’Most people are either dead by age 65 or dead broke. The others have their own businesses’. So said a well-known businessmen and it is true. You are not going to get rich working for someone else except maybe if you are a banker or particularly gifted at sport or music. So let’s consider how best to start your own business.

Most businesses fall into three types. There is what can best be described as the traditional business where the proprietor, or owner, has an idea, service or product he or she wishes to sell and sets up a business. Then, secondly, there is the franchise option; and lastly, we have network marketing. Let us examine each breed of business.

There are advantages and disadvantages with each of the three types of business:

Traditional businesses have the greatest chance of failing in the first year of trading, consequently banks are less likely to lend you money until you have a proven track record (when you probably won’t need to borrow!); so you may need deep pockets if you are set on this route.

- 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.

Our third type of business, network marketing, has many pros and few cons. You can start in your spare time and keep the income from your main employment. The secret is to persevere and get through the first year when earnings may be low. However, if you can keep at it your income should grow and in time most people are able to give up their ‘day job’ and run their business full time. Another advantage is that start up costs are usually much lower than in other business.

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 ploughing 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.

Do not get the impression that network marketing is the ‘poor brother’ of the other two options. There are many people making a great deal of money from network marketing. You will find more information about network marketing at my website. Take a look at the commission rates to get an idea of the earnings that are possible. Of course there are many network marketing businesses to choose from. To learn more about our business opportunity take a few minutes to visit my site.