What Is Data Technology and How It Can Make You a Millionaire?

All of you have already heard about the Information Technology or IT, but most probably you have never heard of Data Technology or DT. They are completely different and in some cases they are opposite of each other.

Becoming an IT expert is not that easy.Although you can make money through each of them, it is a lot harder to make money though IT because first you have to become an IT expert which is not that easy and needs spending lots of time and money, and still there is no guarantee that you can compete with the other IT people and get a good and high paying job.

Data Technology or DT is completely different. You can make a lot of money through DT while you are not expert in anything. You just share the data that you have. To gain the data, you don’t have to spend any time and money and you don’t have to learn something and become expert in it. You just need to have the data.

Although you have never heard about Data Technology or DT, it is not something new and you have already used it a lot. There are so many who have been making money through DT since several years ago. In spite of this, we are at the beginning of the DT period or DT era according to people like Jack Ma, the founder of Alibaba.com which is a leading online marketplace company:

I know you are still wondering what DT is exactly and how it is possible to make millions with it according to the title of this article. Let me give you some examples to clarify what DT is. However, first I have to start with IT and use the IT examples to explain about DT, because what you know about IT helps you understand the DT easier.

Let’s say you want to have a blog but you don’t know how to build it because you are not an IT expert. You have to ask an IT expert who knows how to setup and start a blog, to do the job for you. This is what we do here for free. You can ask us to setup a blog for you and we will do it for you for free. You can have a professional blog in less than a day while you know nothing about starting a blog and you don’t even know how to register a domain and buy hosting for it. We give you all the information and then we will setup the blog for you, because we know how to do it and we have IT experts in our team, but you are not an IT expert.

Now let’s say your blog or website gets some problems. For example it returns a programming error while visiting the web pages. You don’t know how to fix the problem and the error because you are not an IT person who is expert in programming. You have to ask an IT expert to do it for you.

So now you know what IT is and who is an IT expert. An IT expert is someone who has the “information” and knows how to use it. Therefore, he is expert in using the information he has.

Who Is a DT Expert?

There is no such a thing. I mean there is no DT expert. When (1) you have some data even as ordinary as the address of a library in your city, and (2) you share your data with the others, you are a DT person.

Do you have to be an expert to know the address of a library? Of course not. You just need to know the address. However, you can share the address with the others and this can help them a lot because there are so many who are desperately looking for the address that you know. You can share it with them and resolve their problem. At least sharing the address with them can save them a lot of time.

This is how Data Technology or DT works. You collect some data and you share it with others without having to become expert in anything. The tools and resources you use to collect and share the data, have already  been built and are ready for you to use. You don’t have to build them on your own. For example, you can create a page on FaceBook within a few minutes and then share the data you have through it while you don’t know how FaceBook works behind the scene and what a complicated technology it has. You just follow some simple steps and create a web page which is able to do a lot of things automatically.

For example, we share all of our new posts on our FaceBook page. All we do is that we just post the links of the new posts through a small online dialog box. We don’t do anything more than that. FaceBook takes care of the rest:

  1. It picks a summery from the new post and chooses a featured image for it and posts it on the FaceBook page.
  2. It informs our FaceBook page fans about the new posts automatically without having us to do anything. The fans see the posts and click on the links to come to our site to read the whole posts if they want.
  3. The fans can like the posts and share them with the other FaceBook users.
  4. They can leave comments on the same FaceBook page and ask their questions.
  5. FaceBook informs us automatically about the questions and comments and then we can refer to the related page to reply.
  6. We can share photos, charts, files, videos, and…, on the page within a few seconds.
  7. We can let the fans know about the events like seminars, new products and services and…

There are a lot more that FaceBook does for us while we pay no money for our FaceBook page and we don’t know how FaceBook works behind the scene. We just provide the data and share them on our FaceBook page, and then FaceBook takes care of the rest. That is all.

Many of you have FaceBook accounts. You have been able to find many of your old friends on FaceBook. You are connected to them again whereas you had lost the connections for so many years. You share your stories, videos and… with them while you don’t know how FaceBook was created and how it works technically. Those who created FaceBook and are taking care of it, are IT experts. But as a user, you don’t have to be an IT expert. You just have some data that you can share on FaceBook.

It is the same with so many other sites like Twitter, YouTube, Google and… . Your WordPress blog is like that too.

Data Technology looks complicated but it is very easy to use in reality.

Data Technology Makes Money

You can make a lot of money as a DT, even more than what IT people do. It is not that easy to make money as an IT. You have to know a lot and be one of the bests, and you have to be creative and enthusiastic and be able to compete with the other IT people. It is not easy. IT is becoming more and more competitive every day.

But you can easily be a DT without having to have a degree or any experience. You just need to be enthusiastic to share some data that can be easily given to you by the systems that manage the program you follow. You don’t even have to create the data. You just collect them or they can be easily given to you by a system that feeds people like you and controls the DT business. To share the data with the others, you use the Internet and the automatic systems that are already built for you. People use the data you share. It resolves their problems. They appreciate your help. They will even pay for the data you share with them because they need it desperately. They will share your data with the other people and this floods more attention and money to you.

Blogging Is a Small Part of the Data Technology

Blogging is a part of the Data Technology system. Most of the professional bloggers are not expert in anything. They don’t even know how to program a blog. But they are good bloggers and make a lot of money. Darren Rowse is one of them. They just share data on their blogs. They share the data that some people need. Bloggers only need to be passionate and enthusiastic about what they do for the others. The others’ success and happiness is the bloggers’ success and happiness.

Blogging is only one of the ways of working in the Data Technology era. You don’t have to be a blogger to become a Data Technology millionaire.

There are so many other ways already, and so many new ways come every day. Look at the smart phones that almost everybody has them now. There are so many apps that are designed for sharing the data and can be installed and used on the smart phones. We didn’t have them 10 years ago. Now, we have them and we are so happy with them. We will have a lot more. It won’t be stopped there. It is moving like a roaring river.

New things come every day. I know some people who make thousands or even millions of dollars just by working through Instagram. They are not expert in anything. They are not even bloggers. They don’t know what is behind Instagram and how Instagram has been developed. They just use Instagram as a user which is what even a 6 years old kid is able to do. They share data on Instagram and they make millions. Instagram is also one of the new resources of the Data Technology.

Residual Income Is the Juicy Fruit of Data Technology

Residual income means never having to start over.An IT man has to work very hard day in day out to keep making money. If he stops working, his income stops also. It is the same with all the other jobs and professions that an expert is involved. For example dentists, physicians, teachers, drivers, pilots, engineers, miners, cooks,… they all have to work every day otherwise they won’t make any money.

But it is not like that for the DT people. Their DT job generates Residual Income for them. Residual Income is the income that keeps coming if you stop working. How is that possible?

The reason that the income of the DT people keeps coming even if they stop working is that they share data through several different ways and resources that are all automatic and never stop working. These resources and systems don’t stop working when the person who has used them to share the data stops working. They keep working and keep sharing the data with more people even if the one who has originally shared the data stops working. On the other hand, people who the data is shared with them will share with the other people and this cascade continues for good.

Is a dentist’s job like that? Absolutely not, because if he stops working, nobody is going to fix his patients’ teeth for him to keep his income coming. He is the one who has to work to make money. There is no automatic system that works for him.

Trading is like that too. Traders can make a lot of money. But in order to make a lot of money through trading, first you have to become a trading expert which is not that easy, and then you have to keep trading to make money. Your income stops if you stop trading. Your income stops if the markets stop forming the trade setups. Am I right?

Too Good to Be True?

Data Technology and what I explained above look too good to be true. It is really too good but it is true.

I am sure if you talked about electricity and the things it could do, with the people who lived when there was no electricity, they wouldn’t believe it and would say it was too good to be true. But when electricity came, it amazed people while they learned how to use it. It still amazes us and will keep on amazing us because it always looks too good to be true. But it is true.

It is the same with the Internet and its power and its products like Data Technology. They amaze us and they seem too good to be true, but we use them and make money with them every day.

You Are Lucky

Although it is several years that so many people are making millions as DT persons, we are at the beginning of this era according to what people like Jack Ma say. He says DT era can last over 30 years and we are just at its beginning. The next 30 years is a chance for the people like you who are reading this article. Now you know what DT is but most people don’t. You can take the advantage of the Data Technology, but most people are not even aware of it and are busy doing what they have been doing so far. They trade away their time and life with money. Many of them will open their eyes when it is too late. They use the Data Technology as the DT users, but they can’t make any money through it. People like you can make money through the Data Technology systems, because now you know what DT is and how it works. You know you are at the beginning of a great era which is designed to make you a millionaire, but most others don’t know.

So you are lucky. You are at the right place right time.

Combination of DT and IT

While you don’t have to be an IT and you don’t have to be expert in anything to make money through the DT systems, if you are already an IT person (you are expert in something), you can also work as DT to boost your income and create residual income for yourself. DT can bring more customers and clients for your IT business while it can become a new source of income by itself. So you work less and make more money.

Data Technology can help all professions. For example, a dentist can easily use the DT systems to expand his business and make a lot more money while he doesn’t have to work more. DT can even create residual income for him. You can’t believe it? I tell you how.

A dentist who has a dental office, has to work day in day out to make money to cover the office expenses like rent, secretaries salaries and… . But he can use DT to attract more patients that he can’t handle on his own. However having more patients gives him the chance to expand his business. He can just spend some money to move to a bigger place with a few more rooms and a few more dental units that enable a few more dentists to work at the same office at the same time. Then he can use the DT technology to attract more patients to his office. He couldn’t handle this number of patients on his own when he worked alone, but now his office that has a few more dentists, can handle a larger number of patients.

Although he can still handle his own patients as the dentist, he can make more money through the shares he receives from the work of the other dentists in his office while his expenses is not increased that much. Now he can even stop working for a while to take some rest, because his office can keep working and making money for him. He has a Residual Income now. It is the DT systems that can feed this larger business with the number of the patients it has to have. With a proper management and using the DT systems properly, more and more patients will be directed to the new office, because DT systems spread the words automatically while people also spread the words at the same time.

So, it is the matter of enthusiasm, proper management and the proper application of the DT systems that can change a struggling business to a scalable and expanding one.

It is the same with all the other businesses. All the other professions can use DT to make more money and generate residual income. As a trader, you can use the DT systems to boost your income. The money you make through DT can be used to make more money through trading (IT) and visa versa. This is what we are teaching the LuckScout Millionaires Club members, and we have so many programs to expand this as much as possible to help the club members to become millionaires within the shortest possible time. We are providing all the tools and systems that work for them automatically. The members just need to participate and follow some instructions that will be taught them by their personal coaches within a very short time.

What Qualifications You Have to Have

To make money through the DT systems, you don’t have to have any special qualifications. You can do it no matter how old are you and what profession you have. Just an ordinary computer and Internet skill is enough. If you are here reading this article now, you are already qualified to make money through the DT systems and become a millionaire.

DT systems can boost your current job and business and help you make more money through it. BUT you don’t have to have any job or business to start making money through the DT systems. You can make money with the DT systems we have designed and developed while you have no job and business and you have no special skill and qualifications. Click Here to join now.

Are You Ready Now?

 Click Here to establish your own Data Technology system that works and makes money for you automatically.

WordPress Is the Best Blogging Platform for Professional Blogging

If you want to become a blogger, you’d better to have a strong and professional start. WordPress is the best blogging platform and there is no better option. Therefore, if you want to start your blog, it is strongly recommended that you use WordPress and forget about the other blogging platforms. There are so many reasons for this.

Wordpress Is The Best Blogging PlatformDon’t waste your time and money trying the other blogging platforms because you will have to switch to WordPress finally. It will be hard to switch your blog platform when you have several posts. So choose the right and the best blogging platform at the beginning.

What Has Made the WordPress the Best Blogging Platform?

WordPress features and capacities are unlimited. You will never have any problems with it and it will never stop you because of the lack of the features and having any limitation and problems.

1) Easy Installation

WordPress can be installed in matter of a few minutes. If you know how to create a MYSQL database on your website hosting system and add a user to the created MYSQL database, you can easily install WordPress after that.

Creating a MYSQL database isn’t that hard as well. You just need to follow a few very simple steps to do that.

Although there is a too complicated technology behind the WordPress and what it does as a blogging platform, it is as easy as 1, 2, 3 to install it on a site and create a professional blog with unlimited abilities and features.

2) WordPress Is Free

I’d better to say although WordPress is free, it is the best and most professional blogging platform ever. I don’t know if there is any premium or paid platform or not, but even if there is, I am sure they can’t compete with WordPress.

Being a free platform doesn’t decrease anything from WordPress credit. WordPress is the best and will remain the best because there is a strong and dedicated team behind it.

3) Very User-Friendly and Easy to Use

Nothing is easier than blogging with WordPress. It has everything you need to write and post articles on your blog. It is so safe and you never lose any of your writings and drafts even if you can’t save them for some reason.

