This is a question that popped up in an update on Quora. And guess what, curiosity killed the cat. Besides a few clichés, I did find a very handsome man who I have now friended on Facebook. But this got me thinking, is it actually possible for a person who is starting out in life to make four to five lacs a month? Here is the answer that I came up with:
Ofcourse it is possible to earn that amount and perhaps more if you know the market you are dealing with. The advantage with India is its layered socio-economic fabric. Would you ever sell custom made lampshades in a village or a bottle of pure mustard oil to a woman who owns a bungalow in Sainik Farms, Delhi? Here are a couple of steps:
This is a skill you have to master. It is a misconception that creativity is a natural skill. It is more of an acquired trait in evolution. Akin to mastering poetry after a heartbreak (in good humour). So let us create a product together. A print-on-demand global news agency. What you do is crowdsource information, articles, editorials from registered journalists, newspapers and analysts (charge an annual elephantine amount for it), print them when the user demands. Why would such big organizations engage in such a model? A simple one liner answer- It allows a wider reach. You would be the favourite for anyone engaging in academic exercises. You will be advertising and catering to a network of the elite. These are the people who spend a thirty thousand rupees on subscriptions monthly and prefer reading their favourite writers in print. The patrons of the greater liberal arts are your targets.
- Draw up a business plan:
An air tight document detailing as briefly as possible how do you earn money off it. Need I say how a media business raises money? Always make sure your break-even point and return on investments are no ever elusive. Give this a three year window and run a pilot. A little hint for this step: Learn from the chivalrous Canadians.
- Put it to work
By my calculations, the CEO’s salary in such a model would exceed two and a half lacs per month if the seed funding is sourced internationally in accordance with Indian laws.
- Watch out for trends
Now that you have two and a half lacs covered, Invest, mon ami. There is nothing more profitable than investments. Watch out for trends and choose a company that is giving signals of a buyback. Do not ignore our noble cause of spreading information.
- Give constant profits
In an ideal scenario, you would have five lacs in your bank account by the next month with a growing readership and investments that give constant profits.
(Why does the writer not work on the business plan given above? The writer shall give out a new business plan to the person who answers this question correctly!)
It may seem completely impossible to earn in six figures initially. The nature of money in the twenty first century coupled with industry 4.0 would prove otherwise. It is an old Indian saying that money attracts money. But you have to take the first step. The first step to becoming King Midas is to be creative. And then, wait for the markets to make you rich!