Money Making Ideas

Many people have excellent recipes that they make for themselves or their loved ones. Most of this food, if loved by all those who eat it, will be loved by the mass population. So, start a restaurant!  It’s a great one of several money making ideas.

If you want to start a restaurant with no money, you are in for a disappointment.  You either need a loan, or need to save up some money.  If it takes you a few years, so be it.  You simply need money.

But….most restaurants fail

Yes, that’s true. It’s true because the restaurants are started by excellent chefs. And that, usually, is a problem. Why? It is because they are not started by excellent businessmen. Many restaurants with outstanding food go under, but sometimes restaurants with only mediocre food grow into colossal-sized companies. Clearly, then, the quality of the food has little to do with the success of the restaurant.

So, when you start your restaurant, don’t make the same mistake most owners make; don’t focus on making your food better. If you think your food is good enough to start a restaurant, then your food is good enough. So, stop worrying about your food. Move on to the next thing.

There are many different aspects to a restaurant. First, you must get a good grasp on basic accounting. You could hire a bookkeeper, but remember, you only have limited funds. In the beginning stages of a restaurant’s life, you, the entrepreneur, should try to do as many of the jobs as possible, so more money can be saved and reinvested back into the company.

Next, you need to work out an inventory system. How are you going to keep track of what you have? Don’t just look at it and work through it like you do in your kitchen at home; you need to write down a system. Perhaps your company will work if you ran it like the kitchen at home, but it won’t grow very big. When you hire this job out to somebody else, and you will, you need a system in place for them to follow. If you just let them run loose, then your restaurant will have no structure. A restaurant with no structure cannot support any weight, so to speak, so it will collapse.

Next, you need to figure out what you’re going to do about your suppliers. You need to search and negotiate with them to find the cheapest supplier. While this may seem obvious, very few restaurant owners put in enough effort in this field. Most restaurant owners could find cheaper suppliers if they were more aggressive in their search.

Now you’re going to have to find a way to advertise. Advertising is critical; it is absolutely necessary. You need to put ads in the local newspapers. Stay away from television until you have a much larger restaurant. If you can afford it, put ads on the local radio, but your money may more effective elsewhere.  This is especially true if you start a restaurant with no money of your own; borrowed money must be spent wisely.

The bottom line is: you need to put systems in place. Every topic above needs its own system. You have to create systems in order for your restaurant to grow. Yes, restaurants can survive with no systems in place, but it cannot grow. You need to provide the right setup in order for it to grow. Without strong systems, your restaurant will be seem to grow well, but as the pressure from above grows, the cracks below get bigger. Eventually you will have a giant crack in your restaurant too large to fix, and your restaurant will collapse. If you have built strong systems, then your restaurant will continue to grow.  And, you cannot start a restaurant with no money.

The Chartered Financial Consultant’s license is a financial designation awarded by The American College. It is a very difficult and very well respected designation. It is comparable to the Certified Financial Planner (CFP) designation, but there are some differences. The CFP requires one to pass six core courses and then pass a comprehensive financial exam which takes ten hours to complete. The ChFC requires one to pass all six of those core courses (seven starting October 2009) and also pass two elective courses. There is no comprehensive exam for the ChFC. The CFP requires that one have a bachelor’s degree, but the ChFC does not. Therefore, the ChFC is open to more people than the CFP is, and it is arguably just as good.  It is a great one of several money making ideas.

What does a ChFC do for you?

ChFC can get your foot in the door to a lot of different financial jobs, all of which will certainly pay you more than you would get elsewhere. The salaries earned by newly awarded ChFC designees are comparable to that of starting college graduates, but tend to move up much quicker. With a ChFC, you can start your own financial planning firm. It is recommended, of course, that one gains experience to gain credibility before attempting to start his or her own firm, but the option is available.

The ChFC core curriculum

The ChFC curriculum is composed of six core courses and two electives. The six core courses are in-depth studies of seven different topics, namely: a financial planning overview, income tax, employee benefits, retirement planning, investments, insurance, and estate planning.

Financial planning overview – includes topics such as developing rapport with clients and basic financial calculations.

Income tax – how income tax is applied to various types of income: earned income, which is taxable at approximately fifty percent; portfolio income, which is taxable at approximately fifteen percent; passive income, which is taxable at approximately zero percent.

Employee benefits – deals with things such as medical and dental insurance, stock options, retirement plans, and bonuses

Retirement planning – an overview of employer sponsored and self directed retirement accounts, how to create them, and how to use them.

Investments – an overview of the various types of financial investment vehicles such as stock, options, bonds, futures, etc.

Insurance – an overview of risk and risk management, government insurance, life insurance, medical insurance, property insurance, and liability insurance

Estate planning – discusses ways in how a person can set up his or her estate to pass it on to whatever person or organization he or she wants to receive the estate and how to protect the estate from heavy government taxation.

The ChFC core curriculum is something that everybody should know; it is a mystery why it is not taught in schools. All of the subjects are very applicable to everyday life. But, only the people who study this stuff on their own know this information, and they get paid heavily for it. Do yourself a favor and earn your ChFC from The American College. They have a fast track plan that allows you to get your designation in a maximum of three years, but less time is very likely, depending on how fast you work.

Check out these other internet money making ideas!

Investing in stock is a something we should all consider as another one of many money making ideas. The stock market is a giant river of money that is available for anyone to dip into if he or she would like. Stock investment is not difficult to make a lot of money, but it does take considerable work to achieve success. Also, it requires mastery over one’s emotions; one needs to act with his or her head, not feelings.

Two Schools of Stock Investment

There are two schools of stock investment: fundamental analysis and technical analysis. Although neither one is superior to another, they differ from each other greatly and will achieve different results. Fundamental analysis deals with businesses; technical analysis deals with trends. A fundamental analyst will pay attention to things such as company financial statements and management to make education predictions about the future of the stock price, while technical analysts look at the market trends and overall economy to make educated predictions about the stock price.

They both have very different results. Technical analysis is a very short term method; if one uses technical analysis, he or she must be prepared to trade in and out of different stock quite frequently. Technical analysts earn their money through trading, which can never be stopped; if it is stopped, then income generally ceases. Fundamental analysis, on the other hand, is a very long term approach to stock investment; if one uses fundamental analysis, he or she must be prepared to hold on to a company’s stock for a very long time, even when the stock is dropping to levels far below what it was bought at. Fundamental analysis generally results in residual income; when a fundamental analyst stops investing, his or her income will generally continue.

While most investors consider neither method superior, it must be noted that fundamental analysis is practiced by the world’s richest man, Warren Buffett. Warren Buffett himself does not approve of technical analysis and thinks it a silly practice. Technical analysis is like poker; a player can improve his or her luck dramatically with skill, but there is a certain, unchangeable element of chance that always gets factored into the game. It is true that there are always elements of chance with fundamental analysis as well, but there is no limit to this; fundamental analysis has the ability to manage risk and reduce chance’s effect on the investment results. For this reason, here at Many Money Making Ideas, fundamental analysis is preferred.