What are my business Options?

So you have realized that getting job after job is leading you down the wrong path. You feel like you are an A player, but you’re playing in a B League. Now you’re looking for options – specifically business options.

A recent study on entrepreneurship found that over 75% of us want to be our own bosses. However, most of us don’t start our own business because we simply don’t know what to do. The 3 reasons that most of us don’t start are: we don’t know what to do, we don’t have enough money, fear of failure. As a result, we suffer for our entire lives wondering “what if?” and never embark on the adventure.

In my case I started my own business when I was in my twenties, but I got enticed by the power of a regular paycheck and jumped into the
corporate workforce. After about 25 years working, I was forced into a choice: Try and get a job for half of what I was making, or do my own thing and start my own business. I chose to start my own business. I’m pretty sure this is the case for most people. They are forced into starting their own business because their need for income finally overcame their fear.

Two Types of Business Options

There are basically two types of business options: A “B” quadrant business, and an “S” quadrant business. If you really want to understand the details behind these, you should visit richdad.com. Robert Kiyosaki provides great insight into the power of a “B” Quadrant business over an “S” Quadrant business. Here is the main difference in a nutshell: B quadrant businesses leverage a business system to create income; in an S quadrant business YOU are the system.

So what business should you start? The following are a few options that you may want to consider.

“S” Quadrant business

Self Employment

This is the most common form of business ownership. Most of us have a skill and we try to leverage that skill in return for money. We trade it for money. So in effect being self-employed is really no different than having a job except for a couple of factors: you only get paid when you do work (no steady pay check), you’re your own boss.

The toughest part about this business is generating the client/customers that will pay for your goods or services. Probably, you will start with a friend that trusts your skill, and then through word of mouth you will find other customers. In other words, you will “work your network”. This is a key concept you have to learn when you own a business. All your business comes from your network, and the networks of others.

Buy a Business

You may choose to purchase an “S Quadrant” business. Some examples are: handyman business, painting business, landscaping business, or even an auto shop. This is going to cost you anywhere from $10,000 to over $100,000. Here are some things I’ve learned from my mentors, and I will pass them on to you:

• Do your due diligence on the financial viability of any business that you are going to purchase. Many people get excited about an idea and being their own boss, and jump in without understanding the true financial potential of a business.
• Take a course on basic accounting. You will need it.
• When you buy a business, MANAGE YOUR NUMBERS! You have to know, to the penny, how much money is coming in, and how much money is going out, on a weekly basis.
• Get ready to be uncomfortable. You will have to do things that you haven’t done before. You may have no idea how to do them.
• Do what you know! If you know nothing about auto mechanics, it’s probably not a good idea to start an auto shop. (you will probably be frustrated, unless you have a “B Quadrant” mentality)

“B” Quadrant Business

Build a System

When you start this kind of business you are either building a system, or buying a system. If you are going to build a system, get ready for deep pockets and many months without income. Of course the key questions are: “What am I going to do?”, “What system am I going to build?”. Examples of this are: Facebook, an auto shop in which you DON’T do the work, real estate partnerships. Keep in mind that, of the business owners that take this path, 80% fail within 5 years.

Buy a System

If you are going to buy a traditional system, you will need deeper pockets. Examples of this are: Restaurant Franchise, Coffee Franchise, Manufacturing company, Existing established business that has many employees and many customers. Keep in mind that Franchises are popular because 80% of them succeed.

• If you buy a franchise, understand how they are going to help you get customers. Many franchises will license you their “system”, and charge you a “franchise fee”, but will expect you to do all the marketing. If you have no experience in sales or marketing, this can be a daunting task, and it will cause you to fail.
• Understand the fees. What are they charging you, and what do they deliver?
• Again, if it is an existing business, understand the numbers.
• Get ready to work harder than you ever imagined!

Network Marketing

I know, I know…. This may be a turn-off to some people, but this kind of business is a B Quadrant business. Yes! Believe it or not. Here is why you may be interested in this: It has a VERY low start up cost, and it has a SYSTEM in place for you to leverage. If you would like to find out more about why this is a good option, you can read Robert Kiyosaki’ s, “The Business of the 21st Century”.

I hope you got some insight into your business options. Congratulations for choosing to be your own boss. Our site is all about becoming wealthy and free! The only way we know to get there is to OWN A B QUADRANT BUSINESS. This is the option we recommend. Stay tuned for more on this topic.
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