Tuesday, May 28, 2013

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Tuesday, February 3, 2009

Starting a tourism business

One of the best way to get rich is to have your own business in the service sector. Why does the service sector have highest yeild of profit compared to other sectors? Its simple. Comparing with the same business size , the service business uses the least amount of capital. product purchase is not part of the expenditure of the business unlike the manufacturing or agriculture business where cost of business includes the raw material

Among the exciting service realted business, tourism has big potential. So this is how you do it in a nutshell:

Step1
Research the market to learn whether there is a local need for your business, so you can focus on that area. If not, you will need to rely heavily on the Internet to promote and obtain clients. Knowing what to expect from the market will help you better prepare your tourism business before you start.

Step2
Start with a business plan. If you are writing the plan as a personal guide, include details on how you plan on developing the business (location, advertising, employees) and roughly calculate how much money you need to start. Having a day-to-day plan of action is also important, especially if you have no previous experience with running a tourism business.

Step3
Check with your city authorities about regulations, licensing, fire safety and other laws regarding a new tourism business. Some permits may be required even if you run your business from home, so it's important for you to start the research as early as possible.

Step4
Determine what type of services you will offer. You need to decide whether you will provide local tours, group packages or ticket reservations.

Step5
Find funding. Even if you have the capital to start your own tourism business, it makes sense to look for financial support. Investing all your savings may not be the smartest move, especially if there are other options available.

Once you understand the principles you can be rich while sipping wine in Bahamas or enjoying the sun at Gold Coast

Sunday, February 1, 2009

Business branding

Brand is gold in business. You can have a good product but without proper branding your business will fail. Hence a good branding is important in order to attract customers. Brand too creates customer loyalty. Once you have quality and that niche that is associated with the customer's heard, I can assure you that profit would be a steady or even exponential flow and you are on your way to being a rich man.

Here are some ideas to enforce an effective branding for your product:

Step 1. Set Apart your brand form the ‘herd’

With all of the choice consumers have on the market these days, it comes as no surprise that we hear so much talk about operating in a “niche market” or as a ‘Purple Cow’. Now, what about those businesses who have really similar products competing against them – how do they profit? Well, they set themselves apart from the competition. This can be done by having a competitive advantage – or having something of value which is hard for competitors to imitate. So, how can a marketer do this? For starters, you can position it away from your competitors using four different ways:

  • By Image: If you happen to own a small restaurant in a more lively suburb, you might decide to give your brand the image that it’s an extremely valuable and open place to go – just like Starbucks. This will allow you to attract more people of your targeted audience to your business.
  • By Category: An example of this might be if you are a personal coach, you might be “THE personal coach to see”, if you are a young entrepreneur. Whilst this may disregard any older entrepreneurs, it will create a much stronger relationship between young entrepreneurs and your brand.
  • By Features: Say that you own a VoIP telephone company like Engin, Skype or Vonage, you could differentiate your brand by offering a unique feature with your service – like an informational product which tells you the news over the phone. This will give your brand the identity of being an informative, business-like brand which is more likely to attract those sorts of customers.
  • By Benefits: A good webmaster might differentiate their product by the benefits their visitors receive by going to the website or signing up for their product. Like, how signing up to learn about Real Estate will improve their quality of life. This will target people who would like a job where they can relax and enjoy life.

These basic types of positioning differentiate your brand from rivals and offer a counter-intuitive way for you to increase consumer trust and their perceived value of your brand. I would highly recommend that you sit down and analyse your strengths and weaknesses within your business then identify your opportunities and threats outside of your business for developing this step. Then you will be able to brainstorm a lot of valuable ideas and use those ideas to help position you away from your competition. Once you’ve got this sorted, you can then move on to reap the benefits of communicating more effectively with your target market - or in other words, get more business.

Step 2. Give your brand it’s very own identity.

Think of your brand like it is a person. What characteristics do you want people to associate with your brand? Here are some ideas to get your mind going…

  • Use Symbolism and imagery to show your product effectively.
    • Take Google for example, their multi-coloured logo is symbolic of their fun-filled organisation, meanwhile the name Google (derived from googolplex) suggests the calculating and complex nature of the search engine’s job is ultimately to simplify information for its customers’ consumption.
  • Identify values which your target market share and then incorporate them into your brand.
    • Coke did a fantastic Job with this when they launched the Coke Zero brand. With their slogan, “Why can’t life have a whole lot more Zero…”, they effectively outlined what the brand’s values were and marketed it to consumers with similar values in a unique and creative way.
    • If you can get in touch with what your customers value, then you have a good chance of communicating with them on a similar level. Try and develop advertisements and products based around what your consumers value, for more on targeting consumers by their values, check out these Roy Morgan Values Segments.
  • Get an effective brand name which is simple, distinctive and uses symbolism to help convey meaning about the brand itself. Otherwise stating the brand’s benefits in the name also works well – especially in the case of Email Cash.
    • The Popular TV Series ‘Big Brother’ is a simple and effective name which implies that there is always someone watching you no matter where you go.

