Released on: March 9, 2008, 10:11 pm

Press Release Author: gurpreet singh/technoflicker

Industry: Management

Press Release Summary: Very few people ever got rich by working for someone else.
Leaving aside pop musicians, sportsmen and similarly gifted people, the only way to
acquire wealth by work is to build a business of your own

Press Release Body: Very few people ever got rich by working for someone else.
Leaving aside pop musicians, sportsmen and similarly gifted people, the only way to
acquire wealth by work is to build a business of your own. The type of business you
decide upon will depend on: a) how much money you have available as start-up capital
and working capital; b) your business idea; and c) your confidence level.

There are three types of business: 1) the traditional one in which you are reliant
solely on your own efforts; 2) a franchise where you follow a proven idea and
receive considerable training and back-up from the franchise company; and 3) network
marketing.

Each business type has its pros and cons.

. The traditional business requires considerable financial input, either from your
own resources or part-funded by your bank. You may need to rent premises; buy
equipment; hire staff; pay for advertising, brochures, stationery, and stock. A
frighteningly high percentage of this type of business fails in the first year. To
succeed you need: a good idea, considerable financial backing, good health, an
understanding spouse, and stamina. If you do succeed you will own the business
outright and benefit from all the profits.
. Franchises have a high success rate. Banks like them because each franchise
operation has a proven track record and thus the banks can accurately judge the
risk, consequently they will lend money for this sort of start-up. However, all the
support and training comes at a price: the initial entrance fee is likely to be very
high, and a percentage of the business's turnover has to be paid to the franchise
company.
. Network marketing, also known as multi-level marketing has many advantages and few
disadvantages. The entrance fee is low and the ongoing expenses are even lower. A
network marketing business can be started in your spare time - in fact that is the
best way to approach it. Start small, and keep at it. The secret is perseverance,
get past the first year and you should find the business has a sound foundation from
which you can build a serious income. It is said that 95% of those who survive ten
years in network marketing become wealthy beyond their wildest expectations.

So which type of business is for you? If you wish to provide a service or product
where you have previous experience from, say, a former employment, the traditional
business will be probably be the best choice. However, if you are just tired of
working for someone else and making them rich and wish to strike out on your own,
then a franchise or network marketing must be the preferred option. The choice then
is determined chiefly by the funds you have access to, and the time and effort you
wish to put into your enterprise. A franchise will require substantial funds and
100% commitment. You are jumping in at the deep end, although the franchise company
will provide training and support to help you to swim. On the other hand you can
ease yourself gently into network marketing by starting part-time while you continue
with your current employment, building your business by sloughing back profits if
necessary. Persevere and there will come a time when the income from your own
business will be sufficient to support you financially. You will then be able to
leave your employment and concentrate on your business, spending more time on it or
enjoying considerable free time with your family.


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