How do I make lots of money?
Ahhh.....a question most of us have on our minds from time to time. In a world that is constantly changing, the answer to this question is also changing daily.
The dynamics of business are evolving at a speed we've never seen before. Dot com businesses with no shop fronts and few staff are rapidly overtaking traditional models.
In the past, to be successful a business owner needed a great location, a large premise, a receptionist at the front, and dozens of well-dressed staff running around to impress customers. In today's world times have changed quickly.
Big business no longer requires large retail space. Banks are rapidly closing branches in favour of going online. Other retailers too such as Harvey Norman, David Jones and Myer are surely feeling the pinch from online giants Kogan and Amazon.
Newsagencies are also suffering. The global trend of receiving our news online is slowly but surely reducing the demand for retail newspaper sales. Entertainment also has changed. 10 years ago, I would regularly rent a video or DVD from my local Blockbuster Store. Today I simply log on to Netflix or Stan and click to view a smorgasbord of entertainment.
Even the way I travel has changes. I no longer get a taxi our on a Friday night for dinner. It costs half as much for me to get an uber, and the service seems to be at the very least equally as good.
So, getting back to our question, the modern-day success is more of a concept. The rich list has essentially worked out how to effectively go around the traditional models and deliver goods and services more efficiently and at a fraction of the cost. Even my local butcher recently advised me that he is doing more business online today than he is from his retail store.
If you're looking at buying a business, it’s more important than ever that you consider the huge impact that online competition may have in the future. Certain businesses which are service based such as Hair Salons, and Car Wash services are largely protected. But businesses which rely on a product or service which can be delivered online are now directly in the firing line. Other important matters to consider may be the ease of which the business can be replicated, and the uniqueness of the product or service being offered.
If you can find a unique business or product which has managed to find a niche in the online world then you will be starting in a great place. The world is changing more rapidly than ever before. If you're trying to figure out how to make lots of money, then you need to consider the constant rise of technology and the potential competition you may encounter along the way.
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