Decide on self employment

If you are reading this you have a desire to set up a business. You are seeking a profitable business opportunity and are hoping to hit upon that idea or formula that will allow you to earn money working from a home base.  I have looked for the same for many years, and have learned a few things along the way. I have now been self employed for over three years, with my own business that I run from home together with a couple of side businesses that supplement my main income. I find that some diversification provides additional security in these turbulent times, but equally main efforts should not be spread too thinly!

Many people are looking for the same thing – the business opportunity market is one of the largest markets on the Internet – ranking alongside gambling, travel and pornography! In fact, if you add the business opportunities offered by these three areas to other programs for money making you will have the largest business on the web. Millions of hopeful business seekers spend a fortune chasing the desire to make money easily – almost all are destined to fail and of those few that do succeed, many will start selling worthless business opportunity leads to the ones that will fail!

So what track should you take to set up your business?

Very few people get rich quickly – those that are able to make money quickly will already have cash to invest and will know what they are doing. Even so, making money will present huge risks – the bigger the risk the larger the reward. Why believe the email that you receive telling you about a sure fire way to make $100,000 every month when you ignore the scams asking for help with moving funds from Nigeria? As soon as you accept that the business you are seeking will involve hard work and take time to develop you will be in with a chance.

It is assumed that you wish to be successful? A measure of success will be different for different people. One person might want to earn millions working one hour every week. Another might be happy earning $100,000 per year working six days a week. Yet another might want a second income of $1000 every month working a couple of extra hours in the evening three or four days each week.

Whatever your goal is to be successful in your business search – you must decide early on what it is – not to simply have a vague wish to make some money. Forget the wish to make millions for little work. It could be done – it could be a goal of a successful stockbroker who already earns that sort of sum each year but is sick of the daily grind. Yes, they could probably invest money in some business that would allow them to start building the sort of income base we are talking about. Yes, they would have to have a solid idea and be prepared to invest time up front in order to create a managed enterprise. But it could be done if that is what is desired. Are you in that position – the anwer is probably no if you are reading this. You are seeking honest answers to finding a business opportunity.

The business seeking goal must fit the person.

Therefore the professional who earns $100,000 a year already would be looking at creating a business that paid much the same, and very likely require a lot more work than they are used to. Do not discount the value of many years of experience and effort it takes to get to a certain position.

In your case the desire to be your own boss would be the prime motivator.

The person who wants a respectable second income perhaps to fund an extra holiday every year, will be able to find a business but will have to accept that for a long time the effort needed to earn some money will be proportionately greater than the effort needed for their current day job. They will have to get past both the learning curve of a new business and the barriers to starting up their operation. Again it is the goal to own a business that entices people, having full control over an albeit secondary income.

Set your goals early on

As you can see, goals can be diverse. How do you know you are setting the right ones for your circumstances? If you dream about millions you will probably become demotivated and fail. Only a few will eventually succeed at this scale. Setting your goals too low will not help. Again you will succeed, perhaps, but again become demotivated. The best goals are the ones that you can almost reach, and therefore are constantly trying to reach just a little bit further. You will reach your goals, just as you set the bar a bit higher and have to strive again!

Failing to set a suitable goal will prevent your long term success. So how do you know your goal is right. You have to be prepared to adjust your goal quickly “on the hoof” as you go – start with the following guide:

(a) If you are seeking to set up a business that will replace your current employment aim for an annual income half (yes half) of what you are earning now.

(b) If you are seeking to set up a secondary income stream, set your goal at 10% of your current income.

Your goals will form the basis of your business plan. Fail to plan your business means you are planning to fail! The next section of this series of business start up guides will cover how aspects of the part time or secondary business opportunity.

 

Share and Enjoy:
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks

Filed under: A Free Business Start Up Guide

Like this post? Subscribe to my RSS feed and get loads more!