Start A Business

So, what can you do to protect yourself against this New Reality? Let’s have a look at a few options.

Win The Lottery/Lotto?

Come on, it’s not going to happen is it? If you are seriously relying on winning the big one you may as well resign yourself to the status quo.

But if you do carry on as before, here’s another saying to consider:

“If you keep on doing what you’ve already done, you’ll keep on getting what you’ve already got”.

Yes of course it’s a cliche but true nevertheless. How can you expect a better outcome to your life if all you ever do is the same as before? It makes no sense does it?

Somebody’s going to leave you a fortune in their will?

Really? Do you know that for a fact or is it just more wishful thinking? It’s wishful thinking isn’t it, you know it is and it’s just not going to happen!

A nice Nigerian man will send you a fortune if only you’ll give him your bank details!

Yes, we’ve all seen this one and yes, once you’ve given him your bank details he’ll skin you alive! I hope nobody has fallen for that one.

Start a business?

Well at least this is somewhere along the lines of better thinking……start a business.
How about some options and realities:

1 – Brick and mortar cornershop/mom and pop store:

Buy/lease the store, buy/start the business, buy the stock/inventory, insurance, red tape, record keeping, open all hours, take on staff and deal with their tax, insurance and pensions, (if you don’t take on staff you just bought yourself a job with no time off), bank charges, accountancy fees, etc., etc., etc., the list goes on and on.

Cost: Hundreds of thousands of pounds/dollars before you open your doors and thousands of pounds/dollars each month ongoing! Do you have that sort of money available to you, probably not?

Potential: After you’ve paid for the mortgage/lease/rent, the stock, insurance, fees etc., and all the staff costs and wages, maybe you might have something left to pay yourself! And if you don’t have enough left over guess who doesn’t get paid…..you! And if your turnover is even less, how long until the bank thinks about calling in their loan/s?

That’s scary isn’t it?

2 – Buy a franchise:-

Have you seen the price of a decent franchise? I mean one where making money is more or less guaranteed because the brand name is well known in it’s field, eg a globally known Fast Food Franchise in the UK is around £300,000 (about half a million dollars) for the licence fee.

Granted, it will make you a good income but do you have that sort of cash? Plus, you still have plenty of the other headaches and ongoing costs associated with the more traditional business as in number 1 above.

Ok, you could go for a much cheaper franchise if you don’t have that sort of money but you get what you pay for. You can still expect to pay out several or tens of thousands of pounds/dollars just to join up, you will still have lots of the above headaches and you just bought yourself a job!

To be honest, I’ve seen adverts every week for years for the so called lesser cost franchises and I haven’t even heard of most of them, so where does brand awareness come in there? You would basically be starting from scratch with a lot of them, trying to build their brand with your money and efforts. And you still just bought yourself a job.

Not looking too good is it?

So, what about another option?

Thanks for taking the time to read through this page, if I can be of help to you please feel free to drop me a comment below and I’ll reply as soon as I can.

Mark

Founder of Extra Income For Life

14 thoughts on “Start A Business

  1. Viljoen

    I am not the type of person that will go for your usual brick and mortar business because of the high start-up cost.

    You can get more done with your money if you do affiliate marketing and this business model is also very scalable which is great. I have been involved with Wealthy Affiliate for more than a year and they have taught me a lot.

    Reply
    1. Mark Fanning

      Hi there Viljoen

      Great to hear that you are already reaping the benefits of being a Wealthy Affiliate member. I’ve only been with WA for about 8 months now but I’ve already learned so much that it’s difficult to put it into words.

      You’re right too about brick and mortar startup costs, completely ridiculous when you consider that you can get started online with WA for No money at all.

      Good luck Viljoen

      Mark

      Reply
  2. Angela

    I spent some time on your extra income for life and I see that we are both attempting to get the older generation to understand the issue of having enough money for retirement. Your story on jobs 50 years older, lays out some interesting facts on the aging baby boomers and their financial status.

    Reply
    1. Mark Fanning

      Hey Angela

      You’re right about the difficulty for older (not necessarily old) workers in finding jobs when they find themselves out of work. Also the pension situation is not going to get any easier so people really need to find another way to provide for themselves in later life.