This step is very subjective, and you may want to do some research before putting your foot down. Find out what people associate with your particular industry or niche. If you’re in doubt, look at your competitors to see what else you can do, but be careful trying to imitate them - Although your competitor’s brand attributes may rub off onto your brand, your customers may be confused between your brand and that of your competitor’s.

Step 3. Create and maintain your Brand’s image.

As I said above, EVERYTHING a brand does and doesn’t do can have an effect on what your customers think of you - and this final step is the most crucial step for bolstering your brand in the business world. So by this stage you should have set your brand away from competitors and given it an identity. Now you have to put everything together and give it an image which you will use for everything in your business that your customers come into contact with.

Just think about this for a moment – You’re walking through the city and brands are looking to grab your eye but none of them do… Suddenly there is one which commands your attention. It has everything together, everything matches, it sends the same message in every part of it and it is exactly the type of brand you like. As you keep going to the city, you may even keep seeing the same brands which didn’t get your attention, however when you see that clearly defined brand once again, you recognize it instantly and you begin to trust them more. Just like that old proverb - Familiarity breeds trust.

So if you’re able to coordinate your advertising, your product packaging, your corporate values and anything else a customer might come into contact with, with your brand on it, not only will it be ‘bolstered up’ in their minds, but they will like it more, out of increased trust and similar values to their own. If you haven’t got a powerful brand, then maybe this might be the trick for you…

Thursday, January 29, 2009

Starting a business

Doing business is no doubt one of the best ways to get rich. In order to do business, you have tp have the entrepreneurial spirit.

Entrepreneurial spirit is what distinguishes successful business ideas from failures. You need to have the internal desire and drive to turn your business from nothing , into a profitable and worthwhile company.

Several aspects of your personality affect how well you will adapt to being the master of your own fate. Before starting anything, ask yourself why you are leaving the security of your desk job, and outline the benefits you are looking for. You may want to escape the monotony of the nine to five schedule, but you must realize that along with the freedom, you may also find yourself working very late hours, starting early in the morning and working weekends.

The lure of being your own boss is something that most of us often find attractive, but not everyone is cut-out for it. One of the most important personal characteristics to search in yourself are leadership skills. You must be a take-charge type of individual, one who will go out and take the proverbial bull by the horns . The success of your business will depend on this aggressive character.

confidence

You must also be a firm and self-confident individual. Your business will require you to make many decisions, often with little time or information on which to base your decision. Indecisiveness will lead to lost opportunities. You must also be willing to stand behind your decision, and not have second thoughts or doubt yourself.

Discipline is also crucial, since you will need will-power and self-motivation in order to continuously work hard and succeed. Since there will be no one watching over your shoulder, you will need to look within yourself, ensure that you get your work done, and refrain from slacking. Along with the ability to leave work whenever you want comes the temptation of leaving when work needs to be done.

Your people skills must be top-notch, as you will be the main representative of your company. The image you portray will be a direct reflection of the company itself. Also, you will come in direct contact with suppliers, customers, employees, media, as well as the competitors.

Having highly developed social skills will be a major asset, since connections are an extremely important aspect of business. Think of your personal contacts, and determine how well you interact with others. Not only should you be good at networking and being sociable, you should also enjoy dealing with people on a regular basis.

The strain of running your own company can be quite heavy; emotionally, physically and financially. It can be tiring to say the least, as running your own business may require working 12-16 hours a day, six days a week, maybe even Sundays and holidays. It will require physical stamina, and your sleep, eating, and exercise habits will be altered.

Financially, starting your own company will be a burden until the firm is established and has a steady stream of income coming in. It will also require an initial outlay of cash, which may force you to have a tight budget. This decrease in your current standard of living may be difficult for you and your family to handle

self-evaluation

You will also need to do a self-evaluation and analyze the skills you possess. All too often, entrepreneurs try to do everything themselves, and are often not really skilled enough to handle these jobs. You should ask yourself whether or not your skills are adequate. Do you need to hire people to handle certain jobs that you are unable to perform yourself? If so, you should also be able to determine if the applicants' skills meet the requirements for the positions you are filling.

