Title:Running Your own Business - The OptionsWord Count:573Summary:Few if any people get rich by working for someoneelse. If you want to start your own business thefirst decision to make is which type of businesswould suit you best. There are three options.Keywords:
mlm,network marketing,working from home,Article Body:Very few people ever got rich by working forsomeone else. Leaving aside pop musicians,sportsmen and similarly gifted people, the onlyway to acquire wealth by work is to build abusiness of your own. The type of business youdecide upon will depend on: a) how much money youhave available as start-up capital and workingcapital; b) your business idea; and c) yourconfidence level.There are three types of business: 1) thetraditional one in which you are reliant solelyon your own efforts; 2) a franchise where youfollow a proven idea and receive considerabletraining and back-up from the franchise company;and 3) network marketing.Each business type has its pros and cons.
?The traditional business requires considerablefinancial input, either from your own resourcesor part-funded by your bank. You may need to rentpremises; buy equipment; hire staff; pay foradvertising, brochures, stationery, and stock. Afrighteningly high percentage of this type ofbusiness fails in the first year. To succeed youneed: a good idea, considerable financial backing,good health, an understanding spouse, and stamina.If you do succeed you will own the businessoutright and benefit from all the profits.?Franchises have a high success rate. Banks likethem because each franchise operation has aproven track record and thus the banks canaccurately judge the risk, consequently they willlend money for this sort of start-up. However, allthe support and training comes at a price: theinitial entrance fee is likely to be very high,and a percentage of the business 抯 turnover hasto be paid to the franchise company.?Network marketing, also known as multi-level
marketing, has many advantages and fewdisadvantages. The entrance fee is low and theongoing expenses are even lower. A networkmarketing business can be started in your sparetime ?in fact that is the best way to approach it.Start small, and keep at it. The secret isperseverance, get past the first year and youshould find the business has a sound foundationfrom which you can build a serious income. It issaid that 95% of those who survive ten years innetwork marketing become wealthy beyond theirwildest expectations.So which type of business is for you? If you wishto provide a service or product where you haveprevious experience from, say, a formeremployment, the traditional business will beprobably be the best choice. However, if you arejust tired of working for someone else and makingthem rich and wish to strike out on your own, thena franchise or network marketing must be thepreferred option.
The choice then is determined chiefly by the fundsyou have access to, and the time and effort youwish to put into your enterprise. A franchise willrequire substantial funds and 100% commitment.You are jumping in at the deep end, although thefranchise company will provide training andsupport to help you to swim.On the other hand you can ease yourself gentlyinto network marketing by starting part-timewhile you continue with your current employment,building your business by ploughing back profitsif necessary. Persevere and there will come a timewhen the income from your own business will besufficient to support you financially. You willthen be able to leave your employment andconcentrate on your business, spending more timeon it or enjoying considerable free time with yourfamily.
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