Am I qualified to give advice? On some levels yes. I have been in 11 businesses since I was 17, I am currently own two. I have made a million dollars and lost a million dollars, through my business choices. What I hope pass on is some of the things I learned the hard way and what worked and why.
This advice will come in random order, kind of what caught my attention for the day. I mentor a couple of young businessmen and will also share some of the questions and answers that we talk about in course of our conversations.
Today reading the Wall Street Journal, “Recommended reading for anyone who wants to get ahead.” There is an article about a shortage of worms, yep that’s right, worms for fishing. It turns out because of the hard winter that the season started late for collecting them and that with a couple of other factors has created a shortage. With all shortages just as with all surpluses, price changes always follow. Prices on worms are up 80 percent this year.
I am asked on a regular bases what business would you get into today? Well today without knowing any more, I would look into growing, harvesting, worms. Business ventures seldom are exciting. I can tell you that any business that is making a healthy profit is fun to run.
Doing a quick Google search yields a lot of information about raising worm, it is not rocket science.
Lesson number one
Be aware of what people need, supply and demand always work. Paying attention to the small details and making a point to be aware is key. It does not happen by chance but is a conscious effort. It costs nothing in today’s world to keep your finger on the pulse of what is going on, just some effort.
Today its worms, up 80 percent. What may have been a marginal business a year ago may be a real money maker today.