How to Make Money

Posted by Felix Okoli on Monday September 12, 2011 17:35:26:

Money is anything that is commonly used as a form of payment for goods or services. In order to be able to make money, you must be able to sell something or have something of value which another party wants.

In today's business, making money for the long term is what companies are setup to do. Besides other functions and good gestures they may do for the society, without making money, a business may cease to exist.
Look at our world today, there is a craze to make money in almost anything to do. There is a growing desire and hunger to make and keep on stacking money for both the short term and long term reasons. People take daily bus rides and cars to their work daily in order to make ends meet. It seems that having wealth has been bottomed out at how much money you are able to make.

How do people make money?
People nowadays make money and everyone seems to be battling against each other such as professionals for clients and companies for customers. People make money by offering goods and services for a fee. They promote their products and capture buyers and people who are willing to pay for their items. People also make money by working for it using labour and skill. When intangible items are exchanged for money, it is called service, when tangible items are exchanged for money, then the item is called goods.

Trade by Barter
In the old days, there was really nothing like money but people traded goods and services for each other and it is referred to as trade by Barter. Nowadays, Central banks across the world print money, attach a value to it and being supported by the government, it becomes a legal tender such that wherever it is presented, it can be used to settle bills and act a the medium for most business transactions.

What do you need to make money?
1. You need to have a product or service: Something that people need and are willing to pay for
2. You need to make it public:
Advertising can tell people that you can satisfy their need
3. You need to make the exchange:
Once the transaction has been initiated and a buyer wants your goods, you should exchange it for money either in cash or bank.

Tips to making money for the Long term
- Set up a good business model
- Incorporate
- Leverage on the power of the internet
- Advertise
- Minimize your running costs
- Allow innovation
- Identify your competition
- Remember that customer is Key