Exploring Business Ownership – Putting it All Together (part 7 of 7)

We’ve explored the options for earning income in this 7 part series, ranging from the world of employment to full entrepreneurial business ownership. We’ve covered some basic concepts of what it means to be in business, the personality types that do well in this arena, and how to gauge your tolerance for the risks involved.

If, after absorbing all this knowledge, you decide you’re still interested in business ownership, then you’ll want to know how you can stack the odds of being successful in your favor, and when in life or an economic cycle is the best time to start or buy one.

When Is the Best Time to Start or Buy a Business?

Frankly speaking, there’s never a best time in life to get into business. In fact, there’s almost never a “good” time to get into business at all, because there’s always a good reason not to.

Reasons not to include, “We just got married and we’re saving for a house.” “We’re expecting our first child and we’re saving for that event.” “We’ve just started a college savings account for the kids.” “We’re pregnant (again).” “We just bought a bigger house and it’s put a big strain on our budget.” “The economy is up, so my job is secure.” “The economy is down and we have to watch our expenses ‘just in case’.” “I just got laid off, so we’re really watching our budget.” “I just got hired, so we have to rebuild our savings.” “We have kids in college and tuition is due.” “Our parents are in failing health and we’re contributing to their financial upkeep.” “Retirement is just around the corner and we’re making maximum contributions to our.401(k).” And finally, “We’re retired.”

So, there’s never a best time in life to get into business for yourself. If you’ve decided that your risk temperament is right for some type of business ownership and you have the motivation to take the plunge, then at some point you just have to take the bull by the horns and do it.

Why Businesses Succeed

Remember that you must have the basic ingredients in place to be a successful owner, regardless of your degree of risk tolerance or the business model you operate; self-motivation, the willingness to ask for help, a clear understanding of what you want to achieve, and the emotional ability to change when the business or market needs require it.

Of all the attributes I’ve listed, the willingness to ask for help, insight, advice, and counsel at every opportunity is the single most important thing you can do. Don’t try to go it alone; there’s simply too much at stake.

Successful business owners have a drive to succeed, know that they don’t have to singlehandedly blaze their own trail, recognize what’s at stake if their business fails, and realize that every great team and performer has a skilled coach helping them.

Eric Schmidt shared in the July 6, 2009, issue of Fortune Magazine that the best piece of advice he ever received was to hire a coach. And frankly, if the chairman and CEO of Google needs a coach, then you need one, too.

Why? Good business coaches give a 3rd party look at an issue and how you’re handling it, they discuss alternative approaches or options with you that may be more effective, and they encourage you to change habits or take risks that you wouldn’t be prepared to do on your own. They are a sounding board; they become a trustworthy confidant who has your best interest at heart. Finally, a good business coach will help you break through to achieve what you couldn’t on your own.

Then, successful business owners will grab the bull by the horns and implement the advice they’ve received. And if execution is not their strong suit, they’ll ask for help in learning how.

Wrapping Up

Business ownership is a high risk venture that can have great rewards. I hope what I’ve shared here has given you some personal and professional insight as you explore the world of business ownership. I’d enjoy your feedback on whether this series has helped you in your decision making process. If you decide to go forward, I’ll look forward to hearing how you’re doing. I wish you the very best of success.

The Best Online Business Opportunity On The Planet

Finding the right online business opportunity is an exciting for many of us. There’s dreams of making an extra $10,000 which is usually the magic number for most people that would allow them to quit their day jobs, get rid of that lousy commute to and from work, and live the dream of having more free time to live life on our terms.

The best thing about the internet is it brings infinite opportunities for those looking for a chance to build a business. And most of the online business opportunities have very little start up costs associated with them. You can get an online business started for the price of buying a domain name, getting an account to host that domain, and installing a free website template that looks beautiful right out of the box.

In my opinion the best online business opportunity if one that will pay you residual income. This means you will get paid for over and over for work you performed one time. Imagine yourself spending 2 hours a day building your online business, and getting paid for those two hours when you’re sleeping, on vacation, or taking the kids to the amusement park.

Life doesn’t get much better than that does it?

Over the rest of this post I’m going to cover with you how you can build this dream lifestyle from the comfort of your own home. So get that mental picture of yourself trading in the suit and tie, so you can work in your pajamas or underwear.

But first, if you’re looking you need be able to navigate the treacherous waters on the internet.

Look out for those calling online business opportunities scams…
As you start building your online business, the number one thing you are going to want to avoid is getting associated with people who are unsuccessful in their lives and are willing to do anything in their power to try to make sure everyone else is as well. You’ll notice with every single online business opportunity out there, that there are people who are absolutely killing it. But there are also those that never put the time and effort in so they want to justify their lack of activity and blame everyone but themselves. But ultimately success in any business opportunity is going to be dependent on your activities.

When finding a good business opportunity you’ll want to find one with a strong history and financial backing. One that there are already people making the kind of money you want to make. One in which there is a community which is willing to share their “secret sauce” with you in order to help you achieve your goals.

So what’s the BEST online business opportunity?

So now that we have that out of the way lets talk about how you can make money with the best online business opportunity I have ever seen.

Network Marketing! No I’m not talking about the kind of network marketing where you pitch all your friends and family and get everyone to delete you from Facebook. I’m talking about professional network marketing. The kind that top performers earn in the 7 figures every single year. The kind that allows you to build a residual income and make a difference in other peoples lives.

