People love to start their own business because they think it makes them financially free and they will be their own boss. Many of them stop working 40 hours per week for someone else, and start working 80 hours per week for themselves, to have freedom. Is this a business or a never-ending to do list?
What is the unfortunate reality most business owners face?
Many business owners start a business and then become a prisoner to that business never able to switch off.
If you have such a business, then you are not the business owner… it is the business that owns you.
A business that doesn’t give you money, time and location freedom, is not a business… it is your prison. It is the cause of your future depressions and health and relationship problems.
Now the question is, what is a good business that not only can be launched with a small budget, but also makes enough money and leaves enough free time to enjoy the money it makes?
Most people start their own businesses to be their own boss and make enough money to make a living. However, that is not their only dream. They also love to make a fortune and become rich. They want to have (1) money freedom, so that they can afford to buy anything they want; (2) time freedom, so that they can enjoy their lives as much as they can; (3) and most probably location freedom which is possible only when you have an online or Internet based business.
They also want something more. They want their dream business to be launched and established with little money, most probably because they don’t have a lot of money to spend on starting a business, or they don’t want to risk a lot of money.
There are so many who have good businesses and make a lot of money, but their businesses don’t leave them any free time to enjoy their lives. They have to be present and supervise all the time, sometimes 24 hours a day and 7 days a weak.
Maybe those of you who are fed up of having no enough money, think that having a business that makes a lot of money but doesn’t leave you any free time is better than having no business and no money, right?
You don’t have to be genius to start a business that not only generates a decent amount of money, but it gives you enough time freedom as well. Those who do enough due diligence and choose a proper business, will have the chance of having a great business that gives them money and time freedom.
Some of them are more hard-working and have been smart enough to spend their time and money on a good business that not only gives them money, time and location freedom, but also has the potential of making a fortune for them (their business is scalable). They can become rich… sometimes very rich. Such a business can be the best business usually launched by the best entrepreneur. If it can be launched with little money, and so it has a lower risk, then is the best business to start ever.
Now, let’s focus on the features of the business that can be started with a small amount of money, while it has a low risk and a high return:
1) Easy and safe to start
A good business has to be very easy to start. The businesses that are too hard and take a lot of time to start, don’t suit you, because it is strongly possible that you give up even before you officially start the business while you have already wasted a lot time and money.
Don’t try to prove to the others that you are a strong and capable person who is able to launch a troublous and tough business. Most of them don’t care at all. It is only you who cares about having a good image in the others’ minds. Don’t be your own enemy and don’t waste your time, money and energy on starting a business that takes away your life and has a low potential to return a good result. Don’t try to reinvent the wheel. It was already invented and is waiting for you to use it the best possible way to have an easier and more comfortable life.
2) Easy to promote, maintain and manage
Maybe a business isn’t that hard to start, but it is too hard to maintain and manage. For example, a grocery store is not too hard to start, but to compete with the other grocery stores, you have to keep it open from 6am to 12pm. Some grocery stores have become 24 hours now. Although you can hire some people to manage the business for you, your supervision is a must otherwise you will end up with lots of stuff and money that get stolen every day.
One of my friends started an ice cream kiosk at the center point of a mall to have some extra money for his retirement. No doubt that he couldn’t expect to become rich through such a business (which is not scalable at all), however, he thought he could save some money to have an easier and more comfortable retirement for his wife and himself.
As he was busy with his other business, he had to hire a few people to maintain the business and serve the customers. After a while I asked him about the business and he replied he wanted to close, because the staff sold one ice cream and stole another one. And, there was no way to prove anything because some customers pay cash which can directly go to the staffs’ pockets.
To manage such a business, he had to be there, but then he had to quit his main business.
This is what you have to think about before starting a business. Is the business that you are starting easy enough to be maintained and managed, and can it be working at the side while you have another business or you work for someone else?
