One of the principles of wealth building is to create a business that you own that produces passive income. The goal is to go from being a W2 employee working for someone else to being an entrepreneur fully engaged in owning your own business.
Do you have what it takes?
• Do you have the right self-motivation to be an entrepreneur?
• Are you a good decision maker?
• Is your drive strong enough to maintain the stamina it takes to run a business?
• Do you have financial security to take a risk?
Let’s look at two types of business, both requiring a commitment, but at different levels
The MLM or Network Marketing Company
The start up costs and few for a network marketing company are usually less than five hundred dollars. Network marketing companies usually have low minimum monthly volume requirements There is no employees with a network marketing company and you can choose your own hours. In a network marketing company you can leverage the efforts of hundreds or thousands of people to create substantial monthly passive income. In fact, network marketing companies are ideal for part-time work as you transition from your old job to your new business
The Franchise or Business
With a franchise there are start up costs and fees that an be anywhere from a few thousand to hundreds of thousands of dollars. Franchises have on going monthly royalties. Franchises usually require one or more employees and long work weeks. It is a very difficult as an owner to work part-time in a franchise. With a new business, finding a niche market can be challenging. This is not something that can be taught and can only be learned by experience
Both types of opportunities can be very rewarding financially. The key is in understanding yourself, your abilities and the learning curve you face.
Be realistic about the time you can spend in a new endeavor. Know your strengths when it comes to building and leading a team.
Think about your personal business psychology.
• Are you someone who can handle rejection and setbacks?
• Do you work well with other people?
• Are you motivated enough to work alone or do you prefer a team environment?
• Are you prepared to make personal sacrifices in order to succeed?
Be realistic about your expectations and the commitment you can make to a new business. Sit down with family and friends and discuss your ideas. Listen to their feedback without judging. Draft a plan for your 6-month, one year, three year, and five year goals before making any decisions to start. Remember, patience and careful planning are key to your success.