Do you want to know 1000 ways to make 1000 dollars? Do you want to know how widows and housewives succeeded on running their own business? Do you want to know young and unemployed men started earning big? You will learn stories from this book which you can learn a lot from.
1000 Ways to make 1000 dollars was originally published in the 1930s. This is a classic but all its principles still holds true today. The famous author Warren Buffet had this book to thank for inspiring him at an early age. 1000 Ways was made available again for the new generation.
How to Start Your Own Business
If you want to be an entrepreneur, start your business right now. There’s no better time to do it. Do not listen to what people say around you. Do not say, “I will start when I get this or that.” Surely, you will have obstacles to face but you should have a lot of guts.
Otto Schnering was only 21 years old. He is determined to start his own business. He thought that there’s money in selling candies so he bought his own candy making machine.
The candies he created did not sell though. Otto made the common mistake that entrepreneurs make. That is creating the product that they like and not the product that the market likes. Fortunately, Otto realized this soon enough.
There are only 3 types of best-selling candies. They are chocolate, caramel and candies with peanut. When Otto produced them, he started making money.
It took him 3 years to find the perfect combination of chocolate, caramel and peanut in a bar. Soon, children and adults alike
Making Things to Sell
What is it that you like to do? It is possible that you can make a business out of it. Maybe, you picked up a career out of necessity. But if you have that hobby that you really love, you may someday find an opportunity to make money from it.
You might have a certain skill which you can sell. If you want to succeed in making things, you need to have lots of practice. You would only perfect your craft if you spend so much time doing it.
Mrs. Smith is a widow from Brooklyn. She loves to bake. Mrs Smith can bake yummy doughnuts, nut bread, pies, rolls, cookies and coffee cakes. One morning, she thought of starting her own food specialty business.
Her products became in demand for parties, holidays and special dinners in town. Store owners and party organizers call Mrs. Smith because they know that she’s simply the best.
Raising Things to Sell
You might be interested in raising plants or animals. There are a lot of opportunities in planting fruits or vegetables and taking care of farm animals, poultry or fishes. You do not need to own a huge farm. You can even start business in .a cellar.
George Jessup made lots of money by raising bees. He started with just one colony. He put the bees in the cellar and gave them a good hive. The bees just kept eating and making honey.
Bees do not require much attention. In one year, a hive can produce 100 pounds of honey. Soon, George owned 10 bee colonies. He sold to wholesaler and retailers alike.
Storekeeping as a Business
There are probably lots of groceries, drug stores, or hard wares in your town. Some of them maybe part of a big chain. So how do you start your own store?
Maybe there are products or services that people have to go to the next town for. You can start from there. What is the product that is lacking in your community? You should choose a location which is near your target market.
Many children pass by Ralph Watkins’ pet store. On his opening day, he had no single cent in his pocket. The kids stopped by his store on their way to school. In the afternoon, they came back with their friends.
Watkins taught the kids and their parents how to take care of their fish. He also set up aquarium for his high-paying clients. In 3 years, Watkins was able acquire 120 varieties of fish and 130 tanks. He earned thousands of dollars annually.
Promoting a Small Business
The main ingredient of a business’ success is good relationship with the customers. But every once in a while, promotions and advertisements are needed to bring in more income. Especially with a restaurant business, there is plenty of competition. A restaurant owner must find ways to win the market.
John Harding got a brilliant idea for his restaurant ad. It’s an illustration of a laughing pig sitting on champagne glass. The copy below it read “At Harding’s, they don’t simply slice off a piece of ham and place it between two slices of bread. Oh no! The carver dips the slices of perfectly baked sugar-cured ham into champagne sauce.”
Because of the ads, Harding’s restaurant is always crowded. People used to tell him that he’s foolish for starting another restaurant. But Harding proved them wrong. Over the years, he owned 6 more restaurants and satisfied many customers with his delectable recipes.
Selling Things by Mail
If you want to start a mail-order business, you must first find your target clients. Figure out the clients that you want to have. Aside from the usual demographics, imagine their appearance and lifestyle.
Next, build your mailing list. You can use pay-per click ads, social media posts or blog content to add more clients. You need to get their name, address and contact numbers. Your mailing list is your asset. It is where you’ll generate income.
Businesses in the past used direct mail to connect with their customers. The same principle applies with selling things online. You should know how to make an effective sales letter.
Henry Field used to travel with a horse cart to sell crop seeds. He crosses muddy fields to reach his customers. The farmers came to know, like and trust him. When he shifted to mail-order business, more farmers bought seeds from him.
He writes his sales letters in the same informal, personal and friendly way that he talks to the farmers. Henry keeps his letters brief and precise. Soon, his business expanded to general merchandise. Henry uses the same approach with his sales letters.
Selling Your Services
If you want to get started in the service business, you have to first ask yourself. What is it that you like to do? What do you do best? Do you have a certain skill or specialty?
It is necessary for you to be a specialist. In other words, you have to narrow your field. You need to find your specific niche. In that way, you can improve your skill and master it. You can also eliminate competition.
Figure out your niche and be good at it. More importantly, always give good value to your customers. If you offer quality service, people will be willing to pay more.
There was once a dressmaker who caters to women with unique body types. She overheard a stout woman one day complaining that she can’t find clothes to fit her. The dressmaker approached her and set up an appointment.
It turns out the stout woman has a sister and a few friends with the same body type. They all became the dressmaker’s loyal customers. She suggested clothes and outfits which would look good on them. Because the dressmaker gives great value, the women trusted her and recommended her to people they know.
Paying for a College Education
Many famous personalities attribute their success to their early working experiences. College part-time jobs are a great way to learn how to value money and how to deal with different kinds of people. Most importantly, these jobs help to build one’s character.
Mr. Huntley was cleaning his car one Sunday afternoon. A young man approached him and said “I believe that car would look better if it were simonized.” He handed Mr. Huntley a small card. The word “Simonizing” was written on it. Then on the left hand corner was the name and contact number of the young man.
Mr. Huntley got curious and asked. He learned that the young man is actually a student from Washington University. He cleans and polished cars on weekends. The young man would go to alleys, factories and offices to find customers. He’s already in junior year. The student has supported himself ever since.
Because the student is very polite, Mr. Huntley agreed to his offer. He told his wife that evening, “How could you turn down a polite, ambitious boy such as that and especially one with so much initiative?”
You learned how to start your own business. You learned how to make and raise things to sell. You learned how to promote a business and how to sell by mail. You also learned about storekeeping and service business.
The best time to start is now. Successful entrepreneurs just have a lot of guts. It doesn’t matter if you’re young, if you’re widowed, if you’re divorced or if you’re unemployed. You can start your own business and earn lots of money. What matters is you get yourself up and work.
Have you got a business idea? You now know that there are almost an infinite number of ways to earn. There is no short cut to success. Famous entrepreneurs would not reach that far if they had quit on the challenges they faced. As the old saying goes, “Winners never quit and quitters never win.”