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!