You can easily customize your WordPress blog and add everything you need. The feature of adding plug-ins which is something that you can’t find with the other blogging platforms, saves you from spending lots of money on hiring programmers to add some features to your blog. In most cases, you can add any features you want to your WordPress blog through installation of some plug-ins that are usually free to install and use.

Another great feature of WordPress is that different and beautiful themes and templates that can be easily customized even when you know nothing about web developing and coding.

WordPress becomes better and more user-friendly every day. It becomes easier and safer to use it whenever the new version comes.

4) Automatic Updating and Upgrading

WordPress can be upgraded to the last version automatically, so that your blog is always equipped with the last version which has some more features and is safer and more secure against spamming and hacking.

You don’t have to update the WordPress you have installed for your blog. It can be updated automatically. It can even backup the database and files automatically and from time to time, to make sure that nothing will be deleted or missed from your blog.

5) Great Platform for Online Business and E-commerce

WordPress is not just a blogging platform. It can enable your blog to handle anything that a website can do online. From having forums, classified ads, and photo galleries to paid membership, online stores and shops and whatever you can imagine. WordPress has no limit. You can create a big online store with WordPress while it still supports the blogging activities.

6) Strong Marketing Tool

WordPress has everything you need to attract targeted traffic to your blog and sell your products and services. It is the most search engine friendly platform and it follows the most recent technologies that advanced search engines like Google have.

7) Great User Experience

Your blog members and followers will become attracted to your blog more and more every day, because WordPress doesn’t let them have any problems or suffer from the bad website navigation. They can be informed about your blog’s last updates within seconds and can communicate with you and the other members and followers very easily.

They can post comments and be informed when their comments are replied or when someone posts a comment to their favorite article.

You can even enable your blog followers to participate in your blogging activities. They can sign up for an account and become a contributor who is even able to publish articles.

The features and abilities of WordPress is countless and more features and abilities become added to it every day. There is no double that WordPress is the best open source blogging platform and will remain the best, and all the professionals will work with WordPress in future.

WordPress will be one of the most important mover and shaker of the Data Technology or DT era in the next a few decades.

So, start your WordPress blog as soon as possible for free: Become a Blogger and Start Blogging Now

Then start writing and posting articles on your WordPress blog and become one of the very first who welcome the DT era: What to Blog About As a New Blogger

What to Blog About As a New Blogger

Many of you have started your blog based on our encouragement and free support: Become a Blogger and Start Blogging Now… No Matter What You Are

Congratulations!

Those who are brave enough to take the steps they had never taken in their lives before, are the only ones who will stand out from the crowd.

The rest will have the same life and the same problems as long as they don’t take any actions. Keep in mind that your life will never change if you keep doing the same things you have been doing so far.

Insanity: Doing the same thing over and over again and expecting different results.” – Albert Einstein

But:

“If you want what the top 1% of the wealthiest people have, then you’ve got to be willing to do what the other 99% of people won’t do.”

So, once again congratulations to those who started their blog. We are proud of you.

What to Blog About

The question which is asked by those of you who started their blogs recently, is what to blog about? What to write about on my blog?

I have explained about this at the bottom of my “become a blogger” post. However, here I explain a little more.

The blogging niche I suggested you, was money, making money and wealth, success, enthusiasm, business, self-confidence and things like that…

They all can be covered on the same blog. However, the problem of our new bloggers was to start posting and having the first posts on their blogs.

At the beginning, sometimes you really don’t know what to write about. However, you have to start posting as soon as possible to break the ice. If you don’t, you will leave your blog idle and then you will never get back to it.

Don’t do that. Start writing now. Keep in mind that your posts don’t have to be perfect.

Don’t stay away from writing just because you think your posts won’t be good and people won’t like them. That doesn’t matter at all.

Something that matters is that you start writing now. Once you start and you have few posts, you will like it and you will write better and better every day.

Try to write at least one post every day to make your brain and subconscious focused on writing. They work on your writing ability behind the scene, and as a result, you will see that you are writing better every day.

Write About Yourself First

“You” is the one you know better than anybody else. So to break your blogging and writing ice, start writing about yourself and don’t care whether someone will read and laugh or what you write about yourself may not be interesting to the readers. That doesn’t matter at all at the beginning. There is no doubt that as a new blogger your posts won’t be that good. But that doesn’t matter at all.

Write about your life, experiences, job, family, friends, hobbies, dreams, goals, and anything related to you and your life.

Be as positive as possible and don’t talk about the problems and limits of your life. Talk about your hopes and the happy aspects of your life and your biggest dreams and goals.

Dream as big as possible if you haven’t done it so far. Then write about your dreams and your enthusiasm in making your dreams come true.

You won’t believe it, but I tell you anyway:

If you write down your dreams and your seriousness about making them come true, they will come true definitely. So blogging helps you achieve your goals not because you will probably make money through your blog in future, but because they are the start point of having your dreams come to reality.

When a dreams changes to words and the words are written somewhere, they grow like the seeds that you plant under the soil. But if you let them remain in your mind, it is like storing the seeds in a jar and never giving them the chance of growing.

This is very important.

Classify the Topics

To have an easier startup, you can add some categories to your blog. On WordPress blogs which is the ones you have, categories can be added/deleted and managed here:

http://www.JohnSmith.com/wp-admin/edit-tags.php?taxonomy=category

Go to that page and create some categories:

  • Life
  • Money and Business
  • Success
  • Positive Thinking
  • Power of Your Mind
  • Opportunities
  • Take Actions

Things like that…

Add more categories if you like. Add the ones you are more interested in.

Then, write at least one post for each category.

You can write a few posts every day. That is even better. But avoid having short posts that are less than 300 words. WordPress shows you the number of words for each post:

The Number Of Words In Each WordPress Post Is Shown at the Bottom Left of the Post Editor Box.

That was a short tip to help our new bloggers to start writing as soon as possible.

If you haven’t started your blog yet, do it now: Become a Blogger and Start Blogging Now… No Matter What You Are

I hope now you know what to blog about as a new blogger. Can’t wait to see your posts 🙂

Become a Blogger and Start Blogging Now… No Matter What You Are

In this article, I am going to encourage you to become a blogger, no matter what you are and what you do. Blogging will have a lot of advantages for you. The world has changed and you have to adopt yourself with the new changes. Blogging is one of the most important features of the new world. In this article, I am telling you why I want to encourage you to start blogging and I will clarify what advantages it will have for you. At the end of this post, I explain about one of the free services that my team offers you. You can apply for it for free and become a blogger within a day in case you decide to become a blogger which is what I strongly recommend.

What Is Blogging?

A blog is a website also. The difference is, it is much easier to have daily posts on a blog and it is the dynamic form of a website. I mean you can update it very easily and people can easily leave comments and communicate with you and the others through your blog.

So don’t get scared when I say become a blogger… because a blog is nothing but a website which is much easier to manage and update and keep in touch with people through it.

Above all, you don’t have to be a computer or Internet expert to become a blogger. In the past, you had to be a web designer and developer, or you had to pay someone to do it for you, if you wanted to create a website. But now a basic computer and Internet skill is enough to become a blogger. If you can send and receive emails, you can become a blogger too. Of course, there are a lot of things that you will gradually learn on your own and you will become a more experienced blogger the more you blog. You will learn how to use your blogging platform better, and you will learn to make some changes on your own. Although there is a complicated technology behind the scene, you can easily use your blog the way you use your email account.

Why Should You Become a Blogger?

1) Blogging Helps You to Learn Better and Become an Expert Sooner and Easier

The first and most important reason is that blogging about a topic makes you learn that topic much better. When you share your knowledge and experience about a topic, you have to learn it better otherwise you can’t explain it properly. Trying to explain that topic, makes your brain and subconscious work on it and resolve the unknown aspects of that topic. Your subconscious works on that topic on the background and finds the solutions or some ways to find the solutions. Blogging makes your brain and subconscious work hard on the topic you are interested in and you have focused on.

You can have a notebook and write about your favorite topic, but it won’t have the same effect as blogging because blogging connects you to the world. Those who read your blog posts, will communicate with you and your interactions with them make you become an expert in that topic finally.

“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein

2) Blogging Makes Money

There are so many who are making a living through blogging and many others have been able to make a fortune through it. If you become a good blogger and people get attracted to your posts, you will make a lot of money. However, like all the other legitimate ways of making money, you can’t start making money through your blog overnight or even after a few or few months. It depends on so many things and if your goal is making money through your blog, then you have to work hard while you are on the right track and you are following the right route, otherwise you don’t make any money through your blog.

Your blogging income can be started from few dollars per months. It goes up gradually until it reaches thousands or even millions. It all depends on you, the way you blog and the topic you write about and many other important factors. Blogging is not a get-rich-quick business but it can make you rich if you follow the right direction.

I will explain later in this article and also in the next articles I will publish on this topic that how your blog will make money and what you have to do to make money through blogging. There are few important factors that you have to consider. I will explain them later.

You don’t have to be a rocket scientist to make money through your blog, but you have to follow a proper direction and plan otherwise it will be wasting of time. It is not that hard to find the right direction and follow it. There is nothing hidden or mysterious about blogging.

3) Blogging Will Become Your Passion and You Will Love It

Blogging makes your life more beautiful. You will love it after a while and it will become your passion. I know that many of you, are saying that you are not writers and you can’t write about a topic.

Writing is an ability that you can gain if you want. You are not a writer now but you can become a writer if you want. As I mentioned above if you push your brain and subconscious to focus on something and find a solution, they will do it finally.

Communicating with the people of different countries, has a lot of fun, even if you don’t make any money through your blog and you don’t look at it as a business. In spite of this, I know so many bloggers who started blogging just because they wanted to write about their favorite topic and they didn’t intend to make any money through it. But later they changed their minds and started offering some services to make money. When you see the potential, you can use it to make money. There is nothing wrong with making money from your blog.

For example, when your blog gets popular, you can create an e-book and sell it to those who are interested. You can still offer a lot of free information and services. However, there will be so many who will love to buy your e-book. Or, if you are a programmer you can create a software or app and sell it through your blog.

When your blog makes money, you will love it more and you will become more passionate about it. Blogging and writing for people has so much fun. You will love it. Nothing is more joyful than writing about something you love, specially when people love your posts.

4) Blogging Is the Easiest and Cheapest Way to Become an Entrepreneur

Nowadays, you don’t have to be a millionaire to start a business and become an entrepreneur. You don’t have to risk any money and invest it in any markets. You can start a blog with less than $100 per year. You heard right… less than $100 per year. You just register a domain for about $10-20 per year and then you buy a hosting package for your blog for about $50 to $80 per year. These are all the expenses of a blog that can potentially make millions of dollars.

Of course, I have to repeat once gain that starting a blog doesn’t equal making a lot of money. It is a lot of work to take your blog off the ground, and as I have mentioned above, you have to be on the right track and follow a proper plan to make money through blogging. I will explain about this more in future.

Blogging is the same as the other businesses in this case. Starting a business that usually has to be done by spending too much time and money, doesn’t necessarily equal making any profit. Many of the businesses get bankrupt in less than a year (read this and this). However, the difference of blogging with the other businesses is that (1) you can start a blog with less than $100 per year, and (2) it can be done by yourself, through your personal computer and from the comfort of your home, and (3) it has no risk and you will not lose any money on it, and (4) it can potentially make a lot of money that 99% of the other businesses can’t.

It is the right time to explain something, because I do know that some of you will ask.

You don’t have to have a blog and you don’t have to be a blogger to make money through the new program we are going to launch very soon (read this and this). However, a good blog is a big help in any business, as well as the new program we are going to launch. Blogging helps doctors, dentists, teachers, coaches, different business owners and. It also helps those who follow the new program we will launch. There is no difference in this case. However, I repeat again that to make money through our program, you don’t have to be a blogger, and you don’t even have to have any special skill or knowledge. Just a basic computer skill is enough. That program is developed in a way that average people can make money through it and become millionaires if they want.

And no, it is not an MLM or things like that too. I say this because I know that some others will say, “so your program is MLM…”

No, it is not.

Think about becoming a blogger and start blogging as soon as you can. We help you do it for free (I will tell you how). Blogging and having a web address is going to become like driving. People didn’t have to drive in the past, and not everybody had a car. Now, it has almost become a must and you will have a hard time every day if you don’t drive. Blogging has become and is becoming like that too.

Blogging as a business or passion is so easy to start, maintain and promote. Although it is a lot of work at the beginning to take a new blog off the ground, still it is a very easy business which can make a lot of money potentially, compared to the other businesses.

So far, I have given you enough reasons to become a blogger. Maybe there are a lot of other good reasons that I can’t figure out now, but the reasons I gave you above, are already more than enough.

Now let’s say you have decided to become a blogger. What next?

How To Start a Blog

There are a few  important but simple steps to start a blog. I will explain about these steps in more details in the next posts. But here I just give you some tips.

