Is Financial Security Through Entrepreneurship Possible?
What does it mean to have financial security and is it possible? By simple definition, there are four key factors for being financially secure. They are:
Being debt-free; this is bad credit such as credit cards, there is some amount of debt that is acceptable and in some cases required.
In control of your expenses; spending within your means. Making $500,000 and spending $600,000 annually is not in control.
Consistently increasing your net worth; increase in assets and investments that increase your worth as well as positive cash flow.
Not being forced to work a job you dislike to pay the bills; not living paycheck to paycheck. If you lost or quit your job how long would it take before you were in financial distress?
The method many people earn an income today has changed drastically.
The global economy continues to keep businesses running at their optimum levels and those that cannot keep up, unfortunately, cease to exist. Other businesses require massive changes, facility closures and moving operations to areas that make the most economical sense. From these decisions, it can be difficult to see how one can have financial security when the employment landscape is consistently changing and the threat of job loss is always present.
Individuals have to protect themselves and their financial future by creating a safety net that will allow them to withstand the inevitable changes that will come their way. To put simply, what is better; one income or two?
Everyone will agree that having a second income, or in the cases of a couple who both work, a third income. But how can this be accomplished with the busy lives everyone lives? How can additional money be made to create the financial safety net that will allow you and your family to have the financial security you desire?
Becoming an Entrepreneur
A traditional myth about starting your own business is that a large investment is required. While this may be true for a traditional style of business, for example, a franchise; we are currently living in the personal income age, and that allows individuals to make money from virtually anywhere they are in the world.
It is possible to start a business for less than $1000 and it can provide you with an income that could not only replace your current income but also grow into something much larger. It may seem crazy to think that for just under $1000 you can start a business that could someday replace your current income. Yet every single day, people around the world are doing just that. They are doing it with the expanding industry of network marketing.
How to Eliminate Risk in Starting Your Business
Network marketing is an industry that has grown steadily since the early 1940s, but it is not until recently that the growth has skyrocketed. Recessions and downturns in the economies all over the world are forcing people to turn to entrepreneurship to generate income and they are finding their success in an industry they once thought was nothing but a pyramid scheme.
They have found that when they utilize the right opportunity the ability is there to create long term wealth. They have been able to do this because they have done their research and found the critical factors to focus on selecting the right business opportunity.
The leadership of the company and/or distributor field. This includes not only their success within the opportunity you are investigating but also in the industry. How long have they been with the business opportunity you are investigating, things of that nature.
Company history. How long has the company existed, what are their revenues, profits, how many markets are they officially doing business in.
Products. While many believe this is the most important factor when joining a company, looking at the company’s history will inevitably show you how successful the products are.
Investigating these three keys of the business opportunity will be the basis for understanding how stable and profitable the business can be for you.