Create Your Own Business From Home - Is It Possible To Quit Your Job And Reinvent Your Future?
Whether you are starting your own business from scratch, going into a business opportunity, or buying a business, you need to have certain characteristics, traits, skills, and goals in order to succeed. So how do you know if you are ready to own a business? Basically, you need to ask yourself some hard questions and give yourself honest answers. If you don’t have the time and commitment to start a business, you need to look elsewhere for your income. You may be better served accepting a job with a company. There are those that need structure and a job is the place for them. But, if you are inclined to owning your own business, then lets discuss some necessary items. First, you need to have a plan. The plan can come from your own imagination, the franchisor, or the company offering the business opportunity. It doesn’t have to be something set in stone, and it doesn’t have to be fancy. It just needs to be a basic outline of what your business will be, what you will sell, how you will sell it, and what your operating costs will be. It is recommended that you include at least three months of operating expenses into your start up costs budget, which also needs to be determined in your plan. The next item is paramount to your success. It is the infamous 4 letter word and that is work.
If you've ever wanted to buy a business with "no money down", and have heard someone say it goes on all the time and that it's possible, then I have some good news and some bad news.The bad news first: No matter what anyone says, you can't buy a decent business with nothing down.In the 50 plus years I've been in business, buying businesses and teaching other people how to buy businesses, I've never seen it happen. I've never once run into a seller that will let you in with nothing down. It just doesn't exist. But here's the good news: Just because you can't buy a business with nothing down, if you find one that makes sense and it's large enough, you can finance it 100%, without using even a penny of your own money or borrowing a dime from your friends, family and relatives.How can I say this?Because there are, in fact, lots of ways to finance a business -- including banks, government loans, joint ventures, suppliers, owner financing and, my personal favorite, investors. You can use one of these methods or combine them however you like. Most of these tactics are relatively fast, simple and clean...and a lot easier than you may think.When I was still teaching about buying businesses in seminars many years ago, people would often confuse 100% financing with nothing down. But they aren't the same thing at all. The next time someone says you can buy a decent business -- one that's not a dog, a turn around or some kind of Mickey Mouse operation that's sinking fast -- with nothing down, run away from them as fast as you can. Because chances are they're trying to sell you on an idea that simply doesn't exist.
Buying a Business - Steps
There are many benefits to owning your own business. I would like to compare this to investing to help you decide which is better, investing or business ownership. While each has its benefits, both are certainly not for everyone. They have there difference and definitely have their similarities. Both represent a form a gaining financial independence. So which one is better?Owning your own business means you have no boss and more tax benefits. It also means how much money you make is up to you. If you work hard enough at anything then it will eventually be profitable. The big benefits include doing whatever your passion is and getting paid for it, deciding when and where you want to work, and being your own boss. This truly represents a freedom that almost everyone desires. The cons of owning your own business could be huge start up costs, working long hours to get the business on its feet, and dealing with big company competition. These are certainly not insurmountable obstacles but they must be considered. The other thing to consider is that many businesses are not even profitable for the first year or so. This is not to say that yours would not be and you hard work would not pay off eventually.Investing in a business is much like investing in the stock market. You are spending money on something right now that you hope will produce more money in the future. However, depending on the types of stocks you are investing in, you can avoid a lot of the cons that come with starting a business. For example, you can actually be very profitable in a short time with the right stocks, such as penny stocks. You can also start with a relatively small amount of money as you learn how to invest.You can keep you day job and use a portion of you income every month to invest in the stock market either through a traditional broker or online trading account. This is not to say that you cant start your own business and put money into investing. Its just that for many it would be too financially difficult to do both. Many businesses are definitely good investments but if that seems beyond your risk tolerance then give stock market investing a try. If you learn the ropes you can earn just as much if not more than if you would have started a business, except you wont have any business expenses except for the small trading fees.
Owning Your Own Business - The 10 Things You Must Know
It is everyone's dream: roll out of bed at the crack of noon, stumble to the front door in your PJ's, pick up the newspaper and check the mailbox. And in the mail, there is a check waiting for you - maybe it's $1,000, $10,000 or even $100,000!Such things only happen in fairy tales, right? Wrong! But there are some things that have to happen first:1. You must have the discipline to actually WORK in your business. Most people get up and go to a job. It becomes a habit, a safe routine. When you have your own business, there is no one telling you what to do or when to work. It's easy to get way laid. Many business owners create systems and a schedule to replace the routine for a 9-5 job.2. You must be willing to deal with the insecurity of no steady paycheck. It's usually a good idea to have at least 3 - 6 months reserve to cover living expenses while you're getting your business off the ground. Or phase out your 9-5 job gradually. 3. There are lots of details that you must learn about running a business that have nothing to do with making money: filing quarterly estimated IRS returns, business licenses, filing payroll taxes, withholding, unemployment, workmen's comp... The list goes on.4. By all means, read the book E-Myth Revisited by Michael Gerber. Owning a business is all about systems. Just because you love to bake, it doesn't mean you should own a bakery.5. Another 'MUST READ' recommendation: You Need To Be A Little Crazy - The Truth About Starting and Growing Your Business by Barry Moltz. Barry gives the inside story of the ups and downs of being a business owner. The toll of being a business owner effects not only you but your family as well. Barry describes the stress of being self-employed can have on your health and on your relationships.6. Be sure you not only know what you're getting yourself into - but make sure your family and spouse understand and are willing to make the sacrifice as well! They need to be prepared for you to work harder than you've ever worked before--AND without a steady paycheck. Without the support of those who love you, you will never succeed.7. Having a business that doesn't require a "bricks and mortar" store or office is a huge advantage. Overhead is cut to a minimum. Maybe it's an Internet business where you sell "moon cookies" on line and a fulfillment center warehouses the product.8. Not having inventory is a huge advantage! Not having precious capital tied up in inventory gives you a huge safety net. Starting with a service vs. a product can be a much easier start-up financially - IF you have experience and a "following" of clientele in the service you're providing. 9. Multi-Level Marketing businesses are a great way for a beginning entrepreneur to get started with a very low entrance barrier. "Rich Dad" Robert Kiyosaki has outlined the benefits of this type of business in his book The Business School For People Who Like Helping People.10. Brad Sugars, who markets a program called "Billionaire in Training" recommends buying an existing business vs. starting a new one. Acquiring new customers is most expensive when you have none. Buying an existing business gives you a built-in client base.
The Advantages of Owning a Home-Based Business