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Anonymous

08 May 2019

βˆ™

Career

How and where did you gain the inspiration for a good business idea and how long did you take to generate good profits?

I am currently a university student who wants to start out my own business in the future. My question is for those who have already established their business/have just started out in their business.

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Jim Ng

08 May 2019

Marketing Strategist at https://www.bestseo.sg

I've tried to start a digital marketing agency while I'm a student.

The idea came from watching digital marketing tutorials on YouTube.

I'd suggest by starting a cash flow business.

This could include things that doesn't require a huge capital. They are usually service based business that trades your hours for dollars.

Some of these services include:
1. Graphic design
2. Web design
3. Digital marketing
4. Video editing
5. Copywriting

These are skills that you can charge companies and entrepreneurs a good amount of money in exchange for your time.

Once you've that steady stream of income coming in, you've the capacity to pay your mortgage, bills, marriage, etc, etc.

From there, you can start a more scalable business that is more product based. Things like a retail shop selling products or a Software as a Service company.

That's because in order for you to scale all these businesses, you need money. Money to be spent on marketing, to acquire customers, to build your product.

If you jump straight into a product based business right away, you're already at a negative cahs flow. You don't want to be put in that position where you struggle to pay bills.

All the best for your entrepreneurial journey.

Cheers.

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