The Secret to Having a Successful Business and Making Money
For some, especially our younger readers - this discussion will clarify "how/why businesses work" and how to make money.
For others, this discussion will reinforce what you already know and dispel the "lesser factors" that are helpful but relatively insignificant in comparison to the ONLY THING THAT REALLY MATTERS.
The concept is very basic, but it is the foundation of financial success, especially among new small businesses.
It is one of the very first posts in our developing 'Get Paid' section because it is important that you understand how it works so you don't get sidetracked or waste your time evaluating the compatibility of your "personality traits".
Here is the Podcast on the topic.
There is some stuff in the Podcast that isn't in the text and vice-versa.
Lets begin -
I'm critical of a lot of industries, it's earned me a lot of enemies.
Lets burn another bridge forest shall we?
It's not like you didn't know this -
The "How to Make Money Online" industry, or whatever you want to call it, is practically identical to the "seduction community" or "Pickup Artist" industry, or whatever you want to call it.
The majority of "How to Make Money Online" self-proclaimed authorities (random people with websites) have not made a significant amount (or any) money off anything but their "How to Make Money Online" sites.
Most barely make any money on those sites as well.
Essentially - you have people that haven't made money online, teaching people how to make money online.
Always theory, never personal experience.
No screenshots or anything to suggest they are even remotely successful -
But you're told to just take their word for it.
(and follow their "call to action" to their eBook that dupes you into signing up for their email list that has no unsubscribe button)
Thankfully, you've found "Get Paid by Good Looking Loser" and I will tell you how I did it, post by post, page by page.
I am going to make online business work for SO MANY of you guys.
I'm not one for "theory" posts, but this is definitely something that you need to know.
The Only Thing That REALLY Matters
There is ONE THING that matters and that is ABSOLUTELY MANDATORY to have if you are going to be successful in selling your product or service.
There absolutely MUST BE a DEMAND or a potential audience that will be willing to buy your SUPPLY (product/service).
It is BY FAR, the MOST IMPORTANT THING.
Do not let anyone tell you different.
Ideally, this DEMAND already exists and you do not need to do anything whatsoever to create it.
(it is a long, long, long climb if you need to create a product/service and a significant demand - it is not recommended for your first venture)
Without a DEMAND - you will not make money.
Without a DEMAND - it doesn't matter how passionate, hard working, confident, unique, positive or good you or your product/service are.
I will dispel these popular "Keys to Making Money" myths below.
DEMAND is the #1 "Key to Making Money".
Arguably, the only thing that even matters.
If you have an idea, before you build a website, open a corporation, or invest time/money, ask yourself -
- IS THERE A DEMAND FOR MY PRODUCT OR SERVICE?
- IS THAT DEMAND SIGNIFICANT?
If the answer is not "YES and YES", immediately discard the idea.
Throw it in the paper shredder so you never have to see it again.
About Good Looking Loser (and satellite sites)
I did not consult any 'Internet marketers' when I built Good Looking Loser (and HairLossFromSteroids.com, HappyHippoHerbals.com).
Yet, I got plenty of unwanted feedback from "experts" that seemed to know the fate of my community.
(they just wanted to help, I guess)
Quite a few said -
You need to stick to only one topic.
All this other stuff (male enhancement, Kratom, steroids) will not work and people will "click away".
This, obviously, was the furthest thing from the truth.
I already knew this and gave the selfless helpers my usual -
There is a DEMAND for all of the topics we discuss.
A HUGE DEMAND.
And That is the ONLY THING that matters.
While Good Looking Loser has many unique attributes (fun clipart, unique perspective on taboo topics, me) the only reason it makes money is because there is DEMAND for the material.
Take away the DEMAND, there is very little traffic and even less financial success.
This Is Common Sense!
(Good Looking Loser is passing off common sense as insight again! That's right.)
While this requirement of "DEMAND" might seem obvious - it's hardly EVER discussed.
I did not find a single mention of "DEMAND" anywhere on the first 4 pages of the Google search "The Key to Making Money" or several alike searches.
Instead I found several, possibly helpful, but hardly mandatory "Keys" to building a successful business.
There is a reason for that and I will discuss it below.
Sometimes common sense isn't so common.