1) Choosing Your Blog Niche

The first step to start a blog is choosing a “niche” for it. On what topic you want your blog to be focused on?

This step is very important because it makes the foundation of your blogging business. Your success and failure as a blogger is strongly dependent on this step.

Many of you, are expert in something. For example you are a doctor, dentist, mechanic, tennis player, cook, carpenter, teacher, trader…

You are able to write about these things, and so you may think that you’d better to focus your blog on these topics, but this is a big mistake.

You can write about your profession very well because you know it very well. But, that will be wasting of time in 99% of the cases, because your blog is not going to attract a reasonable number of readers and followers.

You have to choose a niche that has a high demand and is the most important problem of most people. When the niche you choose is too narrowed down, it is not going to work and attract enough traffic.

Focus your blog on money, making money and wealth, success, enthusiasm, business, self-confidence and things like that. If you do so, you can sometimes write about your current profession and the experiences you have in it as well. But if you focus your blog on a too specific topic, then you can’t talk about the other things, and most probably you will waste your time because your blog will not have any reasonable traffic.

2) Choosing and Registering a Domain Name and Buying a Hosting Package

When you are done with the niche, then you have to choose a domain name for it. A domain name is nothing but a web address like luckscout.com. It is the address of your blog.

Choosing a proper domain is also important and I have to have some separate posts on it. However, here I briefly tell you how to choose a good domain name for your blog.

A domain name has to be as short and meaningful as possible. However, your full name is the best option for your blog’s domain name. For example, JohnSmith.com

The reason is that your followers will know you too, not only your blog. If your blog becomes popular, then you will become a famous and popular person who will be invited to seminars and meetings to talk for people.  You can make a lot of money then. This is the ability and the chance that your blog gives you. Not only it can make money by itself, but also it makes you make money through yourself as your most important product.

It is a good time to warn you about something which is using the free blog services like Blogger.com or wordpress.com. They are free and you can start your blog within a few minutes, but it is wasting of time, because that blog will not be yours and you will have no full control on it. Just a change in their terms of service, can cause you to lose your blog and several years of your efforts, suddenly goes down the drain in a matter of an hour. Having a free blog doesn’t make you a blogger. If you want to become a blogger, then either do it professionally from the first day, or forget about it.

So, register a domain name for your blog and have my recommendation in your mind. At the end of this post, I will tell you how to contact my team and ask them to help you start your blog. Then they will get back to you and will teach you the things you need to know to register your domain.

After registering a domain, you have to buy a hosting package for it. Your blog hosting is something like your computer. It is where you place your blog’s content and people of the world will have access to it when they enter your blog’s URL on their web browsers’ address bar.

For the beginning, you can buy a basic package that is not more than $50-70 per year. You don’t need any Addons and extra products and services. Just the basic is enough. If your blog becomes popular and gets lots of traffic, then you can upgrade the hosting.

A good hosting service is so important for the success of your blog because your blog has to be always online. There are some too cheap and affordable hosting services, but they are not good at all because you will always have technical problems with them and your blog will be down most of the time. My team will help you choose a good and affordable hosting for your blog.

3) Installation of a Blogging Platform

After choosing the niche, registering a domain and buying a hosting for it, you need to install the blogging platform on the hosting space you have bought. Then your blog will be up and running and you can start posting on it.

A blogging platform is a software that manages your blog. It gives you the tools you need to write and post articles on your blog, and reply the readers’ comments and… things like that. Fortunately, the most perfect and the strongest blogging platform which is called WordPress, can be downloaded and installed on your blog for free.

Please note that I am not talking about signing up for a free blog on wordpress.com because WordPress also offers such a service that you can sign up for and have a blog like http://YourUserName.WordPress.com/. I am not talking about that. That is not a good choice as I explained it above. WordPress offers another product which is their blogging platform that can be downloaded and installed on your hosting space for free. Most hosting services have it in their control panel and you can install WordPress from your hosting control panel.

This part of starting a blog is a little technical and you can’t easily install and run WordPress on your site if you haven’t done it before. However, my team will help you for free if you choose to ask for their help. I will tell you how to do that at the end of this article.

4) Writing and Posting

When WordPress is installed, you can start writing and posting. You have a blog and you are a blogger now. There are some important questions about writing and posting on your blog. We will need to talk about them in details in some other posts. However, I am listing them here and I will explain them briefly.

  1. What to write about?
  2. How many posts is enough and how often I have to post on my blog?
  3. How many words each post has to have?

Well!

You have chosen a niche for your blog and so your posts have to be related to that niche and the different topics it covers.

You can have a post every day or a few posts per week.

Your posts can be from 400 to 4000 words and beyond. There is no limit, but having too many small posts that are less than 400 words can hurt your blog somehow.

That was a short explanation about posting on your blog. We will talk about it more in future. However, there are some very important tips that I have to give you now:

Never Talk Negative on Your Blog

There are some bloggers who foolishly focus on negativity and want to attract people’s attention through having negative and sabotaging posts against the others. They want to make their blogs popular through sabotaging the other businesses, blogs, companies and competitors. That is the most stupid way that a blogger can choose to promote his/her blog. Although these bloggers can attract some traffic through having negative posts, but those who gather around these kinds of blogs, are some haters and sick people.

Such bloggers and those who follow them, are not normal and healthy people and there is something wrong with them definitely, otherwise they wouldn’t choose negativity while they could focus on positivity which is a much better option. Hate creates hate and a hater is a hateful person himself. Don’t be like that. Never try to sabotage anybody on your blog, be it a competitor or even a company that looks like a scam to you. Sabotaging the others is stupid. It ruins the healthy environment that your blog has to have, and you won’t be able to create a healthy community around your blog.

Keep in mind that you are going to have some enemies, critics and haters if your blog becomes popular. They will have negative posts and reviews against you and your blog and they will post nasty comments to your blog. This is normal:

“To avoid criticism say nothing, do nothing, be nothing.”—Elbert Hubbard

The best thing you can do is that you never pay any attention to their posts and reviews and you never publish their comments on your blog. This is the best and the easiest thing you can do about your enemies, critics and haters. Don’t waste any time and energy on them. You can’t change anything. They are sick.

Never Publish the Other Blogs’ and Sites’ Contents on Your Blog

Copying/pasting the other blogs’ and sites’ contents on your blog is not called blogging. It is content stealing and is called plagiarism. It not only doesn’t give your blog any credit, but it causes the search engines to ban your blog, and so it will never receive any traffic. Above all, it is illegal and can be even criminal, and so it can sometimes cost you a lot. So do it only when you are the biggest enemy of your own blog.

What Language to Choose for Your Blog

English.

Most of the Internet users’ language is English and English blogs have a much higher traffic and they make more money. Blogging in your native language isn’t a good idea at all even when it is a popular language like Chinese or Spanish. It is wasting of time and you will not get any reasonable traffic, nor will you make any money through such a blog.

What if your English is not good?

This is not a good excuse at all. You can easily improve your English while you blog. The more you write, the more you learn.

One of our followers said that he was not interested in having a blog because he couldn’t write in English. I told him that he had two options. First, he forgets about blogging. Second, he starts a blog. If he chooses the first option, then after 5 years, his English will still be the same as it is now, because he hasn’t taken any actions toward improving his English. But if he chooses the second option, he will have a popular blog and his English will be a lot better after 5 years from today.

What option will you choose? You have to get out of your comfort zone if you want to take your life to a higher level.

“Everything you want is on the other side of fear.”

And, fear of writing just because you are not a writer and you have never written about anything so far, or because your English is not good, is the fear that can easily prevent you from having a big opportunity that can change your life. It is your choice.

Ask For Our Help

Our team can help you start your blog within a day, for free. As I mentioned above, blogging will have a lot of advantages for you. Besides, you can follow our new program a lot better when you have a blog (although you don’t have to have a blog to make money with our new program).

Click Here to contact our team now. Have “I Want To Start A Blog” as the subject. Please don’t use a Hotmail or Live email because you won’t receive our reply. Gmail and Yahoo emails are the best.

One of my team members will get back to you shortly and will let you know what to do. We don’t charge you to setup and run your blog, however you have to pay for the domain and hosting. We will host your blog on several cloud servers around the world and you will get so many free services including free SEO and digital marketing services.

Act now and take some new steps to improve your life:

“If you want what the top 1% of the wealthiest people have, then you’ve got to be willing to do what the other 99% of people won’t do.”

What Is the Best Business to Start with a Low Budget?

People love to start their own business because they think it makes them financially free and they will be their own boss. Many of them stop working 40 hours per week for someone else, and start working 80 hours per week for themselves, to have freedom. Is this a business or a never-ending to do list?

What is the unfortunate reality most business owners face?

Many business owners start a business and then become a prisoner to that business never able to switch off.

If you have such a business, then you are not the business owner… it is the business that owns you.

A business that doesn’t give you money, time and location freedom, is not a business… it is your prison. It is the cause of your future depressions and health and relationship problems.

Now the question is, what is a good business that not only can be launched with a small budget, but also makes enough money and leaves enough free time to enjoy the money it makes?

Most people start their own businesses to be their own boss and make enough money to make a living. However, that is not their only dream. They also love to make a fortune and become rich. They want to have (1) money freedom, so that they can afford to buy anything they want; (2) time freedom, so that they can enjoy their lives as much as they can; (3) and most probably location freedom which is possible only when you have an online or Internet based business.

They also want something more. They want their dream business to be launched and established with little money, most probably because they don’t have a lot of money to spend on starting a business, or they don’t want to risk a lot of money.

There are so many who have good businesses and make a lot of money, but their businesses don’t leave them any free time to enjoy their lives. They have to be present and supervise all the time, sometimes 24 hours a day and 7 days a weak.

Maybe those of you who are fed up of having no enough money, think that having a business that makes a lot of money but doesn’t leave you any free time is better than having no business and no money, right?

Wrong!

You don’t have to be genius to start a business that not only generates a decent amount of money, but it gives you enough time freedom as well. Those who do enough due diligence and choose a proper business, will have the chance of having a great business that gives them money and time freedom.

Some of them are more hard-working and have been smart enough to spend their time and money on a good business that not only gives them money, time and location freedom, but also has the potential of making a fortune for them (their business is scalable). They can become rich… sometimes very rich. Such a business can be the best business usually launched by the best entrepreneur. If it can be launched with little money, and so it has a lower risk, then is the best business to start ever.

Now, let’s focus on the features of the business that can be started with a small amount of money, while it has a low risk and a high return:

1) Easy and safe to start

A good business has to be very easy to start. The businesses that are too hard and take a lot of time to start, don’t suit you, because it is strongly possible that you give up even before you officially start the business while you have already wasted a lot time and money.

Don’t try to prove to the others that you are a strong and capable person who is able to launch a troublous and tough business. Most of them don’t care at all. It is only you who cares about having a good image in the others’ minds. Don’t be your own enemy and don’t waste your time, money and energy on starting a business that takes away your life and has a low potential to return a good result. Don’t try to reinvent the wheel. It was already invented and is waiting for you to use it the best possible way to have an easier and more comfortable life.

2) Easy to promote, maintain and manage

Maybe a business isn’t that hard to start, but it is too hard to maintain and manage. For example, a grocery store is not too hard to start, but to compete with the other grocery stores, you have to keep it open from 6am to 12pm. Some grocery stores have become 24 hours now. Although you can hire some people to manage the business for you, your supervision is a must otherwise you will end up with lots of stuff and money that get stolen every day.

One of my friends started an ice cream kiosk at the center point of a mall to have some extra money for his retirement. No doubt that he couldn’t expect to become rich through such a business (which is not scalable at all), however, he thought he could save some money to have an easier and more comfortable retirement for his wife and himself.

As he was busy with his other business, he had to hire a few people to maintain the business and serve the customers. After a while I asked him about the business and he replied he wanted to close, because the staff sold one ice cream and stole another one. And, there was no way to prove anything because some customers pay cash which can directly go to the staffs’ pockets.

To manage such a business, he had to be there, but then he had to quit his main business.

This is what you have to think about before starting a business. Is the business that you are starting easy enough to be maintained and managed, and can it be working at the side while you have another business or you work for someone else?

As far as I know, the only businesses that have such a feature, are the ones that can be maintained and managed online. Thanks to the Internet and technology, you can start such a business online. It works 24 hours per day, 7 days per week, without having to have you supervising the business constantly. The other businesses, either need you all the time, or need a reliable and trustworthy person to take care of the business for you.

3) Low risk

A good business shouldn’t be too risky to start and maintain. In some businesses, you have to risk a lot of capital and have a lot of money involved, otherwise they don’t make enough profit for you to make a living with. Some other businesses need a lot of money to invest, but they have a very low return and sometimes a lot of risks.

For example most import businesses are like that. They are risky. First, you have to spend a lot of money to buy the products. Then you will have to spend a lot of money on shipping and insurance. If you do all of these investments while you don’t already have the market to sell the products, you will be in trouble. However, sometimes even when you already have the market, a more affordable and better product attracts more attentions and causes you to lose a lot.

