Just what is a "Low" cost business any way. For our purposes here we consider it a business that does not require a huge capital investment lets say under 50k. Most business acquisition will cost hundreds of thousands of dollars.
Traditional brick and mortar opportunities will usually come with the expense of real estate, inventory, a customer base, ongoing advertising, taxes, and the profit that the owner wishes to get out of his investment. Not what you would call low cost.
Buying a franchise almost always comes with a cash deposit. I know GNC a health supplement store asks for around 60,000 dollars. This is one of the cheaper franchises. Then you also usually have a lease with a franchise and then there are ongoing royalty fees.
One of the most important factors to look at when determining the cost of a business is the amount of money it will take to operate. Ask yourself, will there be employees, what will the taxes be, how much time will I have to invest. Will in be difficult to liquidate this business if it should fail.
Also, begin with the end in mind. Yes I know, we have all heard that before. Listen though, If what you truly desire is to
make a six figure income and have time freedom to spend with your family, or say you want to work 20 hours per week and earn 130k so you can sail 2-3 days a week or coach a sport at your local school. It would be an unwise though common mistake to settle for a business that is a slight improvement over your current circumstance. What you will end up with though is the same discontentment but with a whole lot more responsibility.
A very practical solution to the person who wants to work for themselves today is a home based business. These are by far the lowest cost businesses to operate and are many times, much more profitable, and take less time. Also, many times you can structure your business tasks around your life instead of the other way around.
Many times companies can develop a product, put in place customer service, engineer magnificent low cost systems, and have an excellent marketing plan only to realize they don't really want to build a big company. These are great opportunities for the average person looking to make a financial change in there life with out all the risk and expense. Its a clear win-win. Always know what the other person has to gain and ask yourself "whats in it for this guy?". Make sure it makes sense.
This is the precise reason all these affiliate programs are all over the Internet today. This is the case of The Win-Win. On one hand you have these entrepreneurs who build the systems and have a great product and vision. While on the other you have individuals who can earn executive level incomes by marketing and selling their product or service around the world without investing a ton of money.
Both parties make more money and enjoy more lifestyle than they otherwise would going in separate directions. Always look for the win-win opportunity. There are many out there today that are truly remarkable and don't cost an arm and a leg.
Know your main motivations for finding a business of your own. If its time freedom, a huge income, and firing your boss, then find a business that fulfills all three points. Many franchises require the owner to also be at the business at least 50 hours. YUK! Also there are sometimes monthly audits and a thick stack of rules.
When looking to buy a low or no cost business, first and foremost have an open mind. Make sure that you are truly passionate about the product or service that you will be providing. If a business is a solid opportunity then you will be able to find examples of other people making a great income and enjoying growth.
Doing your homework before buying a business will always be worth the time, effort, and costs that you will incur by doing so. One of the top reasons for business failure is that they were under capitalized. Many people set themselves up for failure by not going into the decision with their eyes wide open. Buying a business is not the time to be optimistic, be analytical, be thorough.
I have been an entrepreneur for over 10 years and have seen in that time, many, many, people start and fail in businesses they never should have gotten into in the first place. I currently operate my businesses from my home office and enjoy the many benefits that it brings.
Last year I contacted a couple in New York about a home based business in the personal development field. I did some research and soul searching and decided to get started in this business. I have always been a student of personal development and really do enjoy helping others. I never thought I could actually make money doing something I loved so much. The costs were reasonable an the income is absolutely tremendous.
About six months before I located this business I was going to start a mail order business. The essence of that idea was to find people who were good at a certain trade and show them how to transition that skill into a business. Truth be told though I had done that and wasn't at all happy with my results. I didn't feel good about leveraging this information to make an income when I no longer believed in that path. This is a pesonal example of the point being made here.
Joe Crawford is a successful entrepreneur and work from his home office. Joe provides coaching and training to individuals in the home based business industry. He works some of the most successfull work at home entrepreneurs in the nation and provides you an opportuntiy to do the same. Visit www.createliberty.com or www.low-nocostbusinessideas.blogspot.com for more information or a brief interview. Turn your yearly income into your monthly income this year and spend your time doing what you love.
