You’re growing tired of the commuter crawl, and your 9 to 5 has become something you merely show up to so you “don’t get fired”. Or maybe you have a growing need or want to be more free to spend time with your family, and are almost fed up with having to request time off or haggle with a vacation board in order to do those things. Or maybe you’re tired of living paycheck to paycheck and would just like a little extra money to cover a few bills each month to take some of the pressure off.
Whatever your reason is, the solution for them all is the same: Increase your income to match your goals, not the other way around! They’re not going away, so you decide to roll up your sleeves and become an entrepreneur….do you know what kind of entrepreneur you want to be, or even where to start? Here are 3 things to get you going, because you have to do a bit of soul-searching to determine if this is the road you really want to pursue.
3 Things to Consider: The differences between being
- When you’re self-employed, you’re still limited by time and the number of products or services you can provide within that timeframe. Let’s say you have a crocheting business and you’re able to knit 4 baby beanies in a day, and you charge $20 each in your etsy store. Your daily production is $80/day, which is $10/hr for an 8 hour workday. Depending where you live, you can get a regular J.O.B. for more than that!
- You also own your own J.O.B., which means YOU now have to take care of the tasks that you didn’t have to worry about as an employee. You now wear your own legal, payroll, HR, admin, etc. hats until you can build to a point where you can outsource those departments. Sometimes the operating tasks are so many to where you can get totally sidetracked from your main business.
- If you are a freelancer, let’s say like a musician or a makeup artist (like me!), you’re limited by the number of gigs you book. Unless you’re traveling non stop, you won’t get paid non stop! This may be an ideal situation for someone young and starting out, but what happens when you start thinking about having a family? Will you want to travel as much? What will you do about that missed income?
- Lower startup costs: Most folks can’t buy a franchise, so it’s much more attainable to buy into a network marketing model. Either way you’re still coming out cheaper than developing your own product from scratch (imagine going on Shark Tank). Instead of doing that, you can buy into a proven business model that someone else invented to create your own wealth and lasting legacy.
- Virtually limitless: You shift your personal economy from depending on one source of income (with limits), to one where you leverage the efforts of many. You build a team and literally make money without talking to everyone they talk to. The same goes for them, and everyone works together to achieve more!
Investor: Most folks don’t start here, but end up here after they’ve either gone through either (or both) of the steps aforementioned. This is where your money literally makes money for you with ZERO effort of your own thanks to compound interest and/or the stock market, all because you get to invest in other people’s ideas and they do all the work! The big leagues for sure, this is where true wealth and legacy reside.
This first reason (which is the most important) addresses the main types of entrepreneurial mindsets. To save brain space, catch the other 2 reasons in this quick video! And after you watch it, let me know what you think!