As far as I know, the only businesses that have such a feature, are the ones that can be maintained and managed online. Thanks to the Internet and technology, you can start such a business online. It works 24 hours per day, 7 days per week, without having to have you supervising the business constantly. The other businesses, either need you all the time, or need a reliable and trustworthy person to take care of the business for you.
3) Low risk
A good business shouldn’t be too risky to start and maintain. In some businesses, you have to risk a lot of capital and have a lot of money involved, otherwise they don’t make enough profit for you to make a living with. Some other businesses need a lot of money to invest, but they have a very low return and sometimes a lot of risks.
For example most import businesses are like that. They are risky. First, you have to spend a lot of money to buy the products. Then you will have to spend a lot of money on shipping and insurance. If you do all of these investments while you don’t already have the market to sell the products, you will be in trouble. However, sometimes even when you already have the market, a more affordable and better product attracts more attentions and causes you to lose a lot.
Stock and currency trading are risky businesses as well, and they are becoming riskier every day, because of the special political and economical situation the countries have (learn more).
4) Cheaper to start and maintain
Some businesses are not too risky, but they need a lot of money to start. For example, franchise businesses like MacDonald’s are very safe businesses because they are supported by the franchiser company and they have to be started and maintained based on the franchiser company proven system and business plan, but they are too expensive to start and you have to be a millionaire already to be able to start a franchise business like MacDonald’s or Starbucks.
According to Entrepreneur.com, you have to be able to afford an initial investment of between $1,003,000 and $2,228,000 to start a McDonald’s outlet. And on top of that, a $500,000 liquid cash and a $45,000 initial franchise fee are required. Additionally, there is an ongoing royalty fee of 4% and an ad royalty fee of 4%+.
5) Makes a lot of money
A business that doesn’t need a big budget to start, while it is also safe and easy to start and manage, is the best business. However, it has to make a lot of money also, otherwise there is no point to spend any time and money on it.
It needs a lot of money, between $1,003,000 and $2,228,000, to start a MacDonald’s outlet. Maybe you think it is worth to do that, because it will also make a lot of money, but that is not true. It will be a successful business because it works based on the business plan of a too strong and experienced company, but, it doesn’t make you rich, and it doesn’t have the other features that a good and scalable business must have.
A good business must make a lot of money and make you rich, otherwise it is not worth to spend time and money on it. Maybe you say you don’t want to become rich and a business that helps you to make a living is enough. But you are wrong. Such a business doesn’t last for a reasonable period of time and you will have to shut it down and start another business from scratch sooner than later.
A business that doesn’t make a lot of money, and doesn’t have the potential of making more money every month and year, will struggle for a while and will collapse. It is like driving a car with an oil burning engine. The engine will crash sooner than later.
A business that does’t get more demand and doesn’t generate more income every month, and a business that its owner is happy with a fixed amount of income, is literally doomed. Period.
Either start a business that makes you rich, or forget about having your own business and be happy with a 9-5 job.
6) Works on autopilot
Back to the beginning of this article, a business that needs your constant presence and supervision, is not a business… it is your prison.
I know 99% of the business are like that. The owner has to be present. The old fashion and traditional businesses are all like that. Even a dentist has to work every day. I have a friend who is doing good as a dentist, but he says he will have no food on the table if he stops working for 10 days.
But we are living in a different era. Things have changed a lot. People get rich through the ways that didn’t exit 30, 20 or even 10 years ago. New opportunities come and those who make the most of these opportunities are going to be ahead of the others. The Internet has changed everything and it has created new chances to take big steps and have a much better life. You could work as a doctor 30 years ago even without having to advertise on a magazine. Now, nobody walks in your office if you can’t easily be found on Google My Business and Google Local.
We have to forget about the traditional and old fashion jobs and businesses. They are dying and many of them are already dead and buried.
Even traditional websites that were used to be static, are dead and have no use anymore. Instead, dynamic websites like blogs, discussion boards, social bookmarking sites and… that can be updated by the users, have formed the Internet world. I mean, although the Internet is a new phenomenon, its progress speed is in a way that so many things that were used to work even last year, can’t work now and have to be replaced with the new things.