If you remember nothing else from this discussion remember -
DEMAND IS THE ONLY THING THAT REALLY MATTERS.
note: I have not read "The Millionaire Fastlane" by MJ DeMarco. As I explained in this post from well over 2 years ago, however, I think I either saw an excerpt or article from him that initially clarified the 'DEMAND' importance. This was very insightful and after 3 years of now running 3 successful online businesses, my comprehension of the subject is even more clear today. If I borrow themes from MJ, it is unintentional, I literally wrote my list off the top of my head - but feel free to tell me. He seems to be a smart cat.
6 Popular Myths About Making Money
(online or elsewhere)
The Google search for "The Key to Making Money" or " alike yields the traditional crops of bullshit.
Content farm articles written by underpaid farmers who have not made a dime who explain "The Key to Making Money".
(but have successfully made their eHow, About.com, etc. farm advertising revenue!)
While probably well-meaning, some of these "keys" may be helpful, but they are hardly the primary factors.
The myths reflect the inexperience of the author and an obvious non-understanding of the basic fundamentals of successful businesses and industries.
Myth #1 Follow Your Passion and the Money Will Come!
This absurd "Key to Making Money" advice is enormous in the self-improvement community.
In fact, it's often suggested as the answer to every single problem.
Many experts, especially women, vehemently maintain that "following your passion" is the key to making money.
This lady wrote an entire book on it.
(not an affiliate link - and don't buy it)
You've heard it before -
Pick something you love, the money will follow!
While it's definitely great to "follow your passion", it hardly guarantees success.
You could have a passion for painting, standup comedy or contact sports - if you aren't any good, or at least better than your competition - you will not succeed and you will not earn much money.
If you suck at painting or specialize in artwork that is not collected or considered valuable - it doesn't matter how passionate you are.
If you aren't funny or nobody gets your sense of humor - it doesn't matter how much you love making people laugh.
If you are in love with the game of basketball, but if you can't jump, shoot or play defense (let alone "be tall") it doesn't matter how much you want it.
Even if your "passion" makes you work hard and improve your craft -
There has to be a DEMAND.
Mitchell Deoudes Sr. (My Dad)
I got lucky.
My Dad is a successful multi-millionaire, who taught me some (but very little - unfortunately) about business.
- Watching Fox News and yelling at liberals (Alan Colmes) on the TV.
- He sold high-quality produce to high-end restaurants in Washington DC.
I've never officially asked him, but I'm going to guess that his passion was not lettuce, spinach, strawberries and butternut squash - let alone selling it by working 17 hour days in his warehouse in a very dangerous section of Northeast Washington DC called 'The Eastern Market'.
There was a DEMAND among expensive DC restaurants and hotels for high-quality produce at affordable prices.
My Dad supplied that DEMAND.
He was paid millions in return.
One of his last big sales was to a guy that he called "Kang".
Kang was a wealthy, ambitious man.
Kang wanted to supply ~all the Boston Market (formerly 'Boston Chicken') restaurants on the East Coast with poultry.
Kang needed (DEMANDED) a warehouse in the heart of Washington DC in order to supply the Boston Market stores in the District and the Northern Virginia area.
My Dad supplied Kang's DEMAND and sold him the property.
Mr. Kang supplied my Dad with money.
That is how business is done. That is how money is made.
Despite probably having a passion for acquiring wealth, neither man probably had an overwhelming passion for the actual busy work that they did.
You might need a solid amount of passion to reach your potential, but it's hardly the main factor in making money.
In fact, a lot of people (especially women), are probably better off not following their passion if making money is their primary goal.
Myth #2 Work Hard and the Money Will Come!
You have an idea where I'm taking this one too.
The same direction.
I'll be the first person to tell you WORK HARD and WORK HARD SOME MORE.
In fact -
- "Work Harder - Not Smarter"
(successful newbie attitude)
But DEMAND is way more important.
If there is no DEMAND, it doesn't matter how hard you work.
Let me give you two examples, the first one is disgusting and the second is most applicable -
You could create a US-based "manual scavenging" company and become its first employee.
Before you can afford to hire employees, you could work super hard in major sewer systems or trying to find leads of rich people that prefer to use a chimney to empty their bowels.