Employees pose another situation that will need to be addressed. If your company is going to grow, you will eventually need to hire some people. These people will need to be supervised, and will require you to take on a managerial role. This means that you will be spending time supervising in addition to your regular duties. It may even entail bringing in a management team.

The bottom line is that self-employment is not for everyone. It is vital to evaluate yourself in an honest and critical manner. Put your ego aside, and determine if you can realistically succeed as an entrepreneur, and if you are willing to make the sacrifices necessary to survive. If you do have all these aforementioned elements in place, you then have a good foundation for staring your own business. So when your little start-up becomes the next Microsoft, remember who helped get you started

Saturday, September 20, 2008

Market Meltdown

Market is down. As I said earlier this is the right time to invest and reap the benefits later
Here is the summary of what happened in Wall street on that fateful week of 15th september 2008

Thursday, September 18, 2008

The brink of capitalism

As Wall street tries to steer its way though this week, one by one of its giants are falling. It all started with Lehman Brothers, one of the oldest institution in wall street crashing on 4 billion dollars worth of debt. Despite talks with Barclay Bank and Korean Development bank, none was able to rescue Lehman which eventually filed for bankruptcy on Monday 16th of September 2008.

The chain of events further weakens AIG the largest insurance company in the world. On the previous week AIG was reported to be seeking 40 billion of loans from the Fed. But suprise suprise it turns out AIG was in the far worst condition than anybody has expected. The Feds eventually rescued AIG for the sum of 85 billion dollars.

Who is next? Morgan stanley shares are plummeting and Goldman Sachs as strong as it is seems shaky. In the UK Lyodds just took over HBOS. Six of the among largest central bank is pumping over 270 billion dollars to the stock market in an effort to prevent market from further crashing

Steping out and looking at a larger picture and one has to wonder, where has all the money gone? We do not see global production of any commodities or manufacturing drop so much in one day as the drop of the market in Wall street.

It is when one understands the core of capatilist that such drops and bankruptcies are possible even when production of everything else is relatively stable

I shall not bore you with the details of how capitalist works. But strip everyting from the regulation and conservertive investments, capitalist works on greed which is the very most intristic nature of humans. The more greed the market the more positive the growth. Prices start of companies and assets becomes inflated , far more that what their initial value is. Unregulated and uncontrolled the positive growth can turn into a bubble. Stock prices become overinflated and like any bubble become to overstessed. Investors are paying a lot of money expecting a good return. However, companies, consumers and production cannot keep up with investor's expectation. Turning sour the investors sell away the holding to minimise lost.

Prices tumbled. In an event when a lot of this happens market declines. Suddenly the very people who works for the company loses their job because when the investors pulled out the company does not have enough money to continue operations.

The customers loose too. Not only that they loose the product that they have been loyal, all the extra money that they have paid for the product ( cost of production ) has been robbed away by the capitalist.

In the end of the day, Its the capitalist who becomes rich. This is even when markets are down. And it seems that this has been a vicious cycle again again.

If you want to be rich and you can't beat them, then join them. Of course there is a different between a smart capitalist and a foolish one. A capitalist looks when the market is in recession and starts investing on good stocks that are cheap. when recession is over, market price will go up along with profits. However, do not be over confident. Take the money out before it drops again.

The ability to spot the right time to buy and sell as well as being able to more or less predict the trend that defines a smart capitalist. An even smarter capitalist would be able to move from one stock to another thereby sustaining profit even when the general outlook of the market is poor.

So there you go. If you do not know a lot about investing start reading the books concerned with it. Do not directly jump start on buying stocks but follow the market first to get a feel on the market. Start small and roll the money. Lastly, don't be a fool and put everything you got on something that you are really not sure about.

Tuesday, September 2, 2008

Engineering an outcome

A lot of thing do not happen by chance and most likely it would never will. Even at times when all hard work has been put in the outcome isn't simply critical. It could either be failure related to soft issue (humans issues which include you yourself ) or simply because of Murphy's law which can be covered as the subset of the first mentioned. At its simplest understanding Murphy's law states that whatever can go wrong will go wrong.

Knowing this does not mean that one has to be scared of achieving an outcome. Contrary to this, knowledge of Murphy's law should be used as an advantage. This can be done by anticipating the failure and prepare a back-up plan for it in order for critical mass to be achieved.

There are many ways to in stopping failure from stopping critical mass. The most common use is by having consistently having a good margin so that if in case anything goes wrong there is still time to fix it up and it won't affect critical mass. Be cautious however, that this way is a double edge sword. It may provide some sort of safety net to achieving critical outcome, however, the technique breeds complacency. proper planning too is essential as having too big of a margin would mean critical mass would never be achieved while have too short of a margin would create failure to which critical mass would collapse as the nature of critical mass is that of an integrated one.