You can easily start a business that works and makes money without you. It is possible through the Internet. You setup the business and everything works on autopilot. Emails will be sent, products will be ordered and delivered, transactions will be handles… automatically.
I am not saying you don’t have to work at all. You have to work to setup and start the business and take it off the ground, but most parts of the work will be done through the Internet automatically, and once the business starts making money and attracting customers, you can work less and enjoy your life.
A good Internet business which is designed and created based on a proper business plan and system, is almost like a small snowball at the beginning. You have to make it and roll it down the hill. It will move and grow by itself. It will make money even when you are asleep, if you take the first steps properly and follow a proven business plan.
7) Grows and makes more money every month
Your business income has to grow from time to time. It has to have the potential of growing and expanding, otherwise it won’t last: Do Not Start a Business that Is Not Scalable
The reason is clear. You are not the only one who has the same business. There are so many other businesses that have been started before yours, and so many others will be started by others who can be more serious and enthusiastic than you. A business that makes a fixed amount of money every month, has fixed number of demands and customers as well. Some new customers come every month, but some old customers leave and will never come back. That is why the business generates a fixed income. All of a sudden, a new competitor in the same niche, can attract more customers than you, and that is the time that your business starts slowing down.
It is too late to resurrect the business at this stage, because most probably you can’t make those customers come back. They are already attracted to another business which is doing better than you. You had to think about this problem, before your business started going down.
You don’t have to compete with anybody to succeed and become better every day. You just need to be better than what you have been the previous day, week and month, to have a better business that grows constantly. This is what you have to do after starting a business and taking it off the ground.
Now the question is whether all businesses have such a capacity to become better and make more money every month?
The answer is no. Most businesses, specially the traditional ones, aren’t like that. If you start such a business and grow it to make it profitable, then you have done as best as you could. Having a fixed amount of monthly profit is great for such businesses, because they can’t go beyond that. Therefore, they are so vulnerable. For example, if you start a coffee shop on one side of the street, and then Starbucks starts an outlet on the other side, you will have to shut down your coffee shop, because it won’t be able to cover the expenses anymore, let alone making profit.
8) Isn’t dependent on a special person, company, market, product, or condition
A good business doesn’t make profit just because it is dependent on a special person intelligence, or a special company products and…
It makes money because it is a strong business itself.
Smart people never depend on any special company or person, not to put all their eggs in one basket. Warren Buffet is the best investor in the world. Although he and Bill Gates are close friends, Warren Buffet has never invested in Microsoft (Bill Gates company) and has never bought Microsoft’s shares. Do you know why?
Because he believes Microsoft’s success is dependent on one person’s intelligence and if this person goes, Microsoft will go down. He has done the same with all the tech companies like Apple. He has never invested in any of them. Instead, he invests in companies that are not too technical and their products are not dependent on the intelligence of some special people.
When your business success and profit depends on a person or company, then your income can go up and down and even vanish by that person or company. It is the same when your business depends on a specific market. For example, realtors make a good profit sometimes, but they suffer whenever the real estate market gets slow or crashes, while there is nothing they can do about. They can just wait for the market to get better again.
It is the same with all the other markets like stock and currency markets. Just a new rule or regulation, or a too strong movement or crash, can stop your income and takes everything down the drain:
A good business should work and make profit under any conditions, no matter if the stock or currency markets go up or down, not based on who is going to be the United States President, not dependent on whether England will stay with the European Union or not, not affected by whether the US dollar remains the world’s first currency or leaves the scene, and not on whether the economy is good or bad.
9) Gives you financial, location and time freedom
This last feature is the summery of all the other features we already discussed. A business that makes a lot of money and its income grows every month, gives you financial freedom. Only a business that can be managed and controlled through the Internet, gives you location freedom, because you can manage it through your laptop and the Internet from anywhere in the world. And, it is the online business that gives you time freedom, because you don’t have to open and close it at any special time of the day. It works 24 hours a day automatically, and you do your job whenever you want.