Your business WOULD NOT WORK in the United States.
Unlike India, because of the Western 'wet toilet' system, there is no demand in the United States for people to manually pick up large dumps that well-fed wealthy people released. It doesn't matter how hard you work or are willing to work. Very few people are going to pay you for this.
(I'm not making light of the issue, I find it repulsive that this type of thing exists in 2015)
Just be glad this isn't your best option.
Perhaps a better example is trying to get rich by opening a storefront and doing the initial labor that fixed broken VHS players or repaired CD/tape players.
The technology is obsolete, therefore the DEMAND and the potential to make money is largely obsolete too.
Work hard only goes so far, there has to be a DEMAND.
Myth #3 Believe in Yourself/Be Confident and the Money Will Come!
Same deal here.
"Believe in Yourself" / "Be Confident" headlines quite a few "How to Make Money"/"The Key to Becoming Rich" articles.
Like "Follow Your Passion!" self-improvement eggheads are in love with this "Be Confident" concept.
Somehow, we're told, "Believing in Yourself" is the most important thing to whether your product/service sells.
Your product/service needs to have a DEMAND.
Obviously, it's great to "Believe in Yourself" or "Be Confident" but that hardly determines how financially successful your business is going to be.
Besides, confidence will be built on the job as you string together (and acknowledge) many small successes.
You may not start out with a ton of confidence. It doesn't really matter.
Confidence is almost always a work in progress and hardly the main factor in whether you are initially or ultimately successful.
Success builds confidence.
Confidence builds success.
Focus on trying to be successful, rather than trying to "be confident".
Old Dirty Kent the Sunglasses Guy
Quick story -
In Los Angeles, I know a guy that we'll call "Kent".
He makes high-end custom Rx sunglasses for rich people, he's even got a few celebrities on board.
Before ridiculous California taxes, his private custom sunglasses business makes upwards of $385,000.
Pretty successful in my book.
Oddly, Kent hardly believed his "sell sunglasses" idea would really work when he and his brother incorporated.
More oddly, he still doesn't believe it will be that successful and has been trying to sell his share the business for 2.5 years.
He doesn't even believe in his own business - yet he makes makes more money (because of DEMAND for custom sunglasses in Hollywood) than the confident dreamers with ideas that have less DEMAND.
Myth #4 Be Unique/Create Something New and the Money Will Come!
I'll probably take some more criticism from those who still don't grasp the point (use your own voice) of our most shared Lifestyle by Good Looking Loser (Get Paid) discussion "10 Reasons Why Your Version of Danger & Play and Bold & Determined Sucks (Why Newbie Bloggers Won't Be Successful)", but most of us already smart enough to understand that you don't have to "invent" something to make money.
That is true.
It's would be nice to invent something but the reality is - successful people/businesses simply take an existing product/service and -
- Make it better
- Price it cheaper
If you can do that, in an industry with a DEMAND, you should find financial success if you can get the word out.
(marketing is HUGE, but a topic for another time)
Although many people already know that they don't have to "invent" something, they still let their overly-creative juices run wild.
Ultimately many end up with FEWER ideas because they are so creative.
Creative/artistic guys, as I also profess to be (in moderation), often have trouble getting "business" - just as sophisticated guys have trouble getting women.
Their mind sabotages them.
They let their mind sabotage them.
Don't be too creative - supply a DEMAND.
Myth #5 Be Positive and the Money Will Come!
By now, you already know that "beliefs" aren't the primary factor in whether you will be able to exchange your product/service for currency/gold.
Yet, so many self-proclaimed experts claim that "Being Positive" is the primary, if not only, key to making money -
Hypnotherapist Ailsa Frank believes there is.
Over the years she’s helped countless clients, from impoverished graduates to 50-somethings with no pension provision, to increase their wealth. “You need to banish negative patterns of thinking,” Ailsa tells me as we embark on a one-to-one wealth workshop at her clinic in Ascot, Berkshire. Her sessions focus on the power of positivity and how we can re-programme our minds to think in a better way about money.
source: "Can Positive Thinking Really Make Me Rich?"
Don't go to a hypnotherapist to learn how to make money.
Your only relationship with money should be - YOU KNOW HOW TO MAKE IT.
