Working for someone else seldom ever led to financial success.
Aside from professional athletes, pop artists, and others with comparable talents, starting your own business is the only option to become wealthy via employment.
The kind of business you choose will rely on:
a) how much cash you have on hand for startup and working capital;
b) the viability of your business idea; and
c) your level of confidence.
There are three different business models: network marketing, a franchise where you follow a tried-and-true business model and receive extensive training from the franchisor, and traditional businesses where you rely entirely on your own initiative.
Each sort of business has benefits and drawbacks.
Traditional businesses demand a substantial financial investment, either from your own funds or partially from your bank.
Renting a space, purchasing equipment, hiring people, and paying for stock, stationery, brochures, and advertising may all be necessary.
The percentage of businesses of this type that fail within the first year is horrifyingly high.
You need a solid plan, a sizable amount of funding, excellent health, a supportive spouse, and stamina to succeed.
If you are successful, you will own the company outright and receive all of the earnings.
Franchises are quite successful.
Because each franchise operation has a track record, which enables banks to effectively assess risk, they prefer them and will provide money for this kind of start-up.
However, all of the assistance and instruction come at a cost.
In addition to a very hefty initial entrance fee, the franchise corporation must also be paid a portion of the business’s revenue.
Multi-level marketing, commonly known as network marketing, has few drawbacks and many benefits.
The entry price is modest and the recurring costs are even more modest.
You may launch a network marketing firm in your spare time; in fact, that is the greatest strategy.
Start off modestly and persevere.
The key is persistence; after the first year, you should discover that the firm has a solid base upon which you may create a respectable revenue.
It is believed that 95% of network marketers who make it through ten years become rich beyond their wildest dreams.
Which kind of business is best for you, then?
The typical business will generally be your best option if you want to offer a service or product for which you have prior experience—say, from a previous job—because it will likely be a better fit for you.
However, a franchise or network marketing must be the preferred alternative if you are simply sick of working for someone else and making them rich and want to go it alone.
The decision is therefore mostly influenced by the available cash and the amount of time and effort you want to invest in your business.
A franchise will require a sizable investment and complete dedication.
Although the franchise firm will offer training and assistance to teach you to swim, you are entering the deep end.
In contrast, you can ease into network marketing by starting part-time while maintaining your current career and growing your firm by reinvesting profits as needed.
If you persevere, eventually you’ll be able to sustain yourself financially with the profits from your own firm.
After that, you’ll be able to focus only on your business, spending more time working on it or having plenty of spare time to spend with your family.