By: Dr. Gwen Smith
Business is not for the faint of heart for sure. You need grit, love or passion for the product or service and sheer determination to plow through all the challenges that will show up. If it were an easy ride, everyone would be business owners. Yet having a successful business doesn't need to be esoteric. There are clear steps to success and also to ensure your fulfillment in earning side-income.
An increasing number of people are looking at other options to bring income into their household. The rising cost of commodities and the lack of ability of paychecks to keep abreast with the inflation have left many people short scrambling for opportunities to make money.
Starting a business is a great way to bring in additional income as many people are realizing. What few realize, I believe is that all businesses are not created equal. And doing your research is important in creating success.
The value of the business is in what the owner can provide to solve the problems of the customers they serve, and it should be something the business owner completely enjoys as well. So setting up a business should be aligned with an area you are passionate about.
Whether it's brick and mortar, online, social or network marketing, there are enough opportunities for all to find something that they truly love and that can solve an existing problem for others.
During my latest Facebook Live, I shared some nuggets for you to consider if you find yourself wondering about what you can do as a side-income business to supplement or replace your income.
What I plan to do in the next weeks, is to talk about the different opportunities that exist to allow you to make a clear choice about which one aligns with your passions. These opportunities are affiliate, internet or network marketing business opportunities selling other peoples products.
You can make just as much or more money doing these businesses as someone with a brick and mortar business, so keep that in mind as you consider whether its good for you or not.
This brief story will illustrate the point. Around six years ago I attended an event with network marketers. There were a few of the top level income earners on stage as well as three traditional brick and mortar business owners. The interviewer asked both groups about their overhead costs, employee expenses, inventory and net profits.
What was revealing was that owning a brick and mortar business doesn't necessarily mean you are earning great money. We discovered that not only did the brick and mortar business owners have high overhead expenses, they also had employee expenses and troubles in addition to inventory costs and thefts, that created a lot of headaches for them.
The brick and mortar businesses had annual net earnings of around $60,000 per year, whereas the network marketer had net income of a few million dollars that same year with no overhead, inventory or employee expenses and headaches.
This doesn't mean that you should rush out and start a network marketing or internet affiliate marketing business tomorrow and forget about your brick and mortar business dreams. It does mean though that you ought to consider your options to see which would be more rewarding, fulfilling and profitable for you instead of being trapped by one model.
You have to do your homework.
Everyone who starts a business has success as the end goal. Success is possible when you lay some important ground work. That groundwork, as far as I can tell working with coaching clients to get their businesses started, comes mostly from within.
If you want to have a successful business, no matter what you choose to do, you ought to study this resource to benefit from five important areas to focus on in order to be successful. It'll make a difference between quitting and following through.
Now what about having your own personal products or services? This is where you may need a brick and mortar business if you have products to display; and also you may not.
Consider that you can have a business that is service based or product based that does not have a commercial or a physical building that you are running your business out of.
With the internet presenting such a remarkable opportunity for visibility, and with many distribution centers, such as Amazon, your business no longer has to be limited by four walls.
In fact, my entire coaching practice which is fully professional, is operated completely from my home office.
I work with my clients, quite effectively, some of them international, from either phone or video, which in no way limits their experiences and their amazing breakthrough results and transformation. With this model, you don't even need to have a strong online presence.
I know of a few of coaching associates who are running their businesses without internet presence, and are quite successful without doing this. So do not lock yourself in a box; especially when you can speak face to face with someone on various video platforms.
There is a projected statistic that I read a couple years ago, that states that within the next two years, 64% of all businesses will be operated as home-based. You can definitely see the trend.
So what are you waiting for to start your side-income business? If it is that you are not clear about what to do, definitely lock 3 PM on Mondays for the next few weeks in your calendar, to participate with me on my Facebook Live or catch the replay which I will be posting here as a blog.
An additional resource to really personalize this for you, is for you to download this free guide that will help you. Inside the guide is my Magic Money MatrixTM which will guide you in mapping out a path to bring increased clarity to your thoughts and vision of what's possible for you.
Don't forget to download your FREE Report to discover five secrets to having a success business, including an 18-point checklist to set up your online business.
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