’Most people are either dead by age 65 or dead broke. The others have their own businesses’. So said a well-known businessmen and it is true. You are not going to get rich working for someone else except maybe if you are a banker or particularly gifted at sport or music. So let’s consider how best to start your own business.
It is generally accepted that there are 3 types of business model: the traditional one where you ‘fly solo’, relying on your own efforts with little or no help from others. Second, there is the franchise route whereby you take someone else’s successful idea and follow a blueprint. Full training will be supplied by the franchisor. Lastly there is network marketing.
Each business type has its pros and cons:
The ‘traditional’ business will need considerable self-funding as banks are reluctant to lend because this type of business carries more risk of failure in the early days. However, if you have expertise in a particular industry and maybe wish to set up as a consultant, you could qualify for funding if you can prove you have good contacts in that industry.
By buying a franchise you agree to follow a particular business plan laid out by the franchisor. There will be a proven track record of other successful franchisees in the same business, so bank funding should be comparatively easy to obtain. Expect to give a slice of your turnover to the franchisor in addition to an initial fee.
If you are looking for a business that requires little or no start up costs and has a good track record of success, then network marketing, also known as multi-level marketing, may be for you. You can start in your spare time and build slowly while you keep your main income. It is important to keep going; if you can persevere for more than one year you should find the business has solid foundations and should blossom.
So which type of business is for you? If you wish to provide a service or product where you have previous experience from, say, a former employment, the traditional business will be probably be the best choice. However, if you are just tired of working for someone else and making them rich and wish to strike out on your own, then a franchise or network marketing must be the preferred option. The choice then is determined chiefly by the funds you have access to, and the time and effort you wish to put into your enterprise. A franchise will require substantial funds and 100% commitment. You are jumping in at the deep end, although the franchise company will provide training and support to help you to swim. On the other hand you can ease yourself gently into network marketing by starting part-time while you continue with your current employment, building your business by ploughing back profits if necessary. Persevere and there will come a time when the income from your own business will be sufficient to support you financially. You will then be able to leave your employment and concentrate on your business, spending more time on it or enjoying considerable free time with your family.
Do not get the impression that network marketing is the ‘poor brother’ of the other two options. There are many people making a great deal of money from network marketing. You will find more information about network marketing at my website. Take a look at the commission rates to get an idea of the earnings that are possible. Of course there are many network marketing businesses to choose from. To learn more about our business opportunity take a few minutes to visit my site.