Stock and currency trading are risky businesses as well, and they are becoming riskier every day, because of the special political and economical situation the countries have (learn more).

4) Cheaper to start and maintain

Some businesses are not too risky, but they need a lot of money to start. For example, franchise businesses like MacDonald’s are very safe businesses because they are supported by the franchiser company and they have to be started and maintained based on the franchiser company proven system and business plan, but they are too expensive to start and you have to be a millionaire already to be able to start a franchise business like MacDonald’s or Starbucks.

According to Entrepreneur.com, you have to be able to afford an initial investment of between $1,003,000 and $2,228,000 to start a McDonald’s outlet. And on top of that, a $500,000 liquid cash and a $45,000 initial franchise fee are required. Additionally, there is an ongoing royalty fee of 4% and an ad royalty fee of 4%+.

Read this: Following a Proven Business Plan Is the Success Key

5) Makes a lot of money

A business that doesn’t need a big budget to start, while it is also safe and easy to start and manage, is the best business. However, it has to make a lot of money also, otherwise there is no point to spend any time and money on it.

It needs a lot of money, between $1,003,000 and $2,228,000, to start a MacDonald’s outlet. Maybe you think it is worth to do that, because it will also make a lot of money, but that is not true. It will be a successful business because it works based on the business plan of a too strong and experienced company, but, it doesn’t make you rich, and it doesn’t have the other features that a good and scalable business must have.

A good business must make a lot of money and make you rich, otherwise it is not worth to spend time and money on it. Maybe you say you don’t want to become rich and a business that helps you to make a living is enough. But you are wrong. Such a business doesn’t last for a reasonable period of time and you will have to shut it down and start another business from scratch sooner than later.

A business that doesn’t make a lot of money, and doesn’t have the potential of making more money every month and year, will struggle for a while and will collapse. It is like driving a car with an oil burning engine. The engine will crash sooner than later.

A business that does’t get more demand and doesn’t generate more income every month, and a business that its owner is happy with a fixed amount of income, is literally doomed. Period.

Either start a business that makes you rich, or forget about having your own business and be happy with a 9-5 job.

6) Works on autopilot

Back to the beginning of this article, a business that needs your constant presence and supervision, is not a business… it is your prison.

I know 99% of the business are like that. The owner has to be present. The old fashion and traditional businesses are all like that. Even a dentist has to work every day. I have a friend who is doing good as a dentist, but he says he will have no food on the table if he stops working for 10 days.

But we are living in a different era. Things have changed a lot. People get rich through the ways that didn’t exit 30, 20 or even 10 years ago. New opportunities come and those who make the most of these opportunities are going to be ahead of the others. The Internet has changed everything and it has created new chances to take big steps and have a much better life. You could work as a doctor 30 years ago even without having to advertise on a magazine. Now, nobody walks in your office if you can’t easily be found on Google My Business and Google Local.

We have to forget about the traditional and old fashion jobs and businesses. They are dying and many of them are already dead and buried.

Even traditional websites that were used to be static, are dead and have no use anymore. Instead, dynamic websites like blogs, discussion boards, social bookmarking sites and… that can be updated by the users, have formed the Internet world. I mean, although the Internet is a new phenomenon, its progress speed is in a way that so many things that were used to work even last year, can’t work now and have to be replaced with the new things.

You can easily start a business that works and makes money without you. It is possible through the Internet. You setup the business and everything works on autopilot. Emails will be sent, products will be ordered and delivered, transactions will be handles… automatically.

I am not saying you don’t have to work at all. You have to work to setup and start the business and take it off the ground, but most parts of the work will be done through the Internet automatically, and once the business starts making money and attracting customers, you can work less and enjoy your life.

A good Internet business which is designed and created based on a proper business plan and system, is almost like a small snowball at the beginning. You have to make it and roll it down the hill. It will move and grow by itself. It will make money even when you are asleep, if you take the first steps properly and follow a proven business plan.

7) Grows and makes more money every month

Your business income has to grow from time to time. It has to have the potential of growing and expanding, otherwise it won’t last: Do Not Start a Business that Is Not Scalable

The reason is clear. You are not the only one who has the same business. There are so many other businesses that have been started before yours, and so many others will be started by others who can be more serious and enthusiastic than you. A business that makes a fixed amount of money every month, has fixed number of demands and customers as well. Some new customers come every month, but some old customers leave and will never come back. That is why the business generates a fixed income. All of a sudden, a new competitor in the same niche, can attract more customers than you, and that is the time that your business starts slowing down.

It is too late to resurrect the business at this stage, because most probably you can’t make those customers come back. They are already attracted to another business which is doing better than you. You had to think about this problem, before your business started going down.

You don’t have to compete with anybody to succeed and become better every day. You just need to be better than what you have been the previous day, week and month, to have a better business that grows constantly. This is what you have to do after starting a business and taking it off the ground.

Now the question is whether all businesses have such a capacity to become better and make more money every month?

The answer is no. Most businesses, specially the traditional ones, aren’t like that. If you start such a business and grow it to make it profitable, then you have done as best as you could. Having a fixed amount of monthly profit is great for such businesses, because they can’t go beyond that. Therefore, they are so vulnerable. For example, if you start a coffee shop on one side of the street, and then Starbucks starts an outlet on the other side, you will have to shut down your coffee shop, because it won’t be able to cover the expenses anymore, let alone making profit.

8) Isn’t dependent on a special person, company, market, product, or condition

A good business doesn’t make profit just because it is dependent on a special person intelligence, or a special company products and…

It makes money because it is a strong business itself.

Smart people never depend on any special company or person, not to put all their eggs in one basket. Warren Buffet is the best investor in the world. Although he and Bill Gates are close friends, Warren Buffet has never invested in Microsoft (Bill Gates company) and has never bought Microsoft’s shares. Do you know why?

Because he believes Microsoft’s success is dependent on one person’s intelligence and if this person goes, Microsoft will go down. He has done the same with all the tech companies like Apple. He has never invested in any of them. Instead, he invests in companies that are not too technical and their products are not dependent on the intelligence of some special people.

When your business success and profit depends on a person or company, then your income can go up and down and even vanish by that person or company. It is the same when your business depends on a specific market. For example, realtors make a good profit sometimes, but they suffer whenever the real estate market gets slow or crashes, while there is nothing they can do about. They can just wait for the market to get better again.

It is the same with all the other markets like stock and currency markets. Just a new rule or regulation, or a too strong movement or crash, can stop your income and takes everything down the drain:

A good business should work and make profit under any conditions, no matter if the stock or currency markets go up or down, not based on who is going to be the United States President, not dependent on whether England will stay with the European Union or not, not affected by whether the US dollar remains the world’s first currency or leaves the scene, and not on whether the economy is good or bad.

9) Gives you financial, location and time freedom

This last feature is the summery of all the other features we already discussed. A business that makes a lot of money and its income grows every month, gives you financial freedom. Only a business that can be managed and controlled through the Internet, gives you location freedom, because you can manage it through your laptop and the Internet from anywhere in the world. And, it is the online business that gives you time freedom, because you don’t have to open and close it at any special time of the day. It works 24 hours a day automatically, and you do your job whenever you want.

What Businesses Have the Above Features?

Traditional businesses have none of the above features, or maybe they only have a couple of them. For example, you may be able to start a grocery shop with a low budget, which is good. However, this business doesn’t have the other features. For example, it is not cheap and easy to manage and maintain, because you will have to pay a lot of money for the rent and utilities while you are not making any money yet, and it is not clear when you will start making money to cover the expenses. It is possible that it never makes enough money.

It is the same with most of the other businesses. They need a lot of money to start. At the same time, it takes a long time to take them off the ground. They need a lot of time, money and effort to manage and maintain while it is not clear whether they will become profitable one day or not. They can’t give you time, money and location freedom and they don’t work without you. It means they need your constant presence and supervision.

One of my friends has an ergonomic chairs and tables factory. Their products are sold to big and rich companies because they have a very high quality. They are very expensive too. For example, their cheapest computer desk costs about $5000. They have been promoting the factory for over 15 years and it is not profitable yet. They have invested a lot of money on it. They have put their house on it, just to keep up and not to let it down. But it hasn’t become profitable yet. Unfortunately, when you start such a business, you can’t get back because you’ve already spent lots of time and money on it. You have to go to the end which is usually bankruptcy.

The worst news is that everybody tries to take the advantage of you while you are already in trouble. They have always had problems paying the employees and workers, but at the same time, some of their employees betray them and steal money or things from time to time. While everybody thinks that you are a great business owner because you have a big factory, you are suffering because you are the slave of your business and employees in reality.

Isn’t it stupid and insane?

Albert Einstein:

“Insanity: doing the same thing over and over again and expecting different results.”

And they have been doing this for 15 years, over and over again, and each year they expected to have different results.

Even there are some online businesses that don’t have most of the above features. For example, online shops are like that. The only difference they have with brick and mortar stores is that they sell their products online. It doesn’t make a big difference whether to sell t-shirts in a brick and mortar store, or sell them online. It is a little easier because you can do it from home. But it has most of the other headaches that a traditional business has. For example you have to spend a lot of time on marketing, receiving the orders, and shipping them. It is easier than having a brick and mortar store, but still needs a lot of work, specially when you have to ship the orders on your own.

Some other online businesses have some of the above features, but not the most important ones. For example, online stock or currency trading, gives you location freedom because you can do it through your laptop and the Internet from anywhere in the world. But (1) they are risky and you have to risk a lot of money to have a reasonable income; (2) it is hard to make money through them and it can take several years to become profitable, if you can finally become profitable at all; (3) they strongly depend on the markets, political and economical conditions and governments and also the brokers. So, trading is not a perfect online business as well. Indeed, one can’t rely on trading as long as he hasn’t become consistently profitable. And who knows when he will becomes profitable finally?

Is there any business with all the above features?

Only an Internet based or online business which is established and promoted based on a proven system, can have all the above features. Internet has to be the essential and the main part of such a business whether you like it or not, because it is the Internet that gives time and location freedom. It is also because of the online nature of the business that it will be much cheaper to start, promote and maintain, compared to offline businesses like the franchise ones.

Not all the online businesses have all the above features. Those online business that work based on the well-developed and proven business plans and systems, have all the above features. The proven system that we follow, helps the entrepreneurs start an online business with almost no budget, compared to the other businesses like the franchise ones and all the other traditional and small businesses.

The system takes your business off the ground and starts making money within the shortest possible time. It helps you have more income every month while your business cannot be affected by anything.

How is that possible?

As I said, it is because of the Internet, and the proven system that the business follows, otherwise it couldn’t have the above features. It gives you money, time and location freedom, just because of the Internet and the proven business plan this business has. Keep in mind that, it doesn’t mean you don’t have to work at all. Indeed, there are a lot of things you have to do to start the business and promote it. However, it is much easier compared to the other businesses I talked about them in this articles. You have to be serious and take actions. That is all it needs.

“If you want what the top 1% of the wealthiest people have, then you’ve got to be willing to do what the other 99% of people won’t do.”

Scalability: Do Not Start a Business that Is Not Scalable

Most people love to have their own business, because they are fed up of the job they have. They work long hours and make less than what they expect. Therefore, they think if they start their own business, they will have at least two advantages. First, they will be their own boss. Second, they will have time and money freedom.

These are all good expectations from your own business, but they can be met only when you don’t become the prisoner of your own business. I mean there is no point to leave a 40 hours per week job to work 80 per week on your own business. Yes, you will be your own boss, but you cannot allow yourself to take a day off because the business stops if you do.

The reason of running a business that imprisons its owner is that most people don’t know the difference of a job and business. They think they have a job when they work for someone, but they will have a business if they work for themselves. So, they will be happy when they start a business just because they don’t work for someone else and they have no boss. But sometimes such a business is a lot worse than working for someone else.

So, here is the most important difference of a job and a business:

In a job, you trade your time, attention, and energy away for money. In a business you make your money work hard to make more money.

When you don’t know this, you leave your job and start a business that resembles the same job except it has no boss. Having no boss is a good advantage, but it doesn’t matter when you become the salve of your own business. Having a boss is a lot better than having such a business.

Am I against starting your own business?

Absolutely not. What I am trying to say is that before you run a business, you should learn how it has to be exactly. Here is what you must do:

You should setup a business that works on autopilot and without your presence. Only a slight supervision from your side should be enough. You should start such a business, if you want to start a business.

Warren Buffet owns 100% ownership of 43 major companies (read this). Do you think he refers to each company every day to manage everything? Is that really possible? Absolutely not.

Now you know why most business owners suffer and fail. One of the most important reasons is that they don’t know what a real business is. They have started a business that is their prison. They don’t know how to setup and manage a business that works automatically.

So, before you start a business, just learn not to start a job that has no boss, instead of running a true business.

Is it really possible to run such a business?

Yes, it is, thanks to the Internet.

