Seniorhood – What Business Type Is Right For You?

What business TYPE should I consider? Here are some different types.

Business Type: SELF PERFORMING:  (or hang up your shingle)

You may have skills that you may have previously supplied to an employer, and now you want to go independent.

This can often be seen in the following professions:

  • CPA
  • Chiropractor
  • Doctor
  • Electrician
  • Plumber
  • Lawyer
  • Massage Therapist
  • Consultant etc. etc.

 If you follow Robert Kyosaki of Rich Dad Poor Dad fame, you will understand that he calls this the “S” quadrant, as there is no leverage as your income is based on your own personal actions, kind of like “buying a JOB”.

Ron McLean, the Dream Roper

 Business Type: FRANCHISE:

As customers we are familiar with many franchise operations, from McDonalds, to KFC, to Subway, to TCBY, and on and on.

The advantage of a franchise, is that you can plug in to a proven system and start to build a long-term business.

The downside is the cost of entry, the hours that must be invested in training, and the time it takes to recoup your investment. In addition, there is a loss of control in your own business as the franchise company also dictates where you can buy supplies, and this becomes an income stream for them in addition to the franchise fees.

And the interesting part, your systems must support being run by minimum wage high school students, which will soon make you a scheduling expert to make sure you have the right manning levels in your franchise.

The recipe to start a successful franchise combines the energy of youth with the wisdom that comes with age, a strong work ethic, management skills, and a long term vision that accepts short term cash flow conditions.

That recipe is scary to most people but I have friends who have seized franchise opportunities and are working their butts off to make them succeed.

Many franchise operators have found that it is a long hard road before you make money, and perhaps you may need to open multiple locations to turn the corner to financial freedom.

 Business Type: INTERNET & AFFILIATE MARKETING:

We are bombarded by offers to start on internet business where you can start a business with little or no investment, where the promoter claims to actually do your work for you, and you just collect the money.

Well these calls are obviously SCAMs but there are legitimate companies where you can pay a fee up front to be given resale rights to their products.

This generally comes with training, social media groups, to support your business where you run ads to attract people to the affiliate offers your represent.

There are solid affiliate marketing and training companies, but beware of the ones that appear “too good to be true”.

Business Type: NETWORK MARKETING, or previously referred to as Multi-Level Marketing (MLM)

The bad news is the industry reputation due to SCAMs seen over the last 30 years, but there are many great companies who have made it possible for the “little guy” to make extra money each month and fund their kid’s school, their cars, their vacations etc.

This model provides a way to leverage your time but if you want to get rich quick, you need to go find a high paying JOB instead.

As I believe this business model deserves more discussion, I will devote a separate chapter to provide more information for you.

 

In summary, with different business models, it is important to select a direction that resonates with you and your personality.

I realize that many choices can lead to confusion but it is important to your success to have all the information before you select which business is right for you. Obviously we have only taken a surface view of business types and I strongly encourage you budding entrepreneurs to do your due diligence for all or any path you choose.

if you found value here, please comment, like and share.

Blessings to your success!

Ron

Lasso Your Dreams

Ron McLean, the Dream Roper, helping YOU Lasso Your Dreams

text/cell: 864-404-6696

dreamroper.com

 

 

 

PS: Seniorhood – From Tragic to Magic

Seniorhood – Why Do I Need a Home Business Anyways?

 

 

8 Comments

  • Great post and website Ron! Good information that is well receptive

    • Ron McLean

      April 3, 2015

      Thanks Eric and I appreciate your comment

  • Dereco Cherry

    April 3, 2015

    I enjoyed and learned a lot from this post Ron. You are right about those franchise opportunity. It takes a ton of money to get started and years to get your money back. Thanks for sharing.

    • Ron McLean

      April 3, 2015

      Thanks Eric, I have friends in a franchise and it sure seems like it takes more energy and money that I would be willing to commit.

  • Phillip Caillavet

    April 3, 2015

    Ron…Great info buddy. WOW. I will definitely be back here to read more of your posts. Keep up the Great Work…Love the Hat too (Texas Boy Here)

    • Ron McLean

      April 4, 2015

      Great Phillip! thanks for the comments and I will keep the hat….

  • Robb Corbett

    April 4, 2015

    Good tips man, I have found Network Marketing to be very lucrative if done correctly, great option for people.

    • Ron McLean

      April 6, 2015

      thanks Robb – and I agree that Network Marketing is under-appreciated.