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?

2 – 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!

3 – 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 over your bank details you’ll be skinned alive! I hope nobody has fallen for that one.

4 – 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

24 thoughts on “Start A Business”

  1. I agree with how much of a headache it would be to run a business full of employees or buy a franchise. In my personal opinion, for people looking to start up a business with a very low investment cost (around $400/year), I recommend affiliate marketing, as you can refer people to products, and build up a brand and receive commissions for products you refer people to.

  2. The proof is in the pudding. It is important to understand how many people have been burned by getting rich quick schemes. The true detox and the beholder of your success is your willingness to work hard and build an online business. It is saddening to see these scams ruin peoples lives, but the only way to prevent this from happening is doing your research.

  3. You have to decide what you want to do and where you want to start as far as making extra income for life. For me, a brick and mortar business isn’t it. A franchise is way too expensive and very involved and there’s no guarantees. I believe in this day and age that making money online is the way to go for me anyway. I want to be able to work and help people from anywhere in the world.

  4. Hi,

    This is a well-structured blog on how you can set up your own business from scratch

    One Online business service I have been using for the last 6 months or so is wealthy affiliate and with this site i really think it’s possible to learn new things as well as earning money

    Have you tried Wealthy affiliate?

    If so whats your opinion on it?

    Thanks,
    Josh

  5. Far too many people leave their lives to chance by playing and hoping to win the lotto. If you really think how many people play it, our chances of winning really are very slim.

    I also agree with your statement too because if we want different results in life, we must attempt new things and escape our comfort zones.

    HA HA… I’ve certainly received my fair share of Nigerian emails wanting to hand fortunes with me. Perhaps I’ll send them my address so they can send me a cheque in the post. 😉

    Your final option for starting a business is a much better choice online.

    Neil

  6. Ha, oh those nice Nigerian men! This is great and done with great humor and flair, I appreciate that. I have considered brick and mortar and franchises myself and it’s definitely a lot of upfront investment, money many of us don’t really have and how much of a risk are you going to take on the borrowed money? However, they are real options, but I think you have an even better option – gonna go read. Thanks!

  7. Another great post.

    Most people have thought about being their own boss and like the idea of running their own business but they are often put off by when they keep hearing how expensive it is for small business owners to get their new business off the group and become profitable.

    What they are not often taught is that starting a home-based business can is within reach of almost anyone because of the limited finance required to get a home business of the group.

    This post will be a valuable resource for those people who have been too scared to take a leap of faith and just get started.

    This was a good read – really enjoyed it.

  8. Mark,
    If you are a start up business, do not expect to make any money the first or second year. Most people cannot wait to make money for this length of time, you would have to start with a pretty big bankroll. Your alternative plan sounds more sensible for the average person. Little to no upfront expense and working from your own home.
    Thanks for the informational post.
    John

  9. AHH! This is scary- I truly believe, well I did before I saw your post that I was going to win the lottery jackpot. Also I nearly fell for a scam on a sellers website – maybe I am a dreamer! Time to live in the real world.
    Starting a business would probably be a lot more profitable for sure – thatnks for giving me the nudge!

  10. Its a tough one isn’t it! The chances of winning the lottery are virtually zero, although it would be very nice. Getting the money together for a franchise, as you say is almost unreachable to most people. Even a cheap franchise costs more money than most people can afford and then you have the issue of owning a not so well known business. I will take a look at your alternative suggestion.
    Thanks.

  11. 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.

    • 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

  12. 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.

    • 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

  13. 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.

    • 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

  14. 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

    • 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

  15. 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

    • 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

  16. 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

    • 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

  17. 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.

    • 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

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