While even franchise businesses that are the best examples of the successful business models, don’t have such a feature, and as a franchisee you have to work hard to manage your business, it is possible to start an online business that is even more successful while it doesn’t have the hassles and headaches of the franchise businesses, and above all, it 99% works on autopilot. Read this: Following a Proven Business Plan Is the Success Key

Another big difference of a job and a business is that a job is not scalable but a true business is.

What is scalability?

According to Wikipedia:

Scalability is the capability of a system, network, or process to handle a growing amount of work, or its potential to be enlarged in order to accommodate that growth.

Scalability

That is a very important difference. It proves that most businesses are not business and they are just boss-less jobs. It means the only difference they have with a job is that the business owner doesn’t have a boss and he is his own boss as the business owner. But the business is not scalable.

Most business owners work so hard to start a business. Only less than 10% of them are lucky enough to make the business profitable or breakeven. But even those who become profitable, have to struggle so hard to keep a constant profit. They cannot expand, grow and increase the profit.

Maybe you say that this is still better than having no business. But there is something that you didn’t consider here: A business that can only have a constant amount of profit, will fail if the business owner slows down, or when a stronger competitor comes. I mean it cannot survive and will have to be stopped sooner than later. Either the business owner will get burned out because of working hard, or a stronger competitor comes and attracts all the customers.

Maybe you have a business which is not scalable, and so it is not a true business indeed. It is a different version of job. Be careful if your business is not scalable and you have a constant amount of monthly profit. Don’t be happy with such a business. Either make it scalable or run a scalable business before your current business goes down.

Also, if you are thinking about starting a business, you should think about its scalability first, whether your future business will be scalable or not? There is no point to spend time and money on starting a business that is not scalable because it will fail even after becoming profitable.

Struggling Business

Restaurants are the best examples of the businesses that are not scalable. The lucky ones can cover the expenses after a while and make some profit. But after a while of promoting and advertisement, the profit reaches its maximum level and doesn’t increase anymore. A restaurant with, for example, 12 tables, has a limited capacity and cannot make money more than a special limit.

However, the restaurant owners who are talented enough, create and promote a brand. Once the brand become famous, they establish more branches. This is how you can scalable a business that is not scalable at the beginning. Being happy with a fixed profit ends up to bankruptcy.

How many of the restaurant owners are lucky and talented enough to scalable their business the way I explained above? Maybe even less than 1%.

Over 90% of them close the restaurant after a while of struggling and losing money. Less than 10% of them can cover their expenses and become profitable after a while. But many of them cannot keep going because of the new competitors. Only some of them keep making profit for some time, just because luckily no strong competitor starts a restaurant in the same area. But they are always at risk.

This is the limit that physical businesses have. But the Internet has made it possible to start the online businesses that are 100% scalable. The more people turn on their computers and start using the Internet, the more money the scalable online businesses make.

Of course, not all of the online businesses are scalable. Many of them are like physical businesses, but they just use the Internet to offer their products and services. Selling through the Internet doesn’t mean that the business is scalable.

Learn more about the automated and scalable online businesses that give you money, time and location freedom:

  1. The Easiest Way to Get Rich Fast
  2. Following a Proven Business Plan Is the Success Key

Following a Proven Business Plan Is the Success Key

What most people know about business and making money through a business, is absolutely insufficient, obsolete and wrong. In spite of this, they run a business and not only expect to make a living but also want to make a fortune and become rich through it. That is why most businesses are doomed. They are opened and managed by people who know nothing about business.

According to US Bureau of Labor Statistics:

Only half of all new establishments survive five years or more, and only one-third survive 10 years or more.

Forbes: 8 Out of 10 Business Fail Because of Having No Proven Business Plan.

The above stats is about the small businesses that are the businesses that have less than 500 employees. It means, even if you have 450 employees, your business is still known as a small business, and there is a less than 20% chance to succeed and survive.

Many business startups fail.

There are some other businesses that have a much lower success rate.

For example, you always hear that over 95% of the currency and stock traders lose. However, being in touch with so many stock and currency traders have proven that there are far less number of consistently profitable traders who make a profit every month, and, only some of those who are consistently profitable, are full-time traders because they think they can’t trust the trading as a full-time job.

One of our most recent articles and the data we collected from the users, revealed that the number of consistently profitable traders is far less than what most people think. Only 1.47% have confirmed that they consistently make money through FX trading, every month, and 2275 out of 2309 traders have confirmed that they are not consistently profitable.

There is no doubt that most of them not only aren’t consistently profitable, but they lose money, and many of them have already wiped out their accounts at least a few times.

Additionally, only 1.17% have confirmed that they are full-time traders who make a living through trading. It means, the probability of making a living through trading, is less than 1.5% in general. Please note that many of those who haven’t become consistently profitable yet, have been learning and practicing for several years.

Poor trading business success rate

Trading is not a preferred full time job.

I am not going to talk about the reasons for most traders failures in this article because I have already talked about it a lot. Trading is completely different from the other businesses and is strongly dependent on the traders’ mindset and several outside factors at the same time.

It means while a trader’s mind has to be completely fine-tuned and balanced for trading, it is the markets that can give the trader a chance to make some money, and money doesn’t come based on the trader’s hard-working and effort. Whereas in the other businesses, there is a higher chance of making more profit and having more success, the more you work and spend time and energy. Therefore, the reasons for the traders’ failure and success are different from all the other businesses.

In this article, I am talking about the reasons of the other businesses failure, and then I will talk about the most success businesses and the reasons for their success. Then I will tell you how to make money through the successful businesses and guarantee your success through following the “Proven Business Plan” they have.

The route you follow to make a living, and also the goals you have, are your own choice. However, it is wiser to follow the routes that have a higher success probability and a lower risk than the others. We like this website to be focused on all the best businesses that not only you can make a living, but also you can make a fortune with. That is why our website was changed from FxKeys to LuckScout to cover more business related topics, not just trading.

Sticking to something that hardly works for majority, is insane, according to Einstein:

Insanity: doing the same thing over and over again and expecting different results.”

According to Einstein, those who have been focused on trading for so many years are doing without getting any results, are insane because they are doing the same thing over and over again expecting to make a living and even become rich.

One of them who is a close friend of mine, learned this the hard way. He has been trading for over 25 years, making some profits through stock and currency trading sometimes. But he has been a loser overall. Finally he lost 80-90% of his retirement savings in Germany’s stock market. I had warned him that trading wasn’t for him and he couldn’t be a trader, but he never listened. Finally, he lost a lot of money and his wife and family as well, because he stupidly repeated the same thing over and over again and expected different results (his wife divorced after that big loss, because it was her retirement savings too.)

Anyways!

Why Do Some Businesses Are So Successful Compared to the Others?

Because they have a well-developed and proven system and a proven business plan, which has been optimized and upgraded for years and known to work very well.

What Are Those Successful Businesses?

According to IFA or International Franchise Association, 90% of franchisees renew their agreements at the end of their contracts (I am not going to encourage you to become a franchisee. I am just analyzing a successful business model and then will tell you what I mean.)

Franchisees are people who buy into a franchise business and leverage someone else’s proven business model.

According to Franchise Business Review:

  • 90% of franchisees enjoy operating their business
  • 88% of franchisees enjoy being part of an organization
  • 85% of franchisees feel positive about their affiliation with their franchisor
  • 80% of franchisees feel their franchisor operates with a high level of honesty
  • 78% of franchisees would recommend their franchise brand to others
  • 73% of franchisees would “do it all over again” if they had the option

This raises important questions: Why do franchises have such a high success rate? Why do franchisees respect this business model and their franchisors? Why are they keen to keep working their franchise?

And… why is it the other way round with other business owners and businesses?

In comparison, according to US Bureau of Labour Statistics, about half of all new establishments only survive five years or more and about one-third survive 10 years or more. The hard reality is that half of new establishments can’t survive past five years and they go bankrupt and close.

According to Bloomberg, 8 out of 10 entrepreneurs who start businesses, fail within the first 18 months.

This means 80% of them are bankrupt in less than 18 months. Many others will go bankrupt after 18 months.

According to the below chart, 79.6% of the businesses that started in 1994 continued to the next year. And only 19.5% of them last until 2015. It is the same with the all the years after. All years have the same pattern. The reason is that all of those who start a business make the same mistakes. I mean people are not getting better in running a business. They are still making the same mistakes.

Small Business Survival

So Why Are Franchises So Different?

Because franchise businesses have something independent businesses do not. Franchises operate using a “Proven Business Plan.”

Franchise businesses have a well-developed and strong system and a proven business plan, which has been optimized and upgraded for years and known to work very well.

Traders also follow some special plans or trading strategies (systems) to trade. Then why does trading have such a low success rate among people?

As I mentioned earlier, I don’t want to talk about the reasons of traders failure in this post. However, I can give a short answer to this question here:

The reason is that

(1) Most traders trade with real money while they haven’t mastered their trading system.

(2) Haven’t developed a proper mental and psychological status for themselves yet.

(3) Traders have to wait for the markets to give them a chance to make some money, and they can’t make money based on their own efforts.

(4) Sometimes the markets’ special conditions and movements ruin the results of several months or even years of traders’ efforts. The January 15th, 2015 tsunami and then the June 24th, 2016 (BREXIT) are some good examples.

(5) Brokers have a key role in traders success and failure (read this).

(6) Political and economic conditions have a high impact on traders’ business; for example elections, wars, sanctions, even rumors like having a global currency and… can affect the markets.

(7) Governments and the regulations they apply can easily determine whether the traders can make money or not. For example the FIFA or first in first out rule (you must close the oldest open trade when there are several open trades), or the rule that US traders can only open a live account with US brokers, and the new rules and regulations that come every day… they all make it harder to make money through trading.

Therefore, there are too many factors involved in traders success that most of them are not under the traders’ control.

Anyways!

As I said, franchise businesses have a well-developed system and a proven business plan. When someone decides to join a franchise company like McDonald’s and becomes a franchisee, he has to take and graduate from special training courses that teach him how to run and manage a McDonald’s outlet, before ever being permitted to run his outlet.

The McDonald’s company supports him to operate the outlet. They provide everything, all the equipment, and tools, along with close and direct support and guidance. They even help him choose the best location to establish the new outlet.

When the outlet is launched, the company will keep on supporting and helping the franchisee, so as to enable him to manage and promote his franchise business in the best possible way and with the highest possible profit.

Therefore, the franchisee can’t go wrong. He is not dependent on just his own experience and knowledge, which is not enough in 99% of cases. He has a mentor who is dedicated to showing him the way and supporting him along the way.

However, when someone decides to run a business on his own, he has to do everything by himself. There is no doubt that in most cases he won’t be able to get the business off the ground and he will close after a short while. That is why 8 out of 10 entrepreneurs who start businesses end up failing within the first 18 months. These businesses are dependent on the knowledge and experience of an owner, and they are not supervised by a big and financially robust company, such as a franchise company like McDonald’s or Starbucks.

Although I explained that the franchise business model has a high success rate, I am not going to encourage you to become a franchisee.

Do you know why?

Because there is something about becoming a franchisee that I haven’t told you yet.

Click on the above image.

According to Entrepreneur.com, you have to be able to afford an initial investment of between $1,003,000 and $2,228,000 to run a McDonald’s outlet. And on top of that, a $500,000 liquid cash and a $45,000 initial franchise fee are required.

Additionally, there is an ongoing royalty fee of 4% and an ad royalty fee of 4%+.

It is almost the same scenario with the other franchises. Many of them, like Hampton by Hilton are a lot more expensive:

  • $4,213,600 – $14,896,500 initial investment
  • $75,000 initial franchise fee
  • Ongoing royalty fee of 6%
  • Ad royalty fee of 4%

Therefore, you already have to be a millionaire to run a McDonald’s outlet or a Hilton hotel.

There are many other franchises that are cheaper, but none of them are free. You have to have a lot of money to become their franchisee.

In spite of having such a high success rate, the financial requirements that running a franchise business entails are out of reach for many, and thus, most people stay away from this type of business. You have to have a lot of money already, in order to make money with a franchise business.

The rich get richer and the poor get poorer…

But keep in mind, though, most of those who are rich now, were once poor. Their proper mindset and positive mental attitude helped them take action and find the best way and the right methods of becoming wealthy. Many of them made mistakes and fell down numerous times, but they got right back up again and kept on going, until they made their dreams come true.

Fortunately, you don’t have to follow in their footsteps and try to navigate the challenges and work through all the hard and complicated stages they passed. Thanks to modern technology, you can make a fortune sitting at your personal computer and working by means of the Internet.

How?

Instead of spending so much money on running a franchise business, and then working long hours to maintain and promote it, you can follow “Proven Business Plan” that work via the Internet.

Compared to franchise businesses like McDonald’s, online proven systems and business plans are inexpensive and almost free to join, so it is much easier to start making money.

Above all, you receive training and support with most of these, even better than what franchise companies offer to their franchisees.

