3D printing and laser cutting can be an easy gateway to creating many of your products if you’re into art/crafts or would like to work in a business where you take commissions from customers.
There are different types of lasers for industrial and commercial use. Heavy-duty lasers are usually for industrial use, so your craft probably wouldn’t need a huge laser machine.
There are certain materials that aren’t compatible with lasers. Depending on what laser you have or what technique and look you're going for in your product. For example wood, you can't cut it using a laser cutter because it will catch on fire.
There are computer systems that can help you with crafting and designing your 3D print like Tinkercad.
When you’re done with your craft, you can rely on sites like Etsy where you can monetize your creation by selling it to willing buyers.
Other sites like Fiverr, let customers go to your Fiverr webpage and enter commissions and requests for the job they want to get done.
To start a business, there are costs that need to be funded.
There needs to be a good product, a good team, and more than a single-man operation.
Having a teammate to be with you through the trials and hardships of starting a business can elongate the time your business stays up and running.
And it’s important to present yourself as a leader too. Make sure you’re well groomed, have a good suit/outfit on, maintain your body, and go to the gym to exercise.
Speaking like a leader is a major factor in how others perceive you. Stuttering, fidgeting, and habits like smoking can greatly affect the opinions others have of you even if neither you nor the other person notices these subtle things.
Keeping good posture and presenting yourself with confidence is important in how you appear to others. People want a leader that is headstrong and confident.
Good communication and organization is also essential to keeping a good running flow through your starting company. Keeping your team on websites that allow you to plan, delegate tasks, and see the progress of your work towards a goal can be crucial to the development of the company as well as team morale.
It’s also a good habit to try and keep business costs low but not as a consequence of quality. Keeping a steady income and keeping costs low help you generate an income you can use to further improve the company.
It’s good to find partners willing to work with you in your business as well.
They can promote you and propel your business to places it wouldn't have gone with you alone.
Working alone can be overwhelming and sometimes having a partner or team you can rely on make all the change.
Economies of scale also then plays a point because the more you buy in bulk with other companies you work with, the more you save because it’s a constant business trade-off that benefits you and the other company that will hopefully offer you discounts.
This can be called key licensing where you can reach out to other professionals to gain insight, knowledge, licenses, or even customers.
For example, Starbucks collaborated with Nestle to help propel their brand everywhere around the world.
Scope creep, triple restraint
Scope, schedule, budget= quality
Someone is efficient and follows the schedule and doesn't require a bigger budget
Be aware when someone is more qualified than you and weigh the cost of employing them against the benefit of delegating tasks to a worker that is more capable of doing the job.
Good business= good product, good business, good management, good team
Gold plating: adding features that nobody asks for/uses
10 Time management tips
Invest in your health and wellbeing
Exercise can release endorphins, oxytocin, and dopamine.
With the added increases of these feel-good hormones, work is a lot more fun, you are a lot more productive, your mood stabilizes better, and generally, you're more healthy and happy.
Role models can also affect the way you act and treat yourself.
From Redman: Put yourself first, find yourself, and respect other people.
Financial awareness and management:
gross= make net =what you keep
The cost of living is heavily dependent on the city or area you live in and for cities like New York or San Francisco prices of other things have to increase because the cost of living is so high. For example, the cities listed above have some of the highest average salaries in the world to compensate for other expensive living costs.
Budgeting can help you create a plan for spending money to make sure you always have enough money for needs and wants.
How to make a budget:
Gather your financial statements
Calculate your income
Create a list of monthly expenses
Determine fixed and variable expenses
Total your income and expenses
Make adjustments to your spending
What are necessities?
Food, housing, health fees, bills, etc
What are luxuries?
Expensive and unnecessary items. IE. Clothing (designer), leather goods, jewelry, accessories, handbags, etc.
Usually, luxury spending occurs when the person spending has plenty of or more cash. This is called “income elasticity of demand”
Resale value
The value an item can fetch for after being used, opened, or purchased.
Examples of items that have a strong resale value:
Camera lenses
genuine high-end watches
classic cars from well-known car brands
Most real estate
Wasteful purchases:
Cars
Smartphones
Electronics
furniture/appliances
Things I learned
Entrepreneurship:
Custom crafts:
There are businesses that sell people custom cups, mugs, shirts, etc without you ever having to touch the product, they go from the company straight to the customer.
Vintage new items:
Basically when you refurbish vintage items, but remodel the product's interior to function like a modern appliance.
Trading stocks and cryptocurrencies:
Selling digital goods:
Selling art online:
Niche information blog website: