THE MONEY PAGES

Your Own Business

 

Copyright August 23, 2003 3:30 AM CST

By Dr. Michael J. Bisconti

Reviewed By Dr. Edward Johnson

 

Updated January 23, 2005 6:05 PM CST

Copyright January 23, 2005 6:05 PM CST

By Dr. Michael J. Bisconti

Reviewed By Dr. Edward Johnson

 

 

 

 

YOUR OWN BUSINESS

 

 

Business (rated 10)

 

To become financially independent you have to find the right financial vehicle (tool).  A job is not it.  You need to go into business for yourself.

 

 

Duplication (rated 10)

 

You need to get into the right type of business.  The right type of business is one in which you can apply the principle of "duplication of effort."  This is how companies like McDonalds, H&R Block, Wendy's and Holiday Inn have succeeded.  None of them started out as a huge corporation.  Rather, they all started out as a single, business establishment.  The owners of these businesses then sold investors the right to open up new business establishments using their business name and the business formula that they had developed.  In return, these investors paid them a percentage of their profits.  Then, usually, investors found still other investors.  This second set of investors opened up even more locations and continued the investor-finding cycle.  Before long there was a multitude of business locations.  Each time a product is sold at one of them, one or more investors are receiving a percentage of the profits.  The one who started it all receives a percentage of everything sold at every location.

 

 

Enjoyment (rated 10)

 

The right type of business is one that you enjoy.  If you do not enjoy the business you select, you will not last in it, unless righteousness dictated that you select it.

 

 

Investment (rated 10)

 

Not all businesses require a huge investment of resources (time, energy, money, etc.).  Start your business on a part-time basis.  One to three hours a week to begin with.