When starting out with searching for a business opportunity people will usually tell me the reasons. These mainly start with things they don’t want which include:

  • No boss
  • No commute
  • No alarm clock
  • No employees
  • No politics
  • No compromises
  • No discrimination
  • No educational requirements

These are all really good reasons to start looking, but when they start to imagine the things they DO want they’ll say things like:

  • Unlimited income
  • More free time
  • Buying a nice house
  • Getting that car they always wanted
  • Residual income
  • Enjoy the people they work with
  • To do something important and meaningful
  • Personal growth
  • Paid vacations
  • and even tax benefits…

The only real business opportunity out there that provides all those things is Network marketing. You don’t have any of the start up costs a traditional business has. You don’t need to be everything to all people like a traditional business owner. You get to set your own hours. Make friends with tons of like minded people. Get to go on amazing trips for performing. And make a substantial income if you put the time and effort into becoming a professional.

Some of my team members are making up to $80,000 per month through network marketing. This is the opportunity for you if you’re an action taker and willing to do whatever it takes to develop the skills to get there. I’m not saying that these types of results happen over night, but it certainly is possible. You really won’t find many opportunities that are better than becoming a professional in the network marketing business.

Online Business Opportunity – But Where Do You Start?

Are you looking for an online business opportunity but have no idea where to start? In this article, I’ll attempt to highlight the primary steps that will lead you toward creating a successful online business that meets your needs.

Starting your own legitimate online business opportunity is going to require a lot of commitment from you, just like a traditional offline business. The only difference is that starting a home based business on the internet is a whole lot cheaper.

You won’t need to have access to large amounts of money to help you get started, you certainly don’t have to go out and find office space to rent and you won’t have to employ dozens of people to work for you. It’s just you and your computer in your own home or wherever you choose to work from.

There are so many legitimate online business opportunities for you to choose from, but what it really comes down to is this:

• What are you good at?
• What are you interested in?
• Why do you want to work online?
• How much money do you want to make? – be realistic with this amount and remember you have to start somewhere
• Are you open to starting a new business opportunity that perhaps you would never have thought about previously?
• Are you willing to learn new skills?
• Do you consider yourself to be a patient person?

All of the above questions play in vital role in the route you decide to take. You have to be honest with yourself, because starting an online business isn’t for everyone. It can be very challenging at times (to put it mildly). It requires as much hard work and commitment as building a traditional offline business does.

I have an online business opportunity that allows me to work from my home. This is something that I can honestly say that I enjoy doing but it does demand a lot of my time. But this is something that I’ve grown to respect. I have managed to devote most of my time towards growing my home based business and the remainder of my time goes towards my family and then to my friends.

I’ve said all of this to make a point.

Whatever online home based business opportunity that you chose to go into, make sure you understand where you want to take your business opportunity. Decide for yourself how successful do you want to be. Do you want to earn $500 a month or $5,000 a month. The amount of time that you spend on building your business opportunity will dictate how successful you are and much money you make.

Also, make sure that you know exactly what is expected of you, and if this particular business opportunity can meet your needs and expectations.

Be prepared to put as much time and effort into growing it as you can, especially in the early days. I say this because if you don’t spend enough time either learning about your industry or actually putting steps together every day, you are at risk of losing interest in it and not finishing what you’ve started.

Don’t expect to get rich quick. But what you can expect is that you’ll start to earn money on a regular basis in the long term. How much money you earn all depends on how much time, energy and effort you physically put into your business opportunity. Learning the right marketing strategies and putting them into place will determine your level of success.

When it comes to making money online, the possibilities are endless. There are real people making modest amounts of money each month, and then you have others who work tirelessly to earn 4, 5 or 6 figure incomes weekly. Don’t for one second think that this is not possible, because it is. But like I said, how much You make really all depends on how much time You decide to put into your business opportunity.

Exploring Business Ownership – Craft Your Reason to Be in Business (Part 3 of 7)

We’re exploring the ins and outs of business ownership for wannabe business owners who are considering taking the plunge. In part 2 we decided that a good definition of a successful business is…

A self-sustaining entity that allows you to achieve your lifestyle goals.

Defining Your Lifestyle Goals

What lifestyle do you want your business to provide? As I shared in part 1, some people fantasize that business ownership will allow them to be waited on hand-and-foot on the French Rivera, which I refer to as “gentleman farmer’s syndrome.” Fair warning: Maybe you can achieve that goal after retirement, but failing to actively oversee your business while you own it means your business will almost certainly fail!

Even big business is not immune from this fact of life. A good example is Lee Iacocca when he moved from the #2 spot at Ford to assume the chairmanship of Chrysler Corporation. He first focused on rescuing the troubled automaker by bringing out the K car (remember the K cars?) and introducing the mini-van (originally a Ford concept that Ford didn’t feel there was a market for). His efforts were successful and Chrysler was able to pay back their government loan in full, ahead of schedule. In fact, the federal government actually made money from the first Chrysler bailout.

But even a corporation as large and talented as Chrysler suffered while he was later distracted in the 1980’s by traveling to raise funds to restore the Statue of Liberty. Chrysler lost market share during that period that it never regained. Without the captain guiding the ship it wandered off course and again required a huge effort to just avoid disaster.

Get rid of any visions (hallucinations?) that you have of creating a business that would support a gentleman farmer’s lifestyle. It’s the road to financial disaster. Successful businesses always have active owner involvement and oversight.

Your Goals May Change

In reality, lifestyle goals vary widely and may change over time. Some may want to make huge sums of money, but others might place a higher priority on having a flexible work schedule, or not having to work backshift or weekends or holidays. Still others really desire a business that creates intellectual stimulation (think Steve Jobs of Apple Computer) or positions them in the spotlight as a community leader. And others might want control of their calendar so they can be at Parents to Lunch with their elementary school child or be able to ramp down their calendar during the summer months when the kids are out of school.

The point is that you may value one or more of these attributes above making large sums of money. Craft YOUR reason for wanting to be in business. Don’t simply adopt someone else’s.

Still have the “itch?” Employees, franchise owners, and entrepreneurs all think differently. In part 4 we’ll explore how employees think differently from business owners.