What's the best business to start to create 'real' freedom?
If you're always looking for business ideas and a realistic way to escape the 9 to 5, you might be wondering what's the best business to start? Can you really create more freedom in my life while also doing meaningful work? The good news is...it's never been more accessible!
More people than ever want to start a business that ends their dependence on an employer permanently, but without quitting their jobs first and risking all they have on their first business.
Many consider starting a side hustle, but for those that really want to work for themselves and generate a significant income (and sack their boss forever!), the number one question they want answered is:
"Will It Be Worth My Time And Effort To Start A Business?"
Of course you want to know if you can count on a side hustle to grow and fully replace your income (at least) before investing your already limited time into any business idea. Frustratingly, it sometimes feels like the more you want it, the harder it is to find the “perfect” business idea.
So let me put your mind at ease. It's a much safer and realistic approach to start your first business alongside your day job and grow it into a thriving business that replaces your income before you even hand in your notice, especially in today’s booming digital