And more exciting still: there is a much higher potential of making money with online proven business plans. Most provide a team of experienced coaches ready to support and guide you step by step, from the first day that you join, until you start making money.

Now, like the online systems, I mentioned that we have a proven online system. It exists and we have been working with it for a while. There are, in fact, many who have already made and are still making a lot of money using this system.

Our system is well-developed and it’s a proven system similar to the systems that franchise companies utilize, but with important differences…

(1) It is almost free to join and you can start making money with it, as compared to franchise businesses that require a lot of money at start-up and more money to keep the ball rolling.

(2) This program can generate a lot more money, compared to most of the franchise businesses.

(3) It is much easier to work at this program, promote and maintain it; whereas having a franchise business is sometimes 24 hours a day, 7 days a week, non-stop work because you always have to supervise, even when you are home, to ensure staff does their jobs and in order to say on top of other problems that may arise.

(4) This program has a team that offers much stronger and better support, which makes it much easier to train and learn what is needed to start the work.

(5) No need for non-stop supervision. Once it is a launched, this is a system that works on its own and makes money even when you are asleep. Your income is safe and secure and you receive it without hassles and problems.

(6) You benefit and gain time, location and financial freedom, whereas a franchise business ties your hands with a lot of work and management tasks.

(7) This system generates residual income for you. That means the money keeps on coming in even when you stop working; whereas with other businesses, including some of the best franchise businesses, your income vanishes almost as soon as you stop working.

In general, our system sees a much higher success rate compared to the best and most successful proven business plans/systems (franchises), with a lot more advantages and a much higher income potential, and with none of the disadvantages and hassles that are part-and-parcel of franchise businesses.

Please note that this doesn’t mean that our system is a 100% set-and-forget system that doesn’t require your time and effort. You do need to take certain steps and spend some time every day, but this system is much easier than a franchise business would be.

Our system is designed in such a way that it generates residual income for you. The money keeps coming even if you stop working.

Compared to currency or stock trading or other franchise-type businesses, wherein your income stops if you stop working, this business continues making money even if you stop working after a while. And it doesn’t involve some of the risks and hazards that may arise with trading and other types of businesses.

Robert Kiyosaki:

“The thing that scares me right now is that we have never had so many people in the history of the world betting their retirements on the stock market… and they have bet real money… 

and… trust me… the market will crash… always has and always will.”

While a sudden and big price movement can leave a negative balance in your trading account, which is your liability to pay to the broker (you will be prosecuted by the broker if you don’t), our proven system makes money, no matter if the stock or currency markets go up or down, not based on who is going to be the United States President, not dependent on whether England will stay with the European Union or not, not affected by whether the US dollar remains the world’s first currency or leaves the scene, and not on whether the economy is good or bad.

Before you suggest this so-called “Proven System” may be an MLM or some type of questionable scheme or illegal scam, let us assure you that it has nothing to do with MLM and multi-level marketing or pyramid schemes. It is completely legitimate and a legal business.

When the first franchise model was introduced, people ridiculed it and said that it was a scam, but now, most people dream of having a franchise business like Starbucks or McDonald’s.

The same could be said of our online business. Some people might figure our program sounds too good to be true. But we live in a world where new and exciting things emerge every day and the Internet has enabled us to forge new paths and create wonderful things.

Thanks to the Internet, people are positioned to make a lot of money, without having to leave their comfortable homes. People can get rich nowadays, through different channels and as compared to 20 or even 10 years ago.

The system is designed in such a way that it promotes your business and makes money for you even while you sleep.

A large and capable support team follows up with the business and does everything that has to be done behind the scenes.

Making money, becoming rich, and finally becoming financially free couldn’t be easier. You can make millions of dollars by following our “Proven Business Plan.”

By now, you may be wondering what this business is exactly.

While I could explain it in more depth here, I prefer that you learn more about this business with the help of your personal coach. This way, any questions you have are answered by talking with a real person one-on-one. This ensures that you aren’t confused, have all the right information, and thus you will gain a much clearer picture. And all with no risk to you. Once you sign up, your personal coach will contact you and will show you the way and will teach you what to do.

Here I just gave you a good overview. I’ve explained how our proven system differs from riskier and/or more expensive ventures, why it’s more advantageous to you from a cost standpoint, plus I’ve detailed some of the many benefits that can be yours. And, as I’ve mentioned, you don’t have to flounder on your own, hoping to get things right, because your coach will guide you and help you take the right steps, so you don’t waste your time and money and you master the system very easily. Truly, there is nothing to lose and everything to gain.

In addition to the training you will receive from your personal coach, and the support you receive from the support teams, you will receive many other FREE services from us when you join our program.

Our free services help you boost your online business and make a lot more money, both in the short and long-term. These services will help you generate more residual income, which is so sought after and so valuable.

Our proven business plan is for those who are SERIOUS about becoming rich.

It is for those who want to take their lives to a higher level. Our powerful system is designed for those who desire to stand head and shoulders above the 99% who will stay right where they’ve always been, struggling to just get by and watching their dreams disappear almost as fast as their paychecks.

If you want to have a different life, you have to think and behave differently. You have to be brave enough to take action.

Many of those who have risen higher than average people, not only dreamed bigger, they took on many challenges to get where they are now. You are lucky, because you won’t be faced with so many challenges. You just need to decide to act. Our team will help you to reach your destination within the shortest possible time and we’ve made the process as easy as possible.

As long as you aren’t brave enough to take some type of action, you will remain where you are right now.

There is no shortcut to success and there is no magic trick for a great life. Most probably you are not going to win a lottery to become rich or at least have a better life than what you have now.

What you have to do is take action. Luck comes to those who are brave enough to take the initial steps and who are willing to take risks.

“The harder you work, the luckier you get.”

You are luckier and better-positioned than those who, 30, 20 or even 10 years ago, were where you are right now. You have many things they didn’t. They had to take risks and overcome challenges and it was much harder for them. Thanks to the Internet and our proven system, it has become much easier for you to become rich and financially free.

So, take action now and make it possible. Do what it takes to change your life and your financial future.

Opportunities are like the clouds in the sky. They don’t last forever; they come and they go. You have to make the most of opportunities, when they are available, while they last, and while you still have time.

Take action right now. Tomorrow may be too late.

“Don’t wait around for things to be just right,
don’t wait for things to be perfect,
don’t wait for the ideal situation,
because it will never be ideal…

Take this opportunity today…

It might not be here next year,

it might not be here next week,

it might not be here tomorrow.

This is the only moment that you have… ACT NOW.”

This opportunity is being offered to our followers now. Click Here to learn more about it and/or to sign up and start making money.

Apple Mission Statement: Steve Jobs Mission Was to Change the World

The Apple mission statement in many ways defines the brand that Apple has come to be regarded as in today’s world.

Quite like many other global biggies, it’s mission statement is often considered the base of its stupendous global success.

It remarks the retaining their position as the undisputed kings of modern innovation.

The company that Steve Jobs set up way back in the 1970s.

Today it is one of the world’s most successful and valuable brands.

People know it for the ultimate elegance and efficiency of the brand, Apple.

These typical features are often considered as the key identity of the brand.

However, they are also linked to what Apple mission statement is.

The Continuous Change

Needless to mention one of the biggest aspects of its vision is the continuous change that is the order of life.

It has undertaken many changes in mission statement.

These changes include the original one that Steve Jobs wrote a long time ago.

No doubt the company’s mission, incorporates not just its current business ethos and principles.

It is perhaps one of the brightest examples of the continuous change and innovation.

The changes and innovations are underway at Apple.

They remain its edge over peers in terms of everything from design to delivery.

Just analyze the apple mission statement and its role in charting out a company’s success deeper.

If so, you would realize that the Apple Inc mission statement is an appropriate tool to highlight the growth strategy.

The Apple’s growth strategy is very important.

It is also important to know how it manages to retain its success mantra.

Apple is the continuous chain of creating and designing of such great examples of human brilliance.

They have mixed this with the pace of product development.

No doubt that this is a wonderful manifestation of both the need and the effectiveness of a great mission statement.

It always manages to highlight the biggest growth drivers of a firm.

Apple Mission Statement Embodying the Change It Manifests

Apple Mission Statement

The Apple mission statement that we see now perhaps highlights the most telling change that the company has seen in recent times.

For example, the change of guard and the sad demise of its maverick and brilliant founder, Steve Jobs.

Tim Cook took charge and has been continuously on the whole journey of steering this iconic company towards greater and better successes.

Whether you talk of product innovation or the pace of making new elements available in the market, Tim Cook has not let the pace slow down and kept his focus on the business basics.

The Apple mission statement says,

“We believe that we are on the face of the earth to make great products and that’s not changing….We believe in saying no to thousands of projects, so that we can really focus on the few that are truly important and meaningful to us. And I think regardless of who is in what job those values are so embedded in this company that Apple will do extremely well.”

That in many ways perhaps is the most telling point and as a key reason why this mission statement is so unlike any other that you might have come across.

Well, the Apple mission statement does not just highlight the company’s motto.

It also covers the zeitgeist that guides the very spirit of workmanship in the entire company.

The value is outlined in the entire statement.

It is the driving mantra for the complete workforce in the organization.

There is no doubt they can maintain the entire legacy of churning out such revolutionary.

They can also drop dead gorgeous looking devices that have today become a standard in themselves.

Remember how owning an Apple product is often seen as a means of satisfying one’s aspirations of being rich, successful and immensely influential.

Detailing in the Mission Statement

Apple Vision and Mission Statements

Another striking element about the Apple mission statement is no doubt its length.

In a tryst to break away from tradition, the current mission statement is rather long.

The question then is how it manages to appeal to such a wide range of potential customers and readers who read through this detailed mission.

Well, for starters it is direct.

It does include a huge amount of fact and details.

However, it is all woven together as an extension of a single thought and portrayal of one fundamental idea that is guiding the company, ‘innovation’.

Moreover, this vision statement emphasizes the overall simplicity in their approach and its implementation in their ultimate execution.

Apple is, after all, famous for creating user friendly products.

Their products are not just easy to use but also extremely practical.

It also highlights their sharp business sense and a keen focus on the kind of markets they are going to expose their recent launch.

Apple also uses it to highlight their biggest principle, that of inclusive growth and sharing their success with their employees.

Their employees work as a collaborative force in guaranteeing Apple’s unbridled success.

The Apple mission statement clearly highlights that key aspect.

One look at it is in many ways more than sufficient to properly understand the growth direction that the company is charting out going forward in the future.

Such a detailed mission from Apple’s new chief also helps other stakeholders guide the core company to a greater and a continuous success route.

It often works to encourage employees and influences policy makers into following the statement word to word for reaching the desired end as per the desired path that they decided upon eventually.

Apple Value Their Employees

The Apple mission statement, therefore encompasses the success mantra that is driving growth.

However, it also covers the biggest principles that have made the company the market leader in innovation:

They value their employees and nurture the human resource at their disposal with love and care.

It specifically outlines the company’s dos and don’ts.

It does not leave any scope for any kind of ambiguity in the entire game plan.

Therefore, it reflects transparency and a strong commitment to excellence that only serves to strengthen their commitment towards maintaining clear relationship with clients, customers and teachers alike.

Along with being comprehensive, it is also an indicator of the future trend the kind of challenges that such a situation might throw up.

Of course, the scope to widen the provisions of the program has anyway featured in the core planning perspective.

Therefore, the Apple mission statement remains a brilliant example of the perfect marriage between innovation and effective communication.

Run a Successful Bank Branch and Make a Lot of Money

Banking today has undergone major changes. Be it the advent of online banking or the popularity of relationship manager or the growing demand of mobile banking, it is not surprising to see old norms giving way to new techniques, earlier sensibilities being replaced by new age beliefs but one aspect continues to remain constant. That is the accessibility and convenience of going to your branch bank. Even till date most of us prefer just dropping by the neighborhood branch for our regular needs and day to day banking affairs.

Even from the bank’s perspective, the branch bank is the best platform to establish a lasting relationship with the customers. Also, the banking staff’s rapport with the local customers is often instrumental in increasing the foot fall. I have even heard of instances when a famous global banking chain decided to ease the dress code in one of its local branch in South Asia in an effort to connect better with the local villagers and this actually resulted in a significant rise in the overall subscriber base for the bank in question.

This example clearly proves a fundamental point that starting a branch successfully often holds the key to a successful future for a bank. Almost like connecting dots on a piecemeal basis, these individual banking initiatives is what propels lasting and meaningful insights into a bank’s overall development.

Key Operational Strategy

Before we get on to learn the fundamentals of starting a bank branch, we need to get a grasp on the fundamental thought process and strategy that banks employ to make the branch a success.

At the very behest, you must understand that the essence of retail banking is all about the art of developing a profitable relationship between the customer and the bank branch. After all a branch continues to be the best place for the bank to realize its objective and execute its banking strategies despite the development of the many virtual means of establishing connect with the end user.

