’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.
Most businesses fall into three types. There is what can best be described as the traditional business where the proprietor, or owner, has an idea, service or product he or she wishes to sell and sets up a business. Then, secondly, there is the franchise option; and lastly, we have network marketing. Let us examine each breed of business.
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.
- Network marketing, also known as multi-level marketing, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A network marketing business can be started in your spare time – in fact that is the best way to approach it. Start small, and keep at it. The secret is perseverance, get past the first year and you should find the business has a sound foundation from which you can build a serious income. It is said that 95% of those who survive ten years in network marketing become wealthy beyond their wildest expectations.
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.
Whilst it may cost much less to start a network marketing business, that does not mean your potential income is less. On the contrary, your expenses will be much lower and there is no limit to the potential profit. To get an idea about the network marketing business opportunity I chose visit my website. You will find more information about network marketing, and you will also find details of the business opportunity.
