Starting a Business: The Four Main Ways
The idea of being your own boss and running your own business excites you.
The reasons might be you want to make more money, have more free time, have more control over your life, work from home, spend more time with family, or simply get out of the rat race.
Whatever reason you have, all the goals mentioned above can be achieved by building your own business. But you have to be ready to face all the challenges ahead.
"Yes, I want to build a business but how do I start?" you ask.
If you're really interested in building a business, there are four main ways that you can start one.
- BUILD YOUR OWN BUSINESS.
This is the most common way of building a business. You have a business
idea and you have defined who your target market is. You can either setup
your business by yourself or with partners. If you choose this method,
everything is built from scratch. From setting up the company to looking
for suppliers, from hiring people to managing accounts. I would say this
is the hardest way of building a business. But it's the best to gain
knowledge in starting a business. Once successful, you feel extremely
satisfied because your business is your 'baby'.
For additional resources on building your own business, goto
- BUY AN EXISTING BUSINESS.
The other way of building your business is to buy an existing business.
Some businesses are for sale and you can find them in the newspaper, trade
magazines, or the Internet. The advantage of buying an existing business
is you skip the startup phase of the business. Once you buy over the
business, the business is already running. Things you must not overlook if
you buy an existing business include the reason why existing owner is
selling the business and to make sure that the business you're going to
buy is in good financial condition. To achieve this, you can hire a
business consultant to conduct a due diligence on the business. This way
can prevent you from buying a business with problems swept under the
A site that deals with buying and selling of businesses is
- BUY A FRANCHISE BUSINESS.
The third way is to buy a franchise business from franchisor. A good
example of franchised business is McDonald's. When you buy a franchise
business, you're buying into a business that is proven to be working and
making money. A good franchise business will normally give you training on
how to effectively run the business. You do not need to worry about the
setting up of your outlet or office, advertising and promotions, equipment
and other stuff you require to run the business. Everything is outlined
clearly by your franchisor in their operating procedures. A franchised
business is very useful for people who do not want to take the risk of
building business from scratch. But the investment cost for a franchised
business is high.
To find out if you're suitable to run a franchise business, visit http://www.bison1.com/
- NETWORK MARKETING.
Network marketing is also called multi-level marketing or MLM. You can
join an MLM company and be part of the business by investing between
$100 - $200. The startup fee is extremely low compared to other businesses
and the risk is low. You earn commission by selling products to your
customers. Normally, products sold by MLM companies are of high quality
and value for money. They are able to do this because they sell products
directly to consumers and they save millions of dollars in advertising.
The most powerful part of an MLM business lies in the people. You can
recruit people under you. The people under you are called downlines. When
your downlines make sales, you're also entitled to a commission. It's like
having a sales team under you. This is a great form of leverage.
Before joining an MLM company, you need to do your own research about the company, products or services, financial stability of the company, commission structure, and so forth.
To read about a success story of an MLM millionaire before the age of 30, goto http://www.financiallyrich.com/mlmsuccess.asp
To find out more about MLM, you can visit: http://www.mlmknowhow.com
These are the four main ways of building a business. You do not need to try them all. Pick one that is suitable for you based on your personality, strengths and weaknesses, and financial resources. Get started and build your own business empire.
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