The three key branch strategies are surprisingly similar across the world transcending boundaries galore, cultural, continental and other location based discrepancies. The big three, as I prefer to term them, comprise of

  • Area
  • Aesthetics
  • Engagement

Area

The first and foremost in that list is obviously the area or the location of the bank branch. It is a multi-faceted decision that can many times make or break the branch’s future. The ease of use, convenience in travelling and accessibility sure plays a crucial role in influencing the footfall.

Aesthetics

Next comes the fact that how aesthetics play into the whole scheme of things to enhance your banking experience. Imagine coming to a drab and dull ban as compared to a well-lit bright office space. I am sure you will always prefer the latter experience. Therefore, it is crucial to design your bank branch in a way that it addresses both customer expectation as well as pays attention to the needs of the employees. Another aspect is the investment done to decorate or design the branch should be at par with the potential return on investment.

Engagement

Engagement is the third crucial pillar of success for any banking venture. Visualize a outlet from the hospitality sector. Have you noticed the level of engagement the hotel staff would have even with the most reclusive of the lobby guest or the politeness and patience with which an air hostess speaks even with a rude passenger. Well, that is the type of engagement that even bank branches should strive to achieve. Often the interaction that a customer has goes a long way in influencing their future banking decisions.

We have been noticing an increasing trend of customers shying away from IVR or customer care facilities on phone. One key reason for this is the inability of the person who takes those calls in connecting with the customer on a one to one basis. This problem is easily resolved by a smiling executive at the branch office of the bank. The branch and its staff provide a tangible experience to the customers, and even the memory of this could often drive significant gains and record increased footfall for the bank.

The Growth Drivers

Now that the strategy aspect is clear, we now move on to the next one and this involves the growth drivers that can help you effectively start a branch bank, the challenges involved and the ways to overcome these. You must understand that running a branch involves its own individual set of targets, which though broadly similar, are very individualistic in nature and need to be dealt with differently depending on the area and the local demands. While the one solution fits all approach needs to be shunned, here is a look at some of the basics that every branch should exercise.

Team Meetings

Whether yours is a new branch or a well established one, to involve the team has to be one of the primary mantras for the effective functioning of any branch. One of the basic and easiest ways to engage the team are the regular team meetings. A competent branch manager would schedule these every morning before the bank opens to take stock of the day, discuss the plan of action for the day and set the deliverables for each employee. This helps the employees get an idea of what is expected from each one of them, and they can also set their own targets to achieve the list of deliverables set for them.

These meetings are very effective in enhancing customer service of a specific branch and identifying lapses and loopholes that need to be plugged. As a result of better customer service, business projections too get a fillip. Employees also get the confidence to think big and deliver bigger. Procedures and policy matters too get a patient hearing in these meetings and can sometimes be instrumental in complete revamp of the inefficient policies or now redundant procedures.

Training Session For Employees

Many a crisis that a branch faces is averted as a result of the efficiency with which an employee deals with it. Most times we see that efficiency in banking services come with experience and dogged perseverance. However, branches often face a unique type of attrition. Well-trained staff normally moves out and experience hands avoid joining new branches.

This sheer absence of experience can be dealt better with the help of well designed and effective training sessions. Employees will be taught the ways to identify between a good cheque and a bad cheque. Ways to identify counterfeit money from real money is crucial in improving both the bank’s bottom line as well as the credibility that one comes to associate with a branch. Interacting with people instantly they should be able to understand how to sell products and who to sell products.

Also, these training sessions are at times very effective in the sale of the wide range of financial products that might be on offer. With effective training, employees learn to pitch their products better and also are able to better identify the prospective client base amidst the huge milieu of clientele that might be thronging the bank.

Engage With Customers, Better Customer Service

In today’s world, whether you run a bank or sell potatoes, the customer is king. If you are not able to woo the customer better, you are no good despite the brilliance of your product. Let’s face it no one wants to do business in a place where they have to deal with a grumpy face on the other side of the counter.

Thus, a successful branch instills a set of best practices for its employees, and the primary one is greeting customers with a smile, exchanging pleasantries with them and making them feel comfortable in the branch. Stuff like getting a chair for an aged customer or helping a handicapped customer wrap up the bank work quickly perhaps cost nothing but can go a long way in helping a bank branch stand taller than its peers.

It is surprising how so many customers prefer to stay with a certain bank essentially because of the quality of the customer service and the comfort level they share with the branch staff. Always make sure that all the customer’s requirements and needs are addressed before they leave the teller desk. In smaller area, the branch manager often becomes like a crucial pillar of the society, the trusted loan officer who never disappoints you.

Cross Selling Is Crucial

It is very important that employees learn and exercise the merits of cross selling. Bank tellers and sales executive need to coordinate and cross-sell the wide variety of products on offer. Once the customer’s requirements are addressed, they should give them information about the new launches and the current offers.

Just a simple interaction with a customer should be sufficient for a branch employee gauge the kind of products that can be pitched or the type of service that might interest the customer. Recognizing a customer’s need based on their actions and words is crucial to furthering business and business prospects for a branch.

What is surprising is often these can be simple, matter of fact conversations. Supposing you have a customer who has a child going to college or about to start higher studies, ask if they need an educational loan. If a certain customer comes to you complaining about overdraft fees, it could be a good time to offer overdraft protection. There are instances when some customers might mention that they are retiring soon. Don’t miss the opportunity, check if they would like to roll over their account post retirement.

While on the face of it these are simple tactics to woo customers, collectively they can go a long way in enhancing the branch’s business generation prospects.

Create A Sales Plan

Make a dynamic plan that all employees in the bank need to contribute to. This should encompass a proper list f potential new customers and prospective candidates for cross-selling products. Close monitoring of this plan is crucial to ensure that the right set of customers are pursued for their individual needs and this will lead to more effective translation of sales meetings to actual business as opposed to mindless persual of the entire customer base, in the same way.

Benefits of Networking

The challenges of present day competition are often dictating myriad decisions in the business world. Gone are the days when the branch manger could relax within the four walls of his branch bank and wait for business to walk in. The stiff competition and the plethora of players involved has made it very important for the branch manager to venture out and mingle with people, establishing one on one relationships with them and further cementing the ties.

The chambers of commerce, rotary club, social gatherings are all potentially strong business generation points when explored properly. They can open up huge avenues for long-term gains and you can charm potential clients with your unique one on one approach. In a world that is becoming increasingly device dependant and impersonal voice directing day to day actions through machines, a warm handshake or a pleasant smile could in fact go a long way in boosting lifelong ties with simple beginnings like opening an account in your neighboring branch.

Motivating Staff

The branch manager, needless to mention plays the most crucial role in effective functioning of a bank branch. Not only do they need to go out and woo potential customers but also do some motivation in house. He or she must be respectful towards each and every employee and motivate them for a better performance.

A personalized word of encouragement or a simple thank you for doing their jobs can often motivate experience employees from shifting elsewhere and continuing with the same branch for years. Ultimately this goes a long way in furthering the particular branch’s prospects in playing a crucial role in enhancing business of the overall bank.

Concluding

Thus, it would not be wrong to conclude that effective methodology for running a bank branch needs to comprise of a balanced approach. While a personal one to one relation should not be overdone to the point where the customer is striving to get breathing place, every transaction should not be left to be dealt with virtually either.

Customers need to feel the difference and uniqueness in the branch’s business delivery the moment they step in, and they should be tempted to further the business prospects with them.

Last but not the least, learn to optimize the physical space and get in the right set of people to woo the right type of customers who would be interested in transactions with your bank.

8 Ways Banks Make Money

It might strike you odd if you come face to face with this question, ‘how do banks make money?’ Yes, indeed, the bank is more like the safety vault of our money, so the fundamental question is how and why does it need to make money?

Well, a basic fact that we cannot afford to forget is that banks are after all businesses and they have myriad expenses and need funds to support all the staff that they need to hire for their effective functioning. It is, therefore, very important to understand how banks make money?

Basics Of Banking

The marketplace is full of various types of products and services. You have to understand that exactly in that way the bank is like a shop that buys and sells money in various forms like loans, deposits, certificates of deposit and many other types of financial products.

In common terms, a bank’s fundamental business is borrowing and lending money. Their earnings comprise of the interest that they earn from independent customers. The interest at which they lend money is always higher than what they borrow money at. This difference in interest rate is what comprises a chunk of the funds earned by both commercial and retail banks. They essentially borrow money from other customers who deposit their hard earned cash in the bank for safekeeping.

In that context, the rate of interest that a bank charges is entirely dependent on the demand and supply dynamics for a particular amount, the number of people who are ready to borrow the amount and the exact amount that the bank can spare as loan. Not just the bank’s availability, but the loan eligibility of every person is dependent on certain norms specified by the country’s central bank. This is because loaning money can be extremely risky business and there never any certainty that the bank will actually get back the amount that is being loaned.

Banks also charge customers a certain amount as charges or fees for taking care of the bank accounts of individual customers. There are few other miscellaneous charges levied by the bank like charges levied for overdraft facilities or cheque facilities and the like.

In case of investment banks there are some additional services like advising firms about their investment decisions, doing initial public offers or share issues that enable companies to list on the exchanges, underwriting IPO issues and levying consultation charges on all of these. They also trade equities and have open forex and debt positions in the market to expand their wealth base.

There are many other services that a bank caters to and levies charges on like teller services, checking statements and account balance, accessing the bank account from any ATM which might not belong to the parent bank and the like. Apart from these, the loans that a bank processes also have a separate set of fee structure levied on all the various types of loans that are issued.

The Various Tools of Raising Funds for A Bank

In that context, it is particularly interesting to look at the various heads through which the bank raises funds.

Levying Interest Rate on Loans

With rising aspiration levels, consumers are trying to look at unique ways of realizing their dream car, house and many such materialistic ambitions. One of the easiest and non-complicated ways of receiving this dream is a bank loan. There are a wide range of loans that are on offer from home loans to car loans, personal loans, travel loans and loans for investing in securities. The bank levies varying degrees of interest rates on different types of loans depending on the duration of the loan and the amount of loan involved.

Normally the rate of interest at which the loan is issued is generally lower than the interest the bank offers on deposits that its consumers make. It is this difference in the rate of interest and the interest earned in servicing the loan that works as one of the primary sources of raising money for a bank.

Even the interest rate that a bank offers on deposits helps it attract new customers to do business with the bank and all the processing and banking fees involved in the process of initiating the deposit is also a source of fund for the bank.

Service Charges

This essentially brings us to the next source of fund for a bank. Think about it when you open a bank account, there are number of fees that you need to pay for getting an account serviced. From processing fees to service charges to loan fees, it is an endless labyrinth of fees. When standalone these are extremely nominal amount, when accumulated this becomes a significantly large sum.

The bank needs this huge amount to pay wages and salaries of the huge employee base that they normally have. The bank needs to maintain this kind of a huge employee base to ensure that customers get a complete range of personalized service.

Many customers who might be shying away from putting their huge deposits in banks due to their inexperience in dealing with banking processes can be attracted in this manner. This kind of personalized service woos them to bring their savings to the bank and take advantage of the lucrative interest rate benefits. Needless to mention it is all the service charges collected as a result of these services is what funds the bank’s expenses.

Increasing Footfall

Think of a shopping mall, if you do not have the required number of customers coming in everyday, buying stuff, eating food at the food courts, availing the services offered by the many stalls that are set up there, what would happen? The shopping mall would eventually close down, and the businessmen would have to wrap up their business very soon.

Now, the same principle applies to a bank. The customer base is any bank’s backbone. Without the target number of customer base, proper functioning of a bank is absolutely impossible. That is why it becomes very important for a bank to nurture its customer base to make money.

When a customer walks into a bank, it is not just one service they look at. Normally there are advertisements of multiple range of service that the bank might be offering and many times when a customer walks in he or she might be wooed into availing another service about which they might not have given any thought till that time.

Thus the amount of money that a bank makes is directly proportional to the total amount of customers it is able to attract and the range of service it is able to attract.

Interbank Lending

Another very popular mode of earning money for a bank is through the rate of interest earned via inter-bank lending. In simpler terms, it means that when one bank lends money to another bank, a certain amount of interest is levied on it. This directly goes into the bank’s kitty of funds that it raises for its effective functioning and faultless maintenance. The steady fund inflow is one of the most fundamental triggers to maintain this service record and attract additional customers.

Most of this lending is for the short-term, sometimes just overnight loans and at times extending for 3 months also. These loans are essentially for addressing a bank’s daily liquidity needs and day to day expenses and payouts that might be lined up on a daily basis. The benefit of an inter-bank lending for the borrower bank is the fact that rate of interest at which it takes the loans is always at the best possible rates compared to any loan from other sources. This helps the bank save crucial interest outgo that might otherwise have drained its balance sheet. Hence, this two becomes a form of earning for the bank.

Inter-bank lending is not just in terms of money lending and borrowing. If the bank has surplus assets that it can put forth in the market place, it can even make money by putting out these assets on loan to customer banks. In this way instead of these assets being NPAs or non-performing assets for the bank, it is a unique way in which it can turn a liability into a profit making proposition and instantly opens up a revenue source for the bank without too much of a service cost.

