Choosing the Right business!

Now that you are determined to create a successful, wealthy lifestyle and you have discovered your motivation, you need to decide what vehicle you will use to create that wealth.  There are different ways you can become wealthy, owning a business including: buying and selling real estate, money investments (IRA’s, stocks, bonds, etc).  Most wealthy people use a combination of wealth building strategies; the “never put all your eggs in one basket” theory.  This is just good common sense.

Your primary vehicle for building your wealth should be to own your own business.  Owning and running a successful business is something that takes a lot of time and effort, especially in the beginning and so it is absolutely vital that you enjoy what you are doing.  If you try to run a business that is drudgery to you, chances are you won’t be in business for long.  I am sure that there are people who absolutely enjoy picking up and disposing of garbage, but if that is not your idea of a good time do not start a garbage disposal business.  You will be spending a good deal of your time thinking about, talking about and working on your business and since we know that happy, positive thoughts lead to success and wealth, your business should be something that makes you feel happy and successful (even before the physical manifestation of money in the bank occurs).

You will also want to choose a business that adds value to the lives of others.  This is a further guarantee of your success.  Remember, that helping others achieve success makes you more successful.  A doctor who helps other people achieve more success in their health and he or she achieves financial success.  In addition, people who feel the value in the product or service you are offering are more likely to purchase from you and remain faithful to your product or service.

Another factor to consider is that the product or service you are offering should be something that will necessitate repeat business from your customers.  If it is a service business it should involve something that needs to be done on a regular basis or needs some sort of maintenance.  If you invent some amazing product that never needs to be replaced you may make a quick lump sum of money, but as soon as “everyone” has acquired your product the sales will come to a dead halt.  Likewise, a lifetime supply of your product will not have people knocking down your door for more.

The next thing to consider is start-up costs.  If you want to try a business that has never been done before you will need to invest in market research to determine the likelihood of success before investing large sums of money into your endeavor.  You will need an office, equipment and a workforce.

There are a couple of options that allow you to be your own boss while capitalizing on a tried and true business model.  The first is to purchase a franchise.  A franchise offers a proven business strategy, a built-in support system, an established employee training program, pre-established relationships with suppliers, name recognition and usually national advertising campaigns.  Most franchises require a considerable investment, so you will want to be sure to choose your location well to ensure maximum success.

Another option is starting your own network marketing business.  A network marketing business allows you to capitalize on a tried and true business model, offers a built-in support system and may have some name recognition.  This type of business can be started for very little money and provides virtually unlimited earning potential.  Unlike other types of business, network marketing allows you to leverage your time and get paid on the efforts of others rather than just for the time you are working (or employing someone to work for you).  You can operate out of your own home so there are few expenses.  You also get certain tax benefits from operating your business from home.  Many of today’s wealthiest entrepreneurs such as Robert Kiyosaki, Donald Trump, Robert Allen and of course me; highly recommend starting in a network marketing business as the way for an average person to become wealthy.

There are also many online businesses that you can choose to launch.  Don’t think that because it is an online business that there is no work involved; you will still need to work at and promote your business in order to be successful.  Again, if you are working from home there will be the tax advantages.  You should choose a business model that has been proven.  We will discuss more of the “how-to’s” in the next chapters.

Some ideas for your own small business include:  carpet cleaning (you may want to specialize, do something better than everyone else), dog grooming (why not develop your own franchise?), catering (hey, look what it did for Martha Stewart!), interior design, a specialty retail store, a children’s resale shop (you get Mom’s to sell their goods on consignment so your inventory costs you nothing), the ideas are unlimited.

Franchises include just about every category from fast food places like Mc Donald’s (if you have a few million laying around to invest) or Subway to fitness centers like Curves.  The start-up costs vary from a few thousand dollars to millions.

Network Marketing companies also come in all shapes and sizes.  Many focus on household goods (home decorating, candles, cleaning products), health and wellness products (vitamins, diet products, etc) and cosmetics.  Some even offer children’s toys and books.  You should go with a company that sparks your interest.  Other things to look for include how long the company has been in business, whether they are a member of the DSA and what their financial history is.