How to Make Money – What are the Ways to Succeed

Author: Alan Lim

There are as many specific ways to make money as there are products and services to sell. In the broadest sense though, in order to learn how to make money, you can classify the methods into four major categories: Sell a product or service that is not available previously, sell a product or service that is difficult to obtain, sell a product or service that is cheaper than previously, or sell a product or service that is better quality than elsewhere. People buy out of necessity, curiosity, pride of ownership or hope for something better, and if you can supply products or services in any of those categories, you will make money.

Sell a product or service not available previously

If you want to learn how to make money, you need to look for a product or service that is not available in a particularly locale previously. Of course, you can also look for a product that wasn't available at all, but this type of product may be harder to convince buyers or their need for its unique characteristics. The Internet is a wide open field for this type of product, because many of the smaller areas have been unable purchase products previously without a lengthy trip to a larger shopping area. With the Internet, you can order products online and have them delivered easily.

Sell a product or service that is difficult to obtain

Another way to determine how to make money is to find a way to deliver a product or service that is hard to obtain. This could be an exotic food or health product, a specialized tool for an industry, rare or out-of-print books--all these are ways in which you can make scarcity work for you in setting up a way to make money. In terms of service oriented businesses, maybe you live in a area where there are no clowns, or no household organization businesses.

Sell a product or service that is cheaper

When you are trying to determine how to make money in a local market, this category may be difficult, especially if you are competing against a larger supplier of the product or service. However, the Internet makes many pricing options more attractive for the small businessperson. You may have lower overhead costs than the big brother in the field. You may be able to make or provide the product yourself at a lower cost.

Sell or product or service that is better quality

These businesses have determined how to make money by providing a quality item at an economical price, or they provide a luxury item and charge what the market will bear. There are still customers who appreciate better quality, even at a somewhat higher price and will pay the price to get the quality. There are also customers who want the status that a very high price on an item will provide and will pay money in the hopes of achieving status. Then again, an item that spells status in one culture may be of little or no value in another culture.