You might have often heard these being mentioned in financial results of the banking companies. It is, for this reason, that rising NPAs is seen as a negative for the future growth of the bank while a decrease in it is always given a big thumbs up by the street, especially in terms of the bank’s future outlook.

Auction of Assets

Many times when an individual or a company defaults on a specific loan, the bank impounds on the collateral that was given in exchange of the loan amount and puts it up for sale. These can involve a wide range of products ranging from houses, cars and other personal belongings including jewellery.

The bank has to bear additional cost for the maintenance and upkeep of all these properties and ensure that no damage is done to them. In contrast to that auctioning these properties is an easy way for the bank to recover the defaulted loan amount as well as dispense with the collateral that it had taken over.

Thus, this kind of disposal of the asset is not just profitable but also a low expense affair for the bank while try to boost its bottom-line in the best possible manner.

Trading In Securities

Many banks, especially the investment banks are active traders in the equity, forex and commodity markets. They have a huge customer base who are invested in the various financial instruments floated by them like Mutual Funds, SIPs and the like.

The bank in turn uses this amount to invest in various securities trading as well as open positions in the debt market as well. What this does is helping the bank in fat-lining its profit parameters as well as maximising gains for its customers through this wide-ranging investment basket. The favourable rate of return acts as an easy trigger for additional interest and increased interest in the investment tools offered by a particular bank.

Charges for Financial Advice & Services

This is another interesting and hugely beneficial service offered by investment banks. Many big companies which are not listed thus far and plan and initial public offering seek the advice from established financial institutions like investment banks for effective execution of their red herring prospectus and eventual offering.

This is also applicable for all those companies that are looking to explore the markets for a follow-on public offering. The bank provides crucial advice in terms of what rate the issue should be priced, the total number of shares issued, conducts the due diligence of the interested company and many such associated services. Of course, all of this is for a price. This is the advisory fee that the bank charges in return for its services and the time it spends to finalize the deal for the specific company.

A lot of times a bank’s help is sought in negotiating crucial acquisition and mergers of companies as well. The logic is when a big investment bank is involved; the chances of good deal are always higher with limited scope for foul play. Fair pricing is also another great motivation for involving an investment bank to negotiate M&A deals.

Charges For Vaults

Many of us are scared to keep our precious jewellery, important documents at home. The threat of theft makes them nervous, and the bank comes to the aid of all such customers. They have vaults of various sizes and dimension to suit the needs of many different types of customers who require these vault services.

The bank charges annual fees for the maintenance, upkeep and also monthly rental in return for these services. While customers are happy that their precious documents and jewelry are in safe hands, the banks use this unique opportunity for enhancing its profit base.

Maintaining a vault does not require a huge manpower either. In that way, it is yet another low expense formula to enhance the bank’s earnings.

Concluding

Apart from these the bank charges many miscellaneous fees like charges for issuing a cheque book or ATM card or access of debit card or credit card transactions internationally. While the service charge for these specific ones are very nominal, and the customer doesn’t mind paying given the convenience it entails, the bank rakes in significant sum by sheer number power.

As a result, banks make the business of money making a means of making money for them.

How to Run a Money Exchange Business that Makes Money

The world of currency throws up many interesting and profit making employment opportunities.

With technology easing out the process of handling money internationally, geographical location seems to matter less and less.

One convenient option is the money changing business.

In today’s global market place, money exchange has a very crucial position.

It facilitates easy buying/selling of goods across borders.

Also with the rise in international travel, the need to exchange money is growing.

Therefore, the presence of an easy money exchanger is being felt increasingly.

The question that confronts us now is how do you capitalize on this opportunity?

For that I think first and foremost we need to get a grip on the basics of the money exchange business.

What Is a Money Exchange Business?

A business of exchanging currency involves transfer of money from party A to party B in exchange of another currency of equal value.

This is what the regular banks and travel companies like Thomas Cook do.

However, there are some popular money exchange firms like of Western Union and PayPal.

This is significantly different from money transfer companies that are involved in international remittances.

You have the option to set up store or conduct business solely online depending on your preferences and opportunities.

The criterion for starting a money exchange business might vary from state to state.

However, the starting capital is not huge.

You could kick it off with as basic facilities as a spare room, an additional computer and one internet connection.

There are conditions at certain times about the necessity of having a minimum net worth and even providing a surety bond.

But, it does not have a limiting role.

Rather the scope and the opportunity gets the required push backed by these conditions.

How to Start a Money Exchange Business?

The starting capital might not be huge for establishing a money exchange business.

However, it is one which needs strict adherence to norms and regulations, especially give the huge amount of money involved.

1. Decide on a Location

The first and foremost, like all other businesses, involves deciding on a venue to set up your money exchange business.

You should target a location keeping the customers in perspective.

Some place that can accessed easily and is never too far from any corner of the town.

A place that has the potential to attract maximum clients, is the best.

Also the presence of a potential competitor needs to carefully analyzed.

Ensure that you are not competing with too many other money exchangers.

Having to compete with too many competitors, will have some serious problems sometimes:

  1. It can rob you off the bargaining position.
  2. At the same time in an effort to give a competitive quote it could even force you to at times compromise on your margins as well.

2. Need to Get License & Pay Fees

The money exchange business needs a series of licenses and regulations.

Normally these norms vary from state to state.

Not having the required license is considered to be a criminal violation.

Each state has a separate licensing department.

Individuals interested in starting this business, need to apply for these departments.

They have to get the required nod before proceeding any further.

The other associated step is paying up the required fees in this aspect.

This again is a state regulation and dictated by the individual requirements of every state.

Payment of these fees to the right authorities, prevents unfair trade practices and corruption possibilities.

Also this helps you conduct your business in a peaceful manner without disturbances and interruptions resulting from sudden check and resultant penalty service.

The basic operating procedure involves obtaining a Registration of Money Services Business application and submitting it to the Financial Crimes Enforcement Network.

This is a standalone agency within the US Treasury Department.

3. Opening a Merchant Bank Account

With so much of money changing hands, presence of a bank account is almost the basic requirement.

You need to create a merchant bank account in any bank of your choice.

This account helps you in accepting payment, forwarding advances and paying your customers as per the needs of your business and those you are doing business with.

Also a bank account helps in convenient account keeping and the chances of unaccounted for payment are significantly cut down as a result of this.

Also with a merchant bank account, you can expand the horizons of your business quite easily.

The bank enables simple transactions over the net regardless of the time and location.

This helps you in providing prompt service to your clients and thereby enhancing your service efficiency.

4. Reporting of Taxes and Record Keeping

Business best practices are what help you in furthering and progressing your money exchange firm.

In this respect paying of taxes on time is very important.

The Internal Revenue Services department in US needs individuals engaged in money exchange business to report their earnings in dollar terms to the Govt.

All the reporting needs to be done in a fashion that the Govt gets an exact idea of the earnings outlook and the right amount of tax is levied on it.

Effective tax paying also needs proper record keeping.

Maintaining a proper tab of all the cash inflow and outflow will facilitate this for you.

This also limits the scope of potential money laundering and business malpractices.

Whether you maintain a daily cash sheet or a monthly statement, it depends on your convenience and the regulations of your reporting state to a lot extent.

Also all fee receipts, bank statements and related records should be maintained for easy examination by Govt authorities whenever the need arises.

Record keeping also helps in creating good will and credibility about your business.

5. Understanding the Process

Another key requisite to start of money exchange business is understanding the business process and its many myriad nitty-gritty.

To avoid difficulties while operating it, you will benefit a lot by spending time understanding the basis before you take the plunge.

Money exchange needs you to be alert and agile to take advantage of the currency fluctuation and maximize your margins.

Try to look around and create a niche that helps you to lock in maximum profit while still keeping your customers happy and giving them a favorable rate.

This will help you increase the recall factor for your firm.

When your customers realize that they are getting a better rate, they will go the extra mile to get their money exchanged from you and also spread the word.

Needless to mention that propaganda through word of mouth is the most effective ad tools.

Strategies to Further Your Business

Now we reach the next milestone.

Once you have established your business, the next port of call is how to make it profitable and what kind of strategies should you employ to maximize your returns from it.

Like any other business, the ultimate motive is profit and the effort is to maximize is as best as possible without compromising on best practices.

Here is a look at what most money exchangers try to do to achieve that goal in a way that the business turns profitable as well as starts reaping benefits as early as possible.

1. Need to Have a Plan:

At the very behest it is better to draw a business plan and execute according to this.

For example set the target of customers you plan to cater and fix overseas partners who will ease out cash flow in other countries.

This will also give you a realistic idea of the exact type of cross border payment requirement and how effectively you can use your resources towards that end.

A plan will also help you get a heads up upfront about any potential road block you might face and ways to recover.

2. Spot Payment:

This is another effective means to minimize cost, maximize your benefits and ensure prompt service, especially for small time money exchangers.

Spot payment means you are buying/selling currency at the spot rate or the current rate of exchange.

Relatively smaller payments which are not very regular in nature benefit the most from these kinds of transactions.

This is also helpful if you need to exchange currency fast.

However a prerequisite for this is a provider with low fees.

Look for dealers with a comfortable spread between the sell and buy rate.

That will benefit you the most.

3. Foreign Currency Account:

If you have a significantly high transaction in a specific foreign currency, one option for you could be a foreign currency account.

Keeping cash ready in that currency will give you an edge while dealing with your clients and facilitate quick exchange service even at a short notice.

Another benefit is this kind of account also limits the need for multiple currency transfers.

This can only mean more savings for you.

Lesser transactions surely mean lesser amount of tax and payment of fees.

You can also pass on the benefit of lower transaction costs to your customers.

4. Benefits of Hedging:

If you thought hedging was only for forex traders then you are seriously mistaken.

Hedging your positions with a forward contract is one of the best ways to preserve your profits and avoiding the risks of sudden currency fluctuation.

A forward contract is nothing but buying a set of currency at a pre-determined rate.

This is useful especially if the rates turn unfavorable.

Given the limited resources of small businesses, this can help them get a leeway in terms of an insurance against sudden fluctuation in currency prices.

Also it helps you to get an idea of future price trends and take positions accordingly.

5. Using Currency Option:

The currency option is another forex market tool that can be used effectively by money exchangers to enhance the bottom-line of their balance sheets.

A currency option is another forward looking tool which sets the projected currency rate for a future date.

The currency option is the record that you get.

The best part is the investor is under no obligation to exercise these options.

If the currency rate turns favorable even before that, all you need to do is take the spot rate and forego the currency option.

6. Limit Orders:

Buying limit orders can be another great way to boost the returns from your money exchange business and also it is an effective way to manage your business.

This is also futuristic in approach where you buy a specific currency when the rate hits a pre-determined target.

An account manager will assist you in buying  limit order as an when the currency rate goes and hits the desired target price.

The benefit of this is you get some amount of flexibility in terms of making payment as the rate is pre-decided but the actual payment happens later.

7. Online Transfer:

Internet has not just eased up the convenience factor in monetary transactions but it has also helped in cutting down cost of such transaction.

Both cash management as well as payment visibility is enhanced many times through online transactions and at the same time all of it becomes hassle free.

Settlement of invoices with outstation and overseas client base as well as vendors also becomes relatively simple and easy to track without any additional expense incurred by either party.

Interaction and payment procedures, especially in case of foreign vendors also become relatively simple via online method.

8. Look at Settlement in Local Currency:

The idea for any business is maximizing your profit and never lose track of this basic requirement.

Whenever you are settling bills, invoices and expense accounts with your overseas clients and vendors, go for a settlement procedure in the local currency.

Also making deals with vendors in their local currency will help you negotiate better for potential discounts and possible deals that would be otherwise have been impossible if you were making settlement in a standardized currency with a pre-decided rate.

Concluding

Thus, the trick to running an effective money exchange business is making a strong plan and executing and implementing the business processes in accordance to that.

Effective and efficient currency exchange is a very lucrative business opportunity that can yield huge returns if executed with a strong profit motive and a constant eye on future trends to maximize once exposure in profitable ventures.

Also, do not bother about exchange rates too much.

Play it by the ear and take on opportunity as it comes.

At the same time always be alert about the events globally and how they could potentially impact your business.

This will not just help you boosting profit but also give you a considerable leverage in case the forex market sees some unfavorable developments.

Is It worth to Spend Time and Money?

I am sure you want to know whether it is worth to spend time and money to start such a business or not.

Surely, it is not a kind of business that can make you rich.

It is not an easy to start and promote business too.

You will have so many competitors and so many slow days.

Besides, it has to be a 7 days a week business if you like to keep the customers for long.

Therefore, if you haven’t started you money exchange business yet, you can think about it twice.

There are much better options that have much better returns with less effort.

It is the Internet era. Why don’t you take advantage of it?

Click Here to take a look how others are doing good with it.