Category Archives: Money

Market equilibrium | Supply, demand, and market equilibrium | Microeconomics | Khan Academy

Equilibrium price and quantity for supply and demand

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Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course

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How to Start a Business with No Money

 

I have been running my own businesses now for over 13 years, and during that time I have been approached by countless people all asking me pretty much the same thing, and that is, “how do I become successful in business?”

If you ask 100 people that question, you are going to get 100 different answers. This is because most of the people you ask are going to talk to you about a specific business model, sales idea, or marketing tactic, etc…

In my opinion, the answer is simpler than that; however, I can’t actually take credit for the simplicity of my answer.

Back before I started my last company, I was given some business advice that, at the time, I thought was the dumbest thing I’d ever heard. It didn’t make sense to me, because I wasn’t yet in business.

Years later, I’ve come to realize that it was some of the smartest advice that I’ve ever received. I say this, because, after following the advice, I ended up building a company that I sold for $1.2 million back in 2008.

In the video post below, I share with you exactly what this advice as, as well as how I put it to use in my own business, and, it is my hope that, after watching this video, you will do two things; share the video with others, and take my advice to heart.

http://onlineincomelab.com

What you need to know about marketing

What you need to know about marketing,

Jimmy parents are trying to buy him a car as a high school graduation gift. Jimmy parents weren’t sure where to buy a BMW 2010 M series car until an ad from a local car dealership appear on TV. At that moment, they found what they were looking for but the price was a bit steep. Another car dealership ad comes on TV. Even though this dealership was out of town, the price was reasonable. After discussing where they should go to get Jimmy that car, they decided to go out of town for the reasonable price. Now what did you learn from this example. There were some key assessments that happen in this example.

  1. Advertisement
  2. Promoting
  3. Campaigning
  4. Strategy

Both car dealership use all four elements in this example. They strategize their target areas and prices. They both advertise their product. They promoted their product. They campaign their product. However, one dealership had a better marketing plan. In this case, the parents took the second dealership with the reasonable price. Even though they had to travel out of town, the price was enough for them to take that risk.

Businesses invest nearly millions of dollars on marketing alone. It is the most competitive industry due to the demand to be first among competition. There are so many marketing businesses even small marketing businesses that wants to be in the cash cow competition. Every marketing firm offers the same service as each other. Which is why marketing such a hard-driven industry. Most marketing firms do not offer hourly wages but offer commission based incentives on sells. If you expecting a high salary earning in marketing, you must sell more than the next person.

It’s all about sell, sell, sell. How you sell is how you convince people why you are the best option. The first rule of marketing is never sell your client too high or too low. For example, your client wants to over price their service with your assistance. Given their background and experience which are key essentials for a marketing consultant to assess; you want to protect them from over selling themselves too high. It’s great to have high spirits and confidences. You must remember to think about the consumers. What is reasonable for them and how good is the quality. Understanding the market and consumer behavior. Clients will come with overly high expectations for you to market their brand. It is upon you to assess, examine, evaluate, strategize, and create with all the information giving to you.

Marketing is a sport won by playmakers and coaches. You must execute them right in order to score a winning solution.