I know this may be hard to listen to for those of you that don’t own some sort of a business, but owning a business can be your life ticket to Financial Freedom. Not only can your own business propel you to success and make you wealthy, but it can also be a way to be your own boss. No more taking orders from multiple bosses as you will be in charge. Although owning your own business can a very positive event in your life, it’s a possibility that it can be a detriment to your financial and personal life if you don’t know what you are doing. Just because you are excellent employee does not mean that you can’t be a lousy business owner.
So how do we guarantee success in your very own business venture? Well, first off, like any subject you want to learn, you must read, sleep and be mentored in the discipline. How many people do you see that switch careers and are able to succeed right away in the new career? Not very many without being truly trained in the new career and learning little by little till they become somewhat of an expert (or plain bad as an employee). Yet, people start businesses on a whim, no nothing about owning and running a business properly and fail miserably with the other 90% of new business owners out there. Think about it, those stores, restaurants and venues you’ve been supporting for years are part of the 10% of successful and established business owners corporations.
So, why is owning a business so much better than being an employee? A few things:
(1) More Life Freedom and Family time. Of course if you run your business in a systemized fashion.
(2) You can earn heaps more money from multiple sources of income (clients, customers e.t.c.). This in opposition to being an employee where you usually have one source of income.
(3) Usually given better breaks by the government. These can include lower tax structures, written off expenses and the list goes on.
(4) You can build wealth a lot faster. Through the power of leverage, those with good ideas on how to fun business the right away can get to great amounts of wealth in a much shorter time period.
Now that you have a good grasp on becoming a business owner, what should your first order of ‘Business’ be? Well, I recommend you read at least between two to ten books on the subject, be mentored by a business owner and always have a Plan B. You want to hit the ground running and you need to know everything there is to run a business before even thinking about doing it. I recommend at a minimum two books, “Before you Quit your Job by Robert Kiyosaki” and “E-myth Revisited by Michael Gruber”. These are both excellent primer books on the subject of entrepreneurship and running your own show. You possibly want to look into some entrepreneurial schooling at a college level. One or two classes can put you in an even better position to succeed.
If you decide to take yourself on this entrepreneurship journey, always at least try to get support from a few supportive mentors and get an accountability partner that keeps you on track and gives you that little in the pants when you need it. For now, thanks for reading and look forward to your feedback. Wishing you the best of Future Success!
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