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Running Your Own Business: The Options
By Tony Luck
Very few people ever got rich by working for someone else.
Leaving aside pop musicians, sportsmen and similarly gifted
people, the only way to acquire wealth by work is to build a
business of your own. The type of business you decide upon
will depend on: a) how much money you have available as
start-up capital and working capital; b) your business idea;
and c) your confidence level.
There are three types of business: 1) the traditional one in
which you are reliant solely on your own efforts; 2) a franchise
where you follow a proven idea and receive considerable
training and back-up from the franchise company; and 3)
network marketing.
Each business type has its pros and cons.
The traditional business requires considerable
financial input, either from your own resources or part-funded
by your bank. You may need to rent premises; buy
equipment; hire staff; pay for advertising, brochures,
stationery, and stock. A frighteningly high percentage of this
type of business fails in the first year. To succeed you need: a
good idea, considerable financial backing, good health, an
understanding spouse, and stamina. If you do succeed you
will own the business outright and benefit from all the profits.
Franchises have a high success rate. Banks like
them because each franchise operation has a proven track
record and thus the banks can accurately judge the risk,
consequently they will lend money for this sort of start-up.
However, all the support and training comes at a price: the
initial entrance fee is likely to be very high, and a percentage
of the business¡¯s turnover has to be paid to the franchise
company.
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 ¨C 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. About the Author Tony and Katy Luck run two network marketing businesses in the UK: a team of Avon representatives, and as independent distributors for The Utility Warehouse which offers the best value electricity and gas supply, and telephone service.
Article Source: http://www.simplysearch4it.com/article/13719.html
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