One must remember that concept of critical mass is interlinked. Failure of the subset does not disrupt critical mass. However, if the subset is the only one supporting the link , failure of a minor outcome can be the destruction of critical mass. Therefore, it is important to remember that the link ( i.e work , social life, investment, plan) should only be supported by a single entity.
Approach from many direction to ensure that the outcome can be achieved.

Friday, August 22, 2008

managing your resources

At the risk of sounding too general, I am writing what may seem obvious to many. Some commonsense which many of us are guilty. What am I talking about is none other than .... wasting.

There has been a lot of talk about precious resources on the world scale. On how humans have used more than they are required. I am not going to bore you with that mumbo jumbo ( no matter how related it is to this topic). The discussion goes on saying that resources are truely limited, and if we are not careful with our usage of natural resources sooner or later we would on the loosing end

If you understand that.. than it would be easier to understand resource management on a more personal level. When we talk about personal resource management, we talk about trying to optimize and increase efficency of results (whatever that is you want ) with the finite amount of financial resources . Below are some of the recommended guidelines:

1) SET YOUR TARGET AND GOALS

This is probably the most significant part of your resource strategy. Know what you want and be sure to follow through. Of course sometimes your end point changes from time to time, However, make sure that your core goals are intact.

2) EXPERIMENTS AND CHASING OPEN ENDED GOALS.

You do need to concentrate your goals and aspirations. however, as the saying goes... ' don't put all your eggs in one basket' still holds. invest your resources a small amount of your resources on other subsets of your well being. However, bear in mind that do not get overboard with too many small skirmishes until you lost track and resources of your main goal. If these experiments are successful they maybe a bonus but make sure if it it fails your would be on your knees crying.

3) EMOTIONS, EMOTIONS.

Making decision based on emotional pleasure once a while is a guilty pleasure that can be relaxing and refreshing. However, be wary to not be to addicted to it or else your indulgence would be more of a burden to your resources that helping you relax.

4) PASSION

while managing resources tries to minimize emotional pleasure in deciding what is good for the overall picture, emotions itself plays a larger role in managing resources. Passion for example plays an important part in deciding the targets and goals. Passion itself increases productivity and efficency of the result that you intended. Hence, do not discout emotions but use them as the main tool to maximize your results with minimal resource

Thursday, April 17, 2008

Make This Your Financial Habits!

1. Automate payments

Rather than expending energy chasing your bills and figuring out how you are going to save a few extra dollars each month, let automation help you out. Your paycheck should be directly deposited to your account to avoid wasteful bank trips or the urge to cash your check and walk out with a big wad of spendable greenbacks. For savings, set up an automatic recurring direct stock purchase plan where funds are automatically deducted from your checking account each month. If you prefer savings accounts to stocks, have a portion of your paycheck directly deposited into a high-yield savings account each payroll period; most employers will let you split your paycheck among different accounts of your choosing.

2.Know your banking center locations

Rather than just hitting up any old ATM when you need cash, adopt healthy financial habits by making one or two scheduled stops a week at a conveniently located bank branch. If you stick to your plan, you should be able to avoid those rogue cash withdrawals you might experience at the bar on a Saturday night. This will help you stick to a budget and if you go to your bank, you will save on those costly ATM fees.

3.Carry one credit card

With the swarm of credit card solicitations you have, it is no wonder you likely have and use more than one credit card. Besides, they are all useful in some form or another as each gives you reward points from Starbucks to Dillard’s, as long as you use their credit card. Cutting up all but one card to carry with you reduces the temptation of overspending and is a healthy financial habit. Furthermore, in the event you are trying to get your finances together, it is far easier to manage one account rather than several, and you can commit more of your cash to paying off one balance rather than spreading it around. Find one credit card that has practical rewards, such as gas rebates, cash back or travel points (rather than free coffee). When you get your credit card statement, immediately pay off the balance in full, but schedule an automatic payment a couple of days before the due date to maximize cash flow and maybe even earn some interest while the payment is waiting to hit your account.

4.Reconcile your accounts

A lot of people do not reconcile their checking and credit card accounts. Reconciling makes for a healthy financial habit, and by doing so, you will be forced to watch your finances more closely. Often, getting your act together financially simply means paying attention to it; reconciling your account is a rudimentary exercise that makes you look at what you spend to make sure it matches up. Additionally, reconciling can help you identify bank fees and other charges you are not expecting that seem to contribute to your dwindling account balance. Even if you do not find any gaping holes in your spending patterns, the commitment of simply reconciling your accounts each month when the statements come in will put things in perspective.

