Best Business to Start
Often times, people get stuck wondering what is the best business to start with, especially if they're thinking of getting into business for the first time.
They could be housewives, fresh grads, employees or retirees who have their own reasons for wanting to start their own business. Whether it's to have more money, to have more time, to make a name for oneself or simply wanting to be your own boss, the path of the new entrepreneur is both exciting and scary at the same time.
If you have no idea where to begin, then the challenge is in deciding what in the world you want to do. Since there are really so many options to choose from, it's no wonder this is usually the step that takes the longest.
Should you open up a retail store? Set up your own company? Create your own products? Be a middle-man? Market your skills and services? Try to be the next Bill Gates or Steve Jobs?
Statistically, about 90% of new businesses don't survive past 5 years. Of the remaining ones, another 90% don't last the next 5 years.
Given such depressing figures, it's too big a risk for anyone to dump their life savings or pump in a large amount of money to start a traditional brick and mortar gig and praying that they will become the successful 1%.
Does that mean we shouldn't even start? Not at all.
Considering the scenarios, the best business to start that dramatically reduces the entrepreneur's risk and has a statistically higher chance of success... is a home based business.
For clarity, I don't necessarily mean the types where you have to peddle pills and potions or bug your friends and family or attend meetings all day long.
I'm referring to those that require a minimal investment (thereby minimizing your risk) where you can truly work from home. Better yet, it should be able to allow you to leverage on the power of the internet (and now, social media) and let you make money online.
Why? I'll start with the potential pitfalls.
Working from home, like any other business, means that your success or failure depends entirely on you. You reap what you sow; the results you generate depend on the effort you put in. It's easy to procrastinate and wonder why the income is not coming in.
This also means that you are the one who needs to take personal responsibility for your results; what time to wake up, how many hours to work, how much effort you want to put in etc. While there are other factors in consideration, whether you succeed or not is ultimately determined by you.
Having said that, when you work from home, what you get out of it can be worth way more than money can buy.
Assuming you are consistent, hardworking and manage your time well, you can now spend time with your loved ones at home, determine your working hours, be there for the people who mean most to you, and pretty much live the life on your own terms.
Also, a home business opportunity trumps the traditional model when you consider that you don't have to have headaches about rent, employee issues, inventory management, payroll, information technology infrastructure etc. The company that you partner with will take care of all of that (more of that in another article).
And because you get compensated based on your results, if you play your cards right, you can potentially earn way more money than in a typical job, and even create a passive income stream for yourself. This gives you the time freedom to start pursuing your dreams and do the more important things in your life, whatever they may be.
Considering the typical low investments to get yourself started, you can quite possibly break even with days. Contrast this with the typical 3 to 5-year break even period for most other forms of business. That's IF they break even in the first place!
So if you're looking to make more money by venturing out on your own, then the best business to start is indeed a home based one, hands down.
See you at the top!
They could be housewives, fresh grads, employees or retirees who have their own reasons for wanting to start their own business. Whether it's to have more money, to have more time, to make a name for oneself or simply wanting to be your own boss, the path of the new entrepreneur is both exciting and scary at the same time.
If you have no idea where to begin, then the challenge is in deciding what in the world you want to do. Since there are really so many options to choose from, it's no wonder this is usually the step that takes the longest.
Should you open up a retail store? Set up your own company? Create your own products? Be a middle-man? Market your skills and services? Try to be the next Bill Gates or Steve Jobs?
Statistically, about 90% of new businesses don't survive past 5 years. Of the remaining ones, another 90% don't last the next 5 years.
Given such depressing figures, it's too big a risk for anyone to dump their life savings or pump in a large amount of money to start a traditional brick and mortar gig and praying that they will become the successful 1%.
Does that mean we shouldn't even start? Not at all.
Considering the scenarios, the best business to start that dramatically reduces the entrepreneur's risk and has a statistically higher chance of success... is a home based business.
For clarity, I don't necessarily mean the types where you have to peddle pills and potions or bug your friends and family or attend meetings all day long.
I'm referring to those that require a minimal investment (thereby minimizing your risk) where you can truly work from home. Better yet, it should be able to allow you to leverage on the power of the internet (and now, social media) and let you make money online.
Why? I'll start with the potential pitfalls.
Working from home, like any other business, means that your success or failure depends entirely on you. You reap what you sow; the results you generate depend on the effort you put in. It's easy to procrastinate and wonder why the income is not coming in.
This also means that you are the one who needs to take personal responsibility for your results; what time to wake up, how many hours to work, how much effort you want to put in etc. While there are other factors in consideration, whether you succeed or not is ultimately determined by you.
Having said that, when you work from home, what you get out of it can be worth way more than money can buy.
Assuming you are consistent, hardworking and manage your time well, you can now spend time with your loved ones at home, determine your working hours, be there for the people who mean most to you, and pretty much live the life on your own terms.
Also, a home business opportunity trumps the traditional model when you consider that you don't have to have headaches about rent, employee issues, inventory management, payroll, information technology infrastructure etc. The company that you partner with will take care of all of that (more of that in another article).
And because you get compensated based on your results, if you play your cards right, you can potentially earn way more money than in a typical job, and even create a passive income stream for yourself. This gives you the time freedom to start pursuing your dreams and do the more important things in your life, whatever they may be.
Considering the typical low investments to get yourself started, you can quite possibly break even with days. Contrast this with the typical 3 to 5-year break even period for most other forms of business. That's IF they break even in the first place!
So if you're looking to make more money by venturing out on your own, then the best business to start is indeed a home based one, hands down.
See you at the top!
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