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Author 5 Ways To Start Your Business & Be Your Own Boss  (Read 1732 times)

Description: You can earn BIG & FAT income starting your own business part-time or full time earning income from multiple sources as a boss.

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Offline Son of King

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5 Ways To Start Your Business & Be Your Own Boss
« on: April 29, 2012, 02:11:39 PM »


 As a boss of your own business, earning income from  multiple sources is far greater and better than salary income. Besides you can start part time keeping your present business until your income from your business is equal or greater than your present salary income.

There are basically 5 ways of income and all businesses, professions, employment etc  make money through any of these five sources of income.

1. EMPLOYEE:

You can start your own business and  earn income as an employee when you work for someone and earn daily, weekly, or monthly salary. Employee as a source of income is not completely wrong especially in a country where there are no credit facility to start your own business small and grow gradually. Many people actually started their business life as an employee, save money to start their own businesses part-time and eventually become business owners.

If you are presently working, my advise to you is to save money  to start your own business part-time and face your business as soon as your part time income is equal or greater than your full time salary. If you want to achieve financial freedom, you cannot put all your life expenses on only one source of income as an employee. You can use your employee source of income as a stepping stone to start your own business and earn multiple streams of income as a business owner.  You can't put your life financial security on stocks alone. investing in stock alone cannot be your second source of income. Let your own business be your second source of income and your stock becomes your third source of income.

You cannot also based your future financial security on pension that might have been eroded by inflation. you can talk to those people who survive on pension alone to tell you how is life with pension as a a source of income.

Therefore, if you are an employee right now, determine today that you will start your own business part time and that you can't rely entirely on employee income alone as your only source of income for your  life expenses.  And don't wait for pension and gratuity before you start your own business.  You can engage in a part-time income that will not affect your present job.

Apart from the fact that employee as only source of income is not sufficient to care for your life expenses, when you stop working, the income stops. The working time can also be too lengthy-  You wake up 5am and get home 9 pm everyday. You hardly have enough time for your families-spouse and children.

When you start your own business part time with your present job, a time will come when your part time income becomes greater than your monthly income.  And at this point, you can turn your part time income business into your full time business.

2. SELF-EMPLOYED:

Another way you can start your own business as a source of income is when you are self-employed.  A self-employed person is an individual who operates a business or profession as a sole proprietor, partner in active partnership, independent contractor or consultant.

A self-employed people can also be referred to as a person who works for himself/herself instead for an employer. They draw income from  the trade or small business they operate.  A self-employed or one man small business is different from business owner.

As a self-employed, your income is also limited and your business takes a lot of your time. You hardly have any extra  time for yourself and  families (spouse and children.) And when you don't work, no income, when you stop working, your income stops.

You can also double you income by engaging in apart-time income that will not affect your present source of income.

3. INVESTMENT :

This is the method of business and earning  income by which individual takes risk with his or borrowed money with the hope of gain. Investment is not usually a first line business if your intend to be successful in business. You need to create a source of income that can continuously generate money that you can invest. When you start your own business and start earning income, you can start investing in stocks, properties, precious stones, forex trading and other high yielding income.

4. INHERITANCE:

Another way to start your own business and earn income is if you have inherited a business empire from your family or you have inherited a lot of money.  You know yourself better and if you have no one to inherit from, you need to start your own business so that your own children can inherit from you.

5. BUSINESS OWNER:

This type of business to earn income is the BIG businesses, corporations and conglomerates. The business has been built over a period of time. This type of business usually requires large amount of money to start, it takes time to build goodwill and the rate of failure in the first 3 to 5 years of existing is very high.

Big Business owners are the rich people and you also can become a business owner and join the league of rich club of the world.

Even if you can't wait for years to build brand, name and goodwill, you can also become a business owner with a lot of money.  If you have a lot of money, you can pay for the brand, goodwill, name, reputation of a business you like. This is called Company Franchise or Expensive Franchise

Paying for company franchise is a smart but expensive way to become a business owner. It's a method of business that involves licensing of trademark, brand, and method of doing business. It is usually very expensive to pay for company franchise.

For example, the amount you pay for some of the franchise known are:

Start up costs for some Franchises:

McDonald's    About $1,000,000
Burger King Corp   $1,500,000
Dairy Queen   $600,000
Mr. Bigg   $150,000
The Ups Store   $200,000
GNC Franchising Inc   $180,000
Supercuts   $160,000
Radioshack   $60,000
Curves   $36,000
But if you don't have money to buy company franchise, you also become a business owner with what is called individual franchise which is much cheaper. With individual franchise just like the company franchise, you get the brand, goodwill established over a long period of time, name, reputation and tested and efficient products and marketing strategies for FREE

Linkback: https://naijasky.com/business-opportunities/1712/5-ways-to-start-your-business-and-be-your-own-boss/851/

NaijaSky

5 Ways To Start Your Business & Be Your Own Boss
« on: April 29, 2012, 02:11:39 PM »


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