce product or a limited-time trial. Depending on your product, you might have to get creative on the best format. Either way, you must enable your customers to gain significant value from your product without having to pay money.

this is also the fastest method to gain new customers and increase cash flow. If your product is good, and your customers have a great experience, it will SNOWBALL. you don't have to bring customers through long sales systems, waste money on ads, etc. organic traffic is THE BEST thing for a business starting out and even a big business still in operation.

>>29699513
TL;DR
eth 22k eoy
check those sweet dubs

>>29699513
Bump for high effort post

>>29699631

>3: in business, duplicate yourself if you want to duplicate your income, output and time.

hire a capable but entry level person that you can train from scratch to provide your exact same service. Training others is the most valuable utilization of time for any business owner. Now if you paid this employee $30 per hour and had them tutor all of your students, you would end up making $195 per hour as the difference. All you do then is train up 2 more tutors to do the exact same thing and get $585 per hour. don't like sales? bring in one salesperson that you train to keep getting customers for you and an office space. The cost of those wouldn’t be any more than $100 per hour. This leaves you with a total of $485 per hour in profit, which is a little bit more than $1,000,000 per year in personal income for you.

>>29699513
Didn't read
>>29699545
Didn't read
>>29699613
Based and going to make it
>>29699631
Read some of this and wish I hadn't

>>29699728


>4: LUCK = BULLSHIT.

it doesn’t ultimately matter what cards you were dealt with when you were born. You’re dealt new cards on a daily basis so you can always build yourself up over time. The vast majority of millionaires and billionaires (55% of billionaires are self made, 80% of millionaires are self made) in today’s world are self-made for this reason.

Successful businessmen and wealthy people are obsessed with reducing the downside risk of their ventures to zero. What does this mean? Most successful people take on numerous ambitious projects regularly. If just 1 of them succeeds, it’s designed to be a homerun. Now what about all of the ones that don’t? Well they plan ahead by ensuring that the worst-case scenario isn’t bad at all. DON'T START A BUSINESS THAT WILL BANKRUPT YOU IN THE FORSEEABLE FUTURE. life is a game about stacking the cards you were dealt in your favor. In fact, successful people often benefit from the worst-case scenario because it expands their knowledge and network, without financially costing them much if anything. In contrast, leaving life to luck is a poor-man’s game. In the best-case scenario, it tends to only give short-term success.

When I decided to create my consulting firm, I had no background in successful entrepreneurship. Every single time I took on an ambitious goal, I wrote 30 pages by hand to figure out all of the risks that would cause it to fail. And then I went a step further by figuring out all of the solutions on paper to avoid running into those failures in the real world. Oddly enough, it worked. On a similar note, there’s zero sense in taking out loans or putting yourself in any significant financial risk for the sake of your ventures. Doing so is nothing more than gambling.

>>29699728
Oh G-d he's still going. Just get a blogspot man, fuck

>>29699820

>5: the only thing limiting you is yourself. seriously.

How? A few weeks of skills training can exponentially increase your earning potential in any industry. This applies to both business owners and employees. Accordingly, I have never met a single affluent person who doesn’t heavily invest their time, money, and effort into growing their own skills, knowledge, and connections.

the FASTEST way to get to 6 figures in the US is to go through a paid skills training program. software engineering, sales, etc. hell, even getting a job in sales at a gym or somewhere similar will prepare you far better for starting a business than smoking weed in college for 4-10 years.

the fastest way to get to 7 figures in income is to pay for high quality knowledge. This usually means learning from individuals who have already achieved your desired outcome by simply paying them. Regardless of your industry, there are more than enough people find and pay for dedicated mentorship. This allows you to shortcut the whole process.

The fastest way for someone to get to 8 figures in income and above is to pay for high quality connections. Once you have the sufficient skills, charisma, and knowledge, the only remaining ingredient is getting in front of the right people to maximize the monetization of your product/service. Get into exotic cars, play tennis, start trading watches, visit cigar lounges, join yacht clubs, etc. the money you pay to get these meetings and the value you will get is typically 100x the cost.

>>29699513
>quality thread on /biz/
>gets ignored

>>29699906


>6: Wealth creation is a game that rewards those who put the needs of others before themselves.

How does anyone earn any money at all? In virtually all cases, a person has to give it to you. This only happens if you add enough value to the other person’s life to warrant that exchange. As a result, the wealth you have is often directly proportional to the market value that you’ve provided to the lives of others. to create wealth, provide value. to protect and grow wealth, keep providing value. and learn how to be SMART with your wealth don't piss it all into the wind. for example: I'm not a CPA, but in order to protect myself from inflation, I would take a percentage of my income and use it for down payment on a single family unit, remodel, refinance, get a company to find a long term tenant, rent it out and keep profit, write off the mortgage payment, use profit for more investments. etc. it's far more detailed than this but the concept is simple and it scales up exponentially over time.


I used to be lazy, ignorant, and wasted hours on this site. And life might be unfair, you can't control the economy, how you were born, where you were born, etc. but you can control what you do, how you respond to situations, you can improve yourself in order to take every good opportunity you come across, you can stack the cards in your favor, and with enough consistency. you can win. you either watch it happen, make it happen, or have no idea what the hell is going on.

>>29700004
Noone is going to read all that shit. It's one guy trying to suck his own dick

Holy shit anon.

>>29700069

>7: Communication is an important skill

Strangers on the internet do not care about what you have to say unless it's concise and entertaining and/or insightful. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

>>29700954

Explains why everyone's so fucking broke lmao

>>29699513
Very insightful OP, thanks for the time you took to write it

>>29699769
you have to be 18 to post here anon

cringe

>>29699820
>8/10 of millionaires literally inherited their wealth
>80% of millionaires are self made
Oh, so that's what "self made" means. I thought different.

Fuck off with your blog, faggot.

>>29699906
Don't listen to all these faggots talking shit OP, this is excellent advice and I should really stop being lazy and promote my own business ventures. A lot of the shit you're saying I've heard from guys like Dave Ramsey and Jeb Blount before.

>>29701793

Where did you read that? OP's stats are everywhere but What you said is the poorest shitspeak I've ever heard

>>29700004
I'm convinced most of the faggots on here are idiots. Then again this is 4chan, I should know better, I've been here far longer than I'd like to admit.

>>29699513
Yes but why should I worry about any of that when I can invest on a crypto that will 100x in a year and make me more money than any of that shit, without doing nothing?

>>29702468

Lmao, funny thing is the guy literally says "take it for what it is" but instead of ignoring it people are in here posting "tOo Long, diDnT REad!!" Or calling him a faggot.

Love to see em seethe

>>29702615

Really great thread, thank you based anon. Retards that don‘t appreciate are NGMI as soon as their magic internet coins pop.

>>29699513
great thread op, thanks for your time wagmi

>>29699513
thank you OP. people like you help.