Prospects of Running Your Own Business

Very few people ever got rich by working for someone else. puttiing aside popular musicians, sports stars and gifted people, the only way to acquire wealth through working for it is to build a business of your own. Be an entrepreneur! The type of business you decide upon will mostly depend on three factors:

  • How much money you have available as start-up capital and working capital;
  • Your business idea; and
  • Your confidence level.

There are three basic types of businesses you have at your disposal:

  1. The Traditional – a brick and mortar in which you will rely solely on your own efforts;
  2. The Franchise – where you follow a proven idea and receive considerable training and back-up from the franchise company; and
  3. Web Marketing – which encompasses Network Marketing, Multi-level Marketing and a whole slew of different niches you can explore.

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; thus the banks can accurately judge the risk and consequently will lend money for this kind 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.

Web marketing which encompasses Network Marketing, Multi-level Marketing, to name a few, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A Web 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 this type of 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 Web 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 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 venture out on your own, then a franchise or Web marketing business just might 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 keep you afloat.

On the other hand you can ease yourself gently into Web marketing by starting part-time while you continue with your current employment; building your business by ploughing profits back into it 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, which in turn will pay dividends. One such dividend (an important one) is enjoying considerable free time with your family.

Develop an Entrepreneurial Mindset -Think Like an Entrepreneur

It’s almost impossible to be an entrepreneur if you haven’t developed an entrepreneurial mindset. Yes, you have to be able to think like an entrepreneur if your entrepreneurship is to be a success. Sometimes though, it is easier said than done, because if you have been an employee in a structured corporate environment and want to break out of it to start your own business, some retraining of the mind may be necessary.

Following is a brief narrative that relates directly to the retraining of your mind with the desired result of completely reeducating yourself in entrepreneurial thinking and ultimate self-employment in a field of your choosing, if not of your dreams:

My biggest problem in becoming self-employed was me.

In order to be a self-employed person I had to start thinking like one. I found myself reverting back to that nine-to-five mentality. If I wasn’t accomplishing a task every hour, then I must not really be working.

Sometimes a self-employed person has to make decisions about his/her business. Sometimes s/he is just thinking about a solution to a problem. Sometimes s/he just has to quiet his/her mind so new ideas can come. Just because you’re not pounding away at the keyboard or some other office gadget every minute doesn’t mean you’re not working.

I’ve also learned that it’s okay to NOT answer the phone every time it rings. That’s what voicemail is for, and the same goes for email. At my nine-to-five job I would leave the email program open all day and answer each one as it arrived.

It took me a while to realize it’s okay to only check email several times a day instead of constantly being interrupted. Periodically checking your email is so much more productive than having to stop your thought process every time “you have mail.” At my other job, I was able to let a phone call roll over into voice mail, but it took me a while to be able to shut down the email too.

You’re going to have days where you feel you didn’t accomplish much. Then again, you’ll have days where you’ll feel you can conquer the world and you’ll be amazed at how much you got done. Some days you may not finish many tasks, but you’ll make a decision on a problem that needed to be addressed. Or, you will have learned a valuable lesson about yourself.

And, I had to learn to stop breaking down all my tasks into dollars and cents. I tended to worry about how much I was or was not earning every day. The truth is, some days you’re going to make more money than other days. If I spent my day on marketing issues, even though I didn’t earn any money from it that day, I would benefit from it some time in the future.

Rather than worry about what benefits I do or don’t have, I realized the benefit I have in my business is that I answer only to me. Everything I do will benefit me sooner or later. Instead of my income being dependent on somebody else’s budget, I can go as far as I dream.

And because I’m now doing what I truly love and not what someone else tells me to, I’m much happier and more content. I learned if you start thinking like an entrepreneur, then you’ll actually be one; And a reasonably successful one, thank you very much.

The above narrative could have been written by any one of thousands of present-day entrepreneurs who had previously been employed in a nine-to-five position and was forced to reformulate his/her entire outlook during the conversion from employed to self-employed. Some instances were voluntary while others were forced due to econimical circumstances, but in all instances the mindset had to be changed.