Hey there this is Biju Chacko, and it is a real pleasure for me to be able to spend some time with you today.
I have a question for you…
Where do elephants live??
You must wonder what elephants have to do with the part-time business and financial freedom?
Have you ever heard the phrase “How do you eat an elephant? One bite at a time?” What this really means in this context is you could tackle your bigger goal of financial freedom, one chunk at a time.
If you have ever dreamt that one day you would have your own business and will be travelling and living around the world and it will all happen with a big idea that will change your life, then you are not alone. We are all advised to think big, look at our big future and visualise it, but no one taught us how to start from where we currently are.
I often used to hear from my friends and colleagues that, “I want to do something of my own or start a business but can’t leave my job because I have a family or mortgages.” Or even “how can I start a business? I don’t have any original ideas”. What they didn’t realise is that business is not about one excellent idea that will make you millions, but it could also be one idea done better and more efficiently than everyone else.
Waiting for that excellent idea that no one has ever thought of could leave you in a state of limbo preventing you from taking any action at all.
So, What are the skills required to start a business?
50% of your business is sales and 50% of it is marketing, and there is no escape from creating 100% of its presence online. So if you ever think that you don’t like sales, marketing or being on social media, I have bad news for you.
You know how important selling is, Thomas Edison said, “Anything that won’t sell, I don’t want to invent.”,That Important!
You must learn about sales and marketing, more importantly, digital marketing in this age of technology where Facebook alone has 1.6 billion active users.
You have two choices at this stage:
- Learn the skill first and like everyone else you could start thinking about college or some certification. This is a trap that keeps you hooked into learning and not taking action.
- Or learn on the job, first hand while applying the knowledge.
There are three types of business where you can learn sales and marketing.
- By building your own traditional business from scratch.
In most cases, you end up being the sales team, marketer, product creator, accountant, researcher, speaker and the face of the business all by yourself.
Advantages:
- You create your business from scratch.
- Even though the learning curve is steep, you build a foundation that can be later duplicated into more businesses
- More flexibility of how you would like things to operate.
Disadvantages:
- Heavy investment of time and money to research if a market exists for your product/service
- Investment of your resources to build, package and market the product/service which you aren’t sure will sell by the time you get to market
- Too much focus on the product and not on sales and marketing, which eventually creates revenue and goodwill of a business
- Franchising
For the purpose of understanding think of you as a franchisee who is trying to buy a franchise of the Boost Juice which makes Boost Juice, the franchisor.
According to the definition, franchising is a business relationship in which the franchisor (Boost Juice) assigns to independent people (the franchisees – You) the right to market and distribute the franchisor’s goods or service, and to use the business name for a fixed period.
Advantages:
- Utilising the strength of the brand and loyalty of its customers
- Business and marketing support from the franchisor
- Utilising existing business systems that are generating income
- Access to proprietary methods and comparatively lower risk due to an established brand
- You’ll learn to see your products but not market them (also a disadvantage).
Disadvantages:
- Huge initial payout and monthly royalty payments
- Marketing and advertising fee which means you don’t get to learn marketing
- Long term locked in contracts
- Your success is related to your franchisor’s success
- By being part of an existing business mostly online home based business opportunities
Advantages:
- Utilise existing business systems, brand and information
- A lot of training and support for the team members especially in the area of Sales and Marketing
- Business can be started along with a job while learning as you are implementing the knowledge
- Network of like-minded people as well as existing successful mentors for your support and training
- Minimal cost to start your business
Disadvantages:
- Limited flexibility in operations
- Not an asset
- A lot of discipline is required to ensure you grow consistently
- Low start-up costs could impact your motivation and seriousness towards the business
You could choose any path that resonates with you.
For the purpose of our discussion on how a part-time business could help you achieve financial freedom:
Imagine you start a part time business along with your job which could mean extra income, education and personal growth adding to your experience. Over the period you can either utilise this additional income to build your investment portfolios or gradually transition between one of these stages.
Here are the 4 quadrants showcasing your transition from an employee to the employer by Robert Kiyosaki.
You might ask what if I am already too busy to complete my everyday tasks, how can I start a business?
The answer to this question my friend is, learning to say NO. Most people struggle to say NO because of the fear of losing their jobs, guess what? Having a part time business gives you an additional skill and confidence to say NO and stand up for your decisions when it’s required.
You may say that your boss is too rude or too strict to hear No!
Well, when you make decisions in your life things change in your surroundings, people change because the person with the strongest intention always wins. You are going somewhere in your life while 99% of the people aren’t.
I had witnessed the circumstances changing in so many areas of my life including work, relationships, career, health when I decided to start my business.
To summarise it all for you, we discussed that part-time business could be a perfect way to transition into the business world and eventually financial freedom.
- Because of the nature of the business, it provides flexibility of working hours, and you can start it along with a job
- It teaches you right skills with on the job training, required for any business
- It Provide right mentoring and support for you to move forward in your business and life.
Please feel free to reach out to me if you want to know more about how I started my part time business that transformed my life. If you would like to join my team, simply fill in the form. Please note that we do go through an interview with you before we can bring anyone onboard.
If you want to learn more about a Few Ways To Make Working From Home More Productive please click here.
Until we meet again, follow your intuition and remember life rewards action.
Biju Abraham Chacko
http://www.innateimpressions.org/
Reference:
Innate Impression 