      Having an online business can be ideal as it’s an inexpensive way to get started, has fantastic potential and we at Wealthy Affiliate can assist them all along the way to their goals.

      Thanks for coming by Angela.
      Mark

      Reply
  3. Ryan

    Hey Mark,

    The bit about the Nigerian got me! Nice one.

    I would even add something in there about illegal means of making money (drug dealing, fraud etc) and how you’ll most likely end up with a jail sentence or die. I think a lot of people need to wake up to the harsh reality that you won’t get away with stuff like that forever.

    You’re other page about the 40 year plan is brilliant! I don’t think i’ve seen that incorporated into any website i’ve come across yet. If you don’t mind, i’d like to take that same concept, but simplify it dramatically to about a paragraph in one of my future posts because I think it’s excellent.

    Reply
    1. Mark Fanning

      Hi there Ryan

      Thanks for popping by the site and for your very kind comments.

      By all means use the 40 year plan as a framework for your future posts, glad to have been able to help get something going on with your own ideas.

      The Nigerian letter/email scam has been doing the rounds for along time and I’m even occasionally still getting variations of it in my spam inbox. No slur on Nigeria or the Nigerian people of course it’s just that it’s where it all seems to have started off many moons ago!

      Glad you like the site Ryan, feel free to drop by any time.

      Mark

      Reply
  4. Loes

    Your totally right Mark, setting up a business costs time and money. For instance, you want to become a barber, you have to go to school, learn the skills and buy the aquipment, after an education of 4 years, you are ready to start your own business. But it has cost you about 10.000 allready. If you think you can learn this in about 2 months, I reckon you do not get a customer who will let you near their hair, your business will not be successful within 2 months. Well, that’s about the internet marketing business too, you need to learn the skills first, that takes time, investment and education.
    Loes

    Reply
    1. Mark Fanning

      Hi Loes
      You are so right, building up a conventional business or learning a worthwhile skill takes a lot of time and money, the very things that a lot of people really don’t have.
      But at least with Internet Marketing, people can start to learn the skills and give themselves the opportunity to make some money with very little investment at the same time as staying in their job which makes it much less of a risk and gives you more of a chance to become successful in the long run.
      Thanks for dropping by Loes, you’re welcome any time.
      Mark

      Reply
  5. Hamilton

    Hey mark, love the website design its simple yet its very presentable. Good work on your content giving the reader a reality check, the truth will set them free.Its a very good article although more content would make it great.

    Like the the website title is catchy which attracts readers & your posts are relevant to your title

    Reply
    1. admin Post author

      Thanks Hamilton, I really appreciate your comments and for dropping by.

      I’ve tried to make the site a little different to many that you see by giving clear, precise information, getting people thinking and seeing what they can do for themselves by considering setting up a business.

      Obviously this page tries to give people the reality check you mention, whether it does is another matter, and maybe I could look at adding some more information, as you suggest, to really hit it home.

      Thanks again Hamilton,
      Mark

      Reply
  6. Maria

    Hi Mark, Great information for business set up and thank you for sharing your experience and the free/inexpensive legitimate online business. I am sure it will help some people who are looking to start a business . Well done!
    Maria

    Reply
    1. Mark Fanning

      Hello Maria and thanks for your thoughts.
      If I have helped some people with good information about how to start a free or inexpensive business then I am happy with that.
      Thanks again for visiting my site.
      Mark

      Reply
  7. Maria

    Hi Mark, this post about setting up a business is great for people who would like to set up a business that does not cost too much to run. Many business online are SCAMS or cost too much, so it is nice to know there is still a legitimate online business that is inexpensive. And it is good to share that, nice work. Maria.

    Reply
    1. admin Post author

      Hello Maria, thanks for taking a look at my site and for leaving your kind comments.

      Yes, so many businesses either cost a lot of money to start or are scams as you say so finding Wealthy Affiliate and what it teaches you in building an online business for so little is a genuine find.

      Thanks again Maria

      Best wishes to you

      Mark

      Reply

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