Why Running Your own Business – The Options Few people get rich by working for others. Except for pop musicians, athletes and similar talents, the only way to get rich through work is to start your own business.
The type of business you choose depends on:
a) how much capital you have for start-up and working capital;
b) your business philosophy;
c) their level of confidence.
There are three types of business:
1) Traditional business, you rely entirely on your own efforts;
2) Franchise, you follow recognized ideas and get serious training and support from the franchise company;
3) Internet marketing. Each business has its own advantages and disadvantages. •Traditional business requires a lot of financial contributions, whether it is your own resources or part of the funds provided by the bank.
You may need to rent a room. Purchase equipment; hire employees; pay for advertising, brochures, stationery and videos. The proportion of these companies that closed down in the first year is surprisingly high. To be successful, you need: a good idea, reliable financial support, good health, an understanding spouse and resilience.
If you succeed, you will become a business owner and get all the profits.• The success rate of the concessionaire is very high.
The reason why banks do this is because each franchise business has a reliable track record, so banks can accurately assess the risk that they will provide loans to this type of start-up. But all support and training.
This comes at a price-the down payment can be high and a certain percentage of the company’s sales must be paid to the franchisee. • Internet marketing (also known as MLM) has many advantages and disadvantages: entry fees are very low, and operating costs are even lower.
You can start internet marketing business in your spare time.
This is the best way. Start small and move on. The secret is persistence. When you live in the first year, you will find that the company has a solid foundation and can generate considerable income. It is said that 95% of people who have lived in the field of online marketing for ten years have exceeded their craziest expectations.
Do business for you?If you want to provide services or products that you already have experience, for example, in your last job, a traditional company may be the best choice. But when you are tired of working for someone and make them richer and richer.
When seeking to start a business, franchising or network marketing is the first choice.
Then, the choice will mainly depend on the funds available to you and the time and effort you want to invest in the business. They need a lot of capital and 100% investment. Even if the franchise is trained and supported to help you swim, you will jump very deep.
On the other hand, you can enter network marketing seamlessly by continuing to work on your current job while starting part-time work, growing your business and updating profits when needed.
Persevere and the time is right, your own business income will be enough to provide you with financial support. You can then quit your job and focus on your business, spend more time at work, or spend a lot of free time with your family.