What Businesses Have the Above Features?
Traditional businesses have none of the above features, or maybe they only have a couple of them. For example, you may be able to start a grocery shop with a low budget, which is good. However, this business doesn’t have the other features. For example, it is not cheap and easy to manage and maintain, because you will have to pay a lot of money for the rent and utilities while you are not making any money yet, and it is not clear when you will start making money to cover the expenses. It is possible that it never makes enough money.
It is the same with most of the other businesses. They need a lot of money to start. At the same time, it takes a long time to take them off the ground. They need a lot of time, money and effort to manage and maintain while it is not clear whether they will become profitable one day or not. They can’t give you time, money and location freedom and they don’t work without you. It means they need your constant presence and supervision.
One of my friends has an ergonomic chairs and tables factory. Their products are sold to big and rich companies because they have a very high quality. They are very expensive too. For example, their cheapest computer desk costs about $5000. They have been promoting the factory for over 15 years and it is not profitable yet. They have invested a lot of money on it. They have put their house on it, just to keep up and not to let it down. But it hasn’t become profitable yet. Unfortunately, when you start such a business, you can’t get back because you’ve already spent lots of time and money on it. You have to go to the end which is usually bankruptcy.
The worst news is that everybody tries to take the advantage of you while you are already in trouble. They have always had problems paying the employees and workers, but at the same time, some of their employees betray them and steal money or things from time to time. While everybody thinks that you are a great business owner because you have a big factory, you are suffering because you are the slave of your business and employees in reality.
Isn’t it stupid and insane?
“Insanity: doing the same thing over and over again and expecting different results.”
And they have been doing this for 15 years, over and over again, and each year they expected to have different results.
Even there are some online businesses that don’t have most of the above features. For example, online shops are like that. The only difference they have with brick and mortar stores is that they sell their products online. It doesn’t make a big difference whether to sell t-shirts in a brick and mortar store, or sell them online. It is a little easier because you can do it from home. But it has most of the other headaches that a traditional business has. For example you have to spend a lot of time on marketing, receiving the orders, and shipping them. It is easier than having a brick and mortar store, but still needs a lot of work, specially when you have to ship the orders on your own.
Some other online businesses have some of the above features, but not the most important ones. For example, online stock or currency trading, gives you location freedom because you can do it through your laptop and the Internet from anywhere in the world. But (1) they are risky and you have to risk a lot of money to have a reasonable income; (2) it is hard to make money through them and it can take several years to become profitable, if you can finally become profitable at all; (3) they strongly depend on the markets, political and economical conditions and governments and also the brokers. So, trading is not a perfect online business as well. Indeed, one can’t rely on trading as long as he hasn’t become consistently profitable. And who knows when he will becomes profitable finally?
Is there any business with all the above features?
Only an Internet based or online business which is established and promoted based on a proven system, can have all the above features. Internet has to be the essential and the main part of such a business whether you like it or not, because it is the Internet that gives time and location freedom. It is also because of the online nature of the business that it will be much cheaper to start, promote and maintain, compared to offline businesses like the franchise ones.
Not all the online businesses have all the above features. Those online business that work based on the well-developed and proven business plans and systems, have all the above features. The proven system that we follow, helps the entrepreneurs start an online business with almost no budget, compared to the other businesses like the franchise ones and all the other traditional and small businesses.
The system takes your business off the ground and starts making money within the shortest possible time. It helps you have more income every month while your business cannot be affected by anything.
How is that possible?
As I said, it is because of the Internet, and the proven system that the business follows, otherwise it couldn’t have the above features. It gives you money, time and location freedom, just because of the Internet and the proven business plan this business has. Keep in mind that, it doesn’t mean you don’t have to work at all. Indeed, there are a lot of things you have to do to start the business and promote it. However, it is much easier compared to the other businesses I talked about them in this articles. You have to be serious and take actions. That is all it needs.
“If you want what the top 1% of the wealthiest people have, then you’ve got to be willing to do what the other 99% of people won’t do.”