Are you struggling to make money?
As a freelance online marketer for many years, I have experimented with various ways of making money online. Most of them work if you understand the system and follow through on what’s recommended by the experts.
It is a fact that people need more money nowadays because of increasing cost of living everywhere.
This was a question that I have been thinking for a while until I came across an ice-cream seller while strolling Orchard road.
What do you notice in the picture above?
An old uncle who sets up his store early in the morning to sell ice-cream till night and we think that he is crazy?
Well… I thought so as well until I saw the endless number of tourists and locals queuing up at his store to buy ice-cream.
The cost of an ice-cream with bread/waffle or in a cup is $1.20.
If you subtract the cost of ice-cream, bread, waffle or cup, he probably makes 80 cents for each ice-cream that he sells.
80 cents may seem like small money. But if he sells a minimum of 200 ice-creams a day, he would have made $160 a day. Multiply that figure by 30 days in a month, he would have made a grand total of $4800 a month and a whooping $57,600 in a year.
While this form of money making may appear to be boring, it is very predictable as people will not stop eating ice-cream especially in a hot climate like Singapore.
Let me give you an analogy that I learnt from my mentor.
If I give you a sports car franchise and a toilet paper franchise, which one would you choose?
I picked sports car franchise as I thought that I can make a lot of money and it’s cool.
However, when my mentor asked me, “How many people do you know can afford a sports car?”, I was dumbfounded and answered not many.
Then he asked me another question, “How many people do you know need toilet paper and can afford it?”
My reply was EVERYONE!
Even the person who drives sports car needs toilet paper.
While I cannot afford a sports car now, I can sell enough toilet paper to buy the sports car.
In fact, toilet paper will not run out of fashion even when recession strikes.
Therefore, my income will be predictable and not be disrupted by the economy.
People will stop buying cars when the economy is not doing well but they won’t stop using toilet paper.
It dawned on me that it’s the little things that we use daily that make a lot of money for the long haul and not the big fancy things or high-tech stuff.
At the end of the day, my wealth is directly propositional to the number of people that I can serve on a consistent basis like what the ice-cream uncle is doing.
If I want to increase my income, I have to focus on serving a greater number of people.
The reason why employees have limited income because they are serving a limited number of people unlike business owners who serve the masses.
This explains why the business owner will always make more money than the employee.
The distinction I got from this encounter is to sell things that people need and want on a regular basis, not just anything that people buy once in many years like the sports car.
This will allow me to build a profitable business income that is sustainable and has unlimited growth potential.
What are your thoughts about money making?
Feel free to use the comments form below to share with me your thoughts. I would love to hear from you. 😊