5.Visit your bank

With online banking available, it is no wonder you never visit your bank branch. Once a month, rather than hitting the ATM, go to the teller to make a withdrawal. This will benefit you because getting some face time in at the branch will ensure that the staff and branch managers will start to recognize you. Nothing is guaranteed, but when you visit the branch and speak with a teller, you may be introduced to a better checking account option with lower or no fees or a savings account that pays a higher interest rate. Furthermore, with a personal relationship established, you are likelier to have success in disputing bank charges and getting preferential treatment, such as no-fee money orders.

6.Watch your credit report

The credit score used to be an invisible number that you couldn’t look at. Things have changed thanks to online services offered by companies like Equifax. These services charge a fee, but you can view your credit report and credit score. In some cases, you can access that information for free when you sign up for a credit-monitoring service and some credit cards. It is nearly impossible to have a perfect credit score, but understanding your score is instrumental in understanding why you did not qualify for the lowest interest rate or why you were declined for financing a new car. Seeing your credit score and recognizing how making payments on time can impact your score aids in putting your financial situation in perspective

7. Use software

The above tasks can be simplified and yield better results when you use a wide variety of software to help you budget, track expenses, reconcile, and plan. Readily available software programs, like Quicken, provide a complete financial management and tracking tool. Most banks and credit cards also let you download transactions to eliminate tedious data-entry and math mistakes. Web-based programs, like Mint.com, do the above as well as introduce you to better deals on savings accounts and credit cards, and tell you exactly how much more you will make or save by taking a new route.

Wednesday, April 16, 2008

investing and time

Now that you have known about the relationship between investment and savings, let us look at the timeline necessary to make this work:


1. Pay off high-interest debt

The longer you carry debt, the more money you’ll end up paying. Therefore, the first step in a successful financial timeline is paying off the money you owe. But not all debt is created equal, so it pays to pick and choose. The first thing that has to go is high-interest credit card debt. If you’ve been carrying a balance for a while, you could be paying 20% or more. Since you’ll probably never find an investment that provides you with more than that amount in interest, there’s no sense saving money until you’ve completely paid off this debt.

2. Pay off additional debts

Additional debts that should be paid off, but on a different timeline, include student loans and mortgages on first homes. Typically, these loans have a thing in common. The interest, especially on student loans, tends to be lower than on credit cards. That means you have a choice to make. If you’re able to safely make more interest on a given investment than the amount of interest you’re being charged for your student loan, it could be wise to invest rather than pay off the debt. This way, the interest you generate will pay off the interest on the loan and eat away at the principal. And once you’ve paid off the entire loan, you’ll still have the principal from the investment to work with.

3. Set up savings

There’s no hard-and-fast rule for how much you should save. try to put aside 10% of your income. If you’re already saving 10%, try to squeeze a few more dollars in. But remember: The number isn’t as important as the circumstances. If you’re a single guy without a lot of responsibilities, you’ll probably want to save enough for three months of unemployment in case the worst should happen. On the other hand, if you’re a family man, you’ll need to put away a larger chunk because children and a spouse could mean many more unforeseen expenses.

4. Plan for retirement

This is the big one, and most guys don’t do it early enough. The fact is that you’re never too young to start thinking about your retirement. If your employer matches your contribution, put in the maximum and take advantange of the free money. If your employer doesn’t offer this, ask your tax adviser how much you should contribute

5. Build an investment portfolio

This is where you’ll want to put the rest of your money. In all likelihood, it’ll be your biggest sector for growth, because savings and retirement funds alone probably won’t cut it. Think of it this way: Your retirement money should give you enough to survive when you stop working, while your investment money is the extra that will allow you to really enjoy that time. And the bigger the pie, the faster you can stop working and start enjoying life.

To make the most of your portfolio, you’ll need to put money in stocks and bonds. If you’re young and you can afford it, your investment portfolio should be an aggressive mix of risky and safe bets because you can always build back your losses should things go south. If you’re older and you started late, however, concentrate on growth with as little risk as possible;

plan for the future

As you can see, with the exception of paying off your debts, your financial timeline will be an ongoing commitment. The more room you have to operate in your monthly budget -- that is, the more money you can channel into savings and investments -- the more money you’ll have later. If you plan wisely, a bump in the road will be just that -- a bump. But if you fail to put money away, your plans could derail. Remember: The more money you’re able to put away today, the sooner you’ll be able to claim your financial freedom and start enjoying all your hard work.