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Start a Franchise or Business to Create Passive Income

Today we want to look at two ways you can jump start your passive income by starting your own business.

Let’s not kid ourselves. Starting a business can be risky. You’ve worked hard to build a nest egg. You have bills to pay. Kids to put through college. A retirement to fund. You don’t want to lose what you’ve worked so hard to gain.

If we can talk you out of starting your own business – so you avoid the financial and emotional turmoil that comes with it – we’ve done a good deed. Alternatively, if after reading this, you’re more determined than ever to go for it – you’ve got a big knot in the pit of your stomach – we’ve served you well. Either way, we want to get you off the fence.

Owning a business is not for everyone. You have to be willing and able to take risk. Numerous studies show that wealthy people accept more risk than the average person. You either have to accept some risk or accept a lower net worth.

Let’s look at two scenarios that allow you to start your own franchise or business, yet minimize your risk:

  • You have the money, but no time.
  • You have a job you love. You want to keep it. That doesn’t mean you can’t enjoy the benefits of passive income from business ownership. Find someone with talent to manage the business for you. But you want to be sure they are careful with your money. How do you do that? Structure your deal so they have more to lose than you do. Keep them up at night, so you can sleep. By aligning their interest with yours, you’ll be likely to develop that passive income you want..

  • You have the time, but no money.
  • You have that burning desire to own your own franchise or business, but you’re missing one key piece – money. Find a partner with money. But beware – you’ll be the one staying up at night! If you can replace your current salary and share in some of the profit, you’ll be jump starting your net worth.

Accepting risk is one thing. Learning to manage it is another. Successful business owners are good at controlling their risk. You need to develop this ability before you start out on your own, no matter which scenario you choose.

We encourage you to sign up for our free newsletter, “Bigg Success Weekly.” It’s published every Friday. This coming Friday, in our Home Office article, you’ll learn about a solopreneur who has built a business worth over $3 million in sales. Check it out!

Our quote today is by Dale Carnegie.

“The person who gets the furthest is generally the one who is willing
to do and dare. The sure-thing boat never gets far from shore.”

Next time, we’ll look at how to build a passive income through income-producing real estate. Until then, here’s to your bigg success!

The Confidence Game

If you have owned your own business, you have probably struggled with self-confidence from time to time. You may even relate to and have suggestions for one of our listeners.

We received an e-mail from Beth, who is in the process of starting her own consulting company. She says her problem is that there’s a little voice in her head that keeps pointing out what she doesn’t know. It’s paralyzing her progress, and she would like some advice on how to get past this.

Don’t feel alone, this is a common problem. We congratulate Beth for having the courage to make this move. George has a theory that, as an entrepreneur, the highs are higher and the lows are lower when own your own business. So welcome to the roller coaster!

Here are some tips on how to get past the lows by giving yourself a boost in confidence:

Don’t expect perfection
Allow yourself to be human, by setting achievable goals. For instance, many people feel they don’t know the financial side of business. Read books, take a class, or find someone you can team up with. Do what you do well and let others help you so that you can get started and tackle your challenges.

Rebut the cruel inner critic
Counter your negatives with positives. For example, when that little tells you what you don’t know, tell it what you do know. When it tells you why you shouldn’t take a risk, tell it why you should. Focus on what you can do and what you know you will do.

Be Your Best Friend
Friends tell you what you need to hear, but when they do, it’s in a caring way. We help our friends get through tough situations in encouraging ways. So why not offer yourself suggestions in the same manner? Don’t get down on yourself and be critical just because you didn’t do something right or because you don’t know something.

Meditate
It’s important to practice thinking positive. Take a break, think about a task you completed that made you feel confident, and remember how good it felt. When you go to bed, focus on three good things that you did well that day. It’s a great way to end the day, by focusing on what you have accomplished.

Our quote today is by Stan Smith.

“Experience tells you what to do; confidence allows you to do it.”

Get out of your own way…you’ve got places to go! Tomorrow we’ll discuss getting the money off your back. We’ll share some recent research on monkeys that you’ll find interesting.

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