Wealth How Can I Make Money Right Now?

[ulrich]

@uriel,

Ah man, I'm sorry to hear that. That's definitely frustrating.

Well, the first order of business is to research the industry you're going into. How big's the market, who are the major players, how are they making their money, what kind of money are they making. Also, how much of that is profits?

I will say it helps to close things quick. I shut down that business I just mentioned within about 5 months of running it, simply because I couldn't afford to keep losing money at the rate we were.
A business is about building something other people are going to want. So you have to ask yourself how many people there are who want it, how badly they want it, and how much they're willing to pay for it (and if they realize it's something worth paying for -- or are you going to have to educate them? And if so, how easy or hard will that be?).

An activity you'll get paid for (i.e., arts, writing, consulting, trading, etc.) is about doing something that nets a return. You need to be looking at how people make money doing that, how much they make as a median, and for what inputs (i.e., how much time & money), and how much of it is skill vs. how much is chance. A good design consultant, for instance, is pretty much all skill: this is someone who is excellent at design, as well as excellent at finding and securing new clients, whether through referrals, through a website, through outsourcing platforms, or the like.
Give yourself a specific set of markers you need to hit, and stick to it.

Thanks, @Chase.
I really appreciate the time you spent writing this. It is indeed killer advice.

I am not sure what is going to happen with the course but for me it’s calming to know that I can turn it off anytime and maybe turn on one day in the future.

In retrospective, it makes sense. I should have looked better at the market.
I guess we as entrepreneurs are bombarded with the wrong belief that you can start a business about anything and turn it into profit… well, I have learned is not that simple.

Thanks for all that solid gold.

@uriel,



(actually, I am in a somewhat similar position with Girls Chase again. After performing well throughout 2017, 2018, and part of 2019, the business began to slide into decline. We tried a lot of great ideas last year; every one of them failed; and we posted a pretty substantial losing year. I have ideas to bring the business back, but I'm practical about it; I won't just abandon it, but if it's not going to recover I'll have to start thinking soon about what comes next for me, and what happens with GC if it isn't going to bounce back. I have a lot of things I want to do in life, and nursing an unprofitable business isn't really one of them. So, once again, I have set myself a "$N profit by Y date" goal -- and once again we'll see if I can hit it, and bring about another GC renaissance. Do I still have some of the old magic left, or has my bag of pixie dust run dry? Stay tuned to find out!)

Chase

And I am sorry to hear that times are rough.

I really hope Grilschase keeps on existing in some shape for the rest of my life.
This business of yours really changed my life and I would be sad if my children don’t have the chance to learn from you too.

COVID hit multiple markets very heavily but I want to believe that once restrictions are over, people are going to want to go out, travel and fuck like there is no tomorrow… recover the lost time, maybe.

Let’s hope for that.