Have you ever seen many business owners taking their time whenever they like for family and vacations? Have you seen many business owners having a good lifestyle? They are all business owners. Building a business may not be easy because there is no one else to tells you what to do. You may have to work with 24/7 mindset, and come up with products to sell and need a marketing to increase the production. On top of that, It would require a tremendous amount of responsibility and investment when you start. However, you would have extraordinary potential to earn and create time freedom to work for your schedule. If you cannot afford to lose a job, you should keep your job although building a business on the side is the first step to creating financial freedom.
Nowadays, people make millions of dollars all over the place. It doesn’t really matter how old they are. Working in the right place with the right tools will always get you where you want to go, although your actions and entrepreneurship are required to be a great business owner. In 2011, 5.1 million of people are making over a million dollars, the ratio was 1.6%. In 2014 10.4 millions of people are making over a million dollars in the U.S., the number of population in the U.S. is 318.9 million. The simple calculation, 10.4/318.9 = 3.3% of people are known to be a millionaire.
To build a business, it has to be something sustainable and designed to succeed in the future. That’s why it is important to plan in the beginning. I personally like the quote written by Benjamin Franklin “If you fail to plan , you are planning to fail”. To plan ahead, what is required for a business to minimize risks and maximize profits to grow to expand. Let me introduce the successful business model that can survive in the 21st century.
1. You can work 24/7 365 days
The most important platform you can have and flexible for your life is to become a business owner and work anytime you like. If your working time is proportional to your income, your income would be very limited. For example, if you work 8 hours a day, your income would be as much as you can predict. It is better to come up with a side income to boost your lifestyle!!
2. No stock in supply
Stocking supply in your inventory can risk your business due to the variety of people’s needs and its constant change. For example, clothing stores, bookstores and a business that require stuff to keep physically. The best way to provide and sell your products to clients isn’t the same as the 20th century. You rather not want to have any supply until you get orders, then you can provide products without risking your budgets.
3. An unlimited place to work. Your working environment shouldn’t be limited to a specific place.
Once you become a business owner, a business model tends to create business owner’s lifestyle. It is great to work many different places rather than the same specific place all the time. It is healthy and also becomes a mind refreshing. Another benefit is to expand your idea (business) to non-limited places to maximize your profits and be able to serve many people who are in need of your help.
4. Unlimited supply
A business that creates unlimited supply (products) will create a big advantage in any industry. For example, insurance, investment, and online businesses. All the products those businesses provide are less likely to run out.
5 . Leverage Having a network and a system to minimize your work and maximize your profits.
Even if you create a massive business, if you have to keep an eye on the businesses and/or your employees won’t give you any freedom. Any business owners should create a system to run on its own, automatically. That’s one of the reasons that online business is the revolutionary way to run a business.
6. Sales that creates high profits and passive income!!
Products you want to sell are to provide a decent size of net profits and can feed you money while you are asleep. You don’t want to have products that give you low net profit, otherwise, it won’t be much different from paycheck to paycheck.
Those are based on my experience and the results of my research, some people agree, some don’t, however, I believe that a new business style should be something that creates a better lifestyle, which allows a business owner to have time freedom and financial freedom!!
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The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
