How To Know A Good And Lucrative Business

One of the fundamental challenges faced by the unschooled and the uninitiated in the school of wealth is how to know good and lucrative businesses to go into. This could be frustrating if no help shows up to guide the wealth seeker at this point. This has kept many stranded and stagnant for years.

“The labour of the foolish wearieth every one of them, because he knoweth not how to go to the city”. Ecclesiastes 10:15

There is a how to everything you desire to achieve. It’s your knowing how a task or desire is to be achieved or accomplished that puts you in a place of advantage and positions you to get things done. When the how to achieving of things is unknown life becomes challenging and frustrating.

Knowing how to discern a good and lucrative business will make your journey in the business world a most pleasing and rewarding one. It will help alleviate the frustration and unnecessary hardship and heart ache that one could encounter by going into the wrong business.

Now let’s begin by looking at what is about

What is a business: The activity of making, buying, selling or supplying goods and services for money. It is synonymous with commerce and trade. To the business owner the ultimate purpose of doing business is to make money.

All businesses fall into four basic categories:

— Manufacturing: A business that makes tangible products.

— Wholesale: a business that buy products from the manufacturers and sells to the retailers.

— Retail: A business that sells directly to the final consumers.

— Service: A business that sells intangibles such as time or expertise.

As a business owner whose main objective for going into business is to make money and be economically free, you need to understand that the key to financial freedom is developing income that works for you after you’ve “clocked out.” You should be able to stop working, but your “work” keeps on producing.

And the surest way to accomplish these business and financial goals is making service to others your primary goal. The key to success is adding value to other’s lives… Your income is directly proportional to the number of people you help.

Attributes of a good and lucrative business:

A good and lucrative business must meet and satisfy a customer need. It’s in meeting the needs of people will they be willing to give you their money.

They must operate in large markets or growth markets especially in this age of globalization.

Must have unique and timely products. There is nothing like a business idea whose time has come. Such businesses take over the market in unbelievable manner.

Good and lucrative businesses have high margins. since their products are unique and timely, they enjoy the privileges of monopolizing the market

They sell only leveraged products. These are products that you produce once and keep duplicating and multiplying them for years to come. Such products generate passive income for you. Writing a good book will fall into this group.

They have residual income. Their products are such that you will always need them for some other products and services… products with monthly or yearly subscriptions.

Have few real competitors, as such they control the market.

Not dependent on one person or the personality of the owner. Such businesses run easily on good system or structure.

Usually the first in the market- market leader, as such they dominate their market easily.

Good and lucrative businesses have investor entry and exit strategy. They can easily be sold if and when the owners get tired or finally decide to retire.

These are some of the things you might need to look out for in any business idea you may want to pursue.

Please note, there is no perfect business. The term “good and lucrative business” is relative.

To Your Prosperity

Sharon Akinoluwa

My name is Sharon Akinoluwa, a speaker, author and gifted teacher of biblical principles of economics.

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California Consumer Credit Counseling Services

Establishing your credit is an important part of your financial success. With consumer credit counseling services in California, you can obtain a confidential credit report review, conducted by a certified counselor. Taking this step is a vital part of assessing your credit and figuring out your credit worthiness. Looking at your credit report can help you discover what positive, or negative, marks were created because of your history with finances.

Along with situations that may have stemmed from your financial dealings, consumer credit counseling services in California can help you to find mistakes that may be being reported by credit agencies. A good credit counselor may be able to help you by monitoring your credit report on an annual basis.

During your credit report review, your counselor can teach you how to make good financial decisions and actions that you can take which will help you maintain or increase good credit ratings. They can also assist in eliminating at least a portion of previous bad credit.

Helping You Achieve Good Credit

Consumer credit counseling services in California will teach you how to build up your credit while showing you what will hurt or improve your credit score. Your credit score can affect many things in your life, and consumer credit counseling services in California can show you whatever you need to understand your credit.

Working in a job on a steady basis is the first step in obtaining good credit, as this will reflect positively on your credit rating score. When there are lulls in your work history, you will find that your credit score tends to slide downward. It’s also very important that you consider living in the same home for at least six months to a year. The more often you move, the lower your ratings will dip.

Another option you could pursue is to apply for a credit card with a small balance. If you obtain one of these cards, be sure consistently to repay your lender on time before the monthly deadline.

Being denied can be the result when you are trying to obtain a credit card from a small retail store. If this happens, you are still able to work on your credit by obtaining a secured credit card. More banks are apt to provide you a secured credit card since it will retain a cash deposit serving as collateral. If you don’t know how to do this, consumer credit counseling services offered in California can help.

Mistakes on Your Credit Report

Occasionally you will discover that there has been an error made on your credit report. If this happens, you must contact the credit bureau by mail. The credit bureau will follow up on your request with the creditor, and if the lender concurs, the details in your credit report will be changed.

Life could become less complicated by allowing the time to seek out the advice of consumer credit counseling services in California. These knowledgeable people can help you make more out of your finances and improve your overall credit rating score.

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