I have been an entrepreneur since 1993.
For these two decades I have learnt a lot about a business world.
Now I want to share my own experience related to starting up one’s own business.
It is a well-known fact that up to 80% of all small businesses and partnerships fail to operate during the first year and have to become bankrupts.
These statistics are frightening and sad…
Well, nothing ventured, nothing gained. If you have a dream and a starting capital, don’t miss a chance to realize your potential. But you should do that carefully and thoroughly. I’m going to share these skills with you. Frankly speaking, I’ve never been a bankrupt if not mention an occasion when I was robbed (actually, it was my failure too and a consequence of my wrong actions). So, first of all, let us measure our power. But before that - our dream. I am starting with the fact that if your dream is real but not spontaneous, it should be realized and satisfied straight away otherwise it will turn into a heavy weight on the way to a realization of the next dream.
Well, if you feel a potential and inclination inside you (like embroidery or making things), you should check yourself for organization skills. Without these there is no business. They are organization problems that kill most entrepreneurs. If you do not fill confident to overcome all trouble related with registering and starting up a business, you’d better to cooperate with a stable company which will purchase your product and distribute it to its customers. But then a consumer is unlikely to know that you are a creator of those amazing things they use. Secondly, the biggest part of the profit after realizing your product goes to that company.
So, if you are ready to do that on your own, you will have to:
All these procedures take a lot of time and money and they are not profitable at all.
So, you have to store a lot of patience and resources to keep your new and “hungry” business (and yourself, too) while it is not profitable at all. This period lasts not less than a half a year but normally it lasts a year or two. I mean not a mere profit but a start of self-efficiency, more exactly- a net profit. This indicator is positive only some time later. Anyway, you should consider a certain amount of money for monthly running a business – this money is necessary for a business growth, developing and increasing a working capital.
I have often met a lot of businessmen. As for me, I used to be one who used to have lots of money but used to be short of money for day-to-day expenses as all money was involved in a turnover. So, if you have a real dream to do everything yourself not depending on anybody else (dependence on market conditions, competitors and a state go without saying) and if you consider this dream to be the best option if this dream is so global that you can not hide it - then make a commitment to have a life adventure with your own business! Be ready to fight for survival and a better life. And never let your sadness take you over. It will be your own experience and the experience is worth it.
If you suppose your talents and time to be spent the other way, you can consider the following options:
A franchise is purchasing an actual business model. Actually it is a right to use someone’s brand. The fact is you are not creating your own brand but using others. Commonly, a franchise includes further maintenance of a business infrastructure: centralized purchasing raw materials, decorating offices, schemes of work with personnel and customers… The cheapest franchise (e.g an online shop) costs about $25.000 (although everything is cheaper now in Russia with a ruble inflation). Nevertheless, to this money you should add the cost of the buildings/ offices, purchase of machines, staff recruitment and obtaining relevant licenses. All in all, these expenses cost up to 500.000 RUR or $100.000. You should asses your power!
Being a distributor of some MLM company looks like purchasing a franchise but it’s easier and cheaper. So, it is more available. In fact, it’s getting a job of some ad agent but without a salary only with an interest from a deal. The main feature is getting a right to recruit more agents and getting some interest from their deals. This abbreviation includes the word “level” thus meaning that you create your own “levels” without bringing risks to business owners. There is no need to have an office, staff and licenses. So, you need less expenses. But you have to work hard as you do not have a salary. All work is concentrated on being able to communicate with people in a special way- the way when you can reveal potential buyers of some products and services of the company you present and sell things. It is a specific kind of business and if you like communicating –it is worth it. The risks is that you can lose everything any time if a company owner does not like you (when your profit is huge). By the way, there are a lot of millionaires among MLM businessmen. More details are given in my book: http://delovoi.biz/t-a-t-3
Another way is having partnerships. Actually, it is MLM business too but with some particular detail. There no typical goods and services. Here we can see selling virtual goods: clicks, likes, viewing, reviews etc. It is an additional income source but not the main one with a risk to get stuck in a MLM pyramid (as there is no evidence of goods and services). Moreover, these ”goods” have a short life as they are easy to copy.
To take part in a partnership, as a rule, you should have your own Internet resources but as every person can register themselves in any social net for free, they can create their own recourse. But these recourses are not big enough for starting good business.
Of course, there are other options in a market: combinations of above types as well as unique and rare business with a different level of risks.
We found and analyzed and can recommend a franchise of trust management of UAE terminal payment business. The section “the projects” is in our portal, too.
Considering all above ideas, we should emphasize the following features of this offer:
So, dear visitor of our portal, think go deeper into details and take a decision on how to invest your money in a most efficient way!