My parents are the most negative people in the entire universe.
They both are wealthy.
Not that I have to say it, it's surely getting old by now -
There, I said it. :)
Positivity is the key to Positivity.
Positivity is Positively not the key to making money.
#6 Do What You Are Best At and the Money Will Come!
We are beating a horse that passed away a long time ago, so this is the last one.
This one is similar to the "Follow Your Passion and the Money Will Come!" expert entrepreneur advice.
Doing what you are best at, whether as an employer or employee, doesn't guarantee that money will come pouring your direction.
Why would it?
If what you are best at has no DEMAND or is in an industry with low margins and high competition - you won't be getting paid that much.
I can think of a million and one examples and so can you.
We won't waste another second on this ridiculous "Do What You Are Best At Is The Key To Making Money" statement.
As I alluded to before, the reason that so so so many "experts" can't put their finger on "The Key To To Making Money" is because they have never done so.
They are simply "self-improvement gurus" or sometimes minimum-wage/free content farm writers.
Not wealthy businessmen.
(some like Tony Robbins are wealthy, but we are talking about the average 'expert' giving advice)
DEMAND is the primary fundamental to a successful product/service.
This is blatantly obvious to anyone that is making money and thinks to himself -
How Am I Doing This?
Why are people giving me money for my product/service?
They arrive at the same simple answer every time -
People want (DEMAND) my product/service.
Demand Isn't Just An "Industry" Thing
(is your product/service any good?)
This is where it gets a little tricky.
When most people think of DEMAND, they only consider it on the macro level, the industry at-large.
- How big is the industry?
- Are there a lot of people that buy this product/service?
While this is obviously worth major consideration, the DEMAND is equally important at the micro level.
Your product/service has to be -
GOOD ENOUGH and CHEAPER than competitors.
But sometimes only the first applies.
Here's an example -
While there is (and always will) be a DEMAND for self-improvement material - there is only a DEMAND for GREAT self-improvement material.
There is very little demand for GOOD ENOUGH and CHEAPER self-improvement material.
It has to be GREAT if anyone is really going to take the time to sit down and read it. Let alone give you money for it.
You can't simply just sell it for cheap (or even give it away for free) and have it be really successful.
It has to be GREAT.
This is different than other industries.
Take the fast-food industry.
Quality isn't necessarily the most important thing - price is equally important.
McDonalds only makes a GOOD ENOUGH product but their Dollar Menu and convenience has made them the standard of the fast-food industry.
Their marketing is aimed at constantly reinforcing this.
The SPECIFIC DEMAND: "GREAT" or "GOOD ENOUGH and CHEAPER" will vary from industry to industry.
You sure as hell don't need a "business plan", but you should definitely understand the SPECIFIC DEMAND in your industry.
This is something that should be glaringly obvious if you have been a long-time consumer in the industry.
If it's not - it's not an industry that you should get involved in.
Hopefully I simplified "The Key to Making Money" or "what it takes" into a single word -
While the younger guys might have significantly benefitted from this discussion, it might have been a review for many others.
Though this might be all stuff you know, heard or thought in some shape or form, it helps to get clarity on the matter.
I would have loved to be told DEMAND IS THE ONLY THING THAT MATTERS when I was in my 20's.
The world would have made sense.
I wouldn't have had questions like, "Will my idea work?", which inevitably led to hesitation and repetitive self-analysis about my psychological readiness or personality traits for financial success.
Of course -
Ideally, "getting money" shouldn't be your only motivator.
Ideally, you should have passion, strong work ethic and confidence to work on what you are best at.
But few get to do that right away and it's hardly necessary to becoming really wealthy.
Ultimately, if you do join the rich guys club, you will likely have several business (or stock/shares in several businesses), most of which you do not actively manage.
Some of those businesses will be products/services that you are passionate about, others will solely exist to make you money.
It's not all-or-nothing.
You don't have to pick between "what you want to do" and "what is going to make you money".
You can have both.
Sometimes mutually, always separately.
Wealthy people have multiple investments and several streams of income.
You just need to get started.
Go build your first one.
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Comments are welcome on this discussion.
However, in-depth questions are best left in the "Get Paid - Good Looking Loser Forum".
You will get multiple responses in there.