Running Your own Business - The Internet Business Digest Ezines

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Running Your own Business
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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, 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.

Towards Success,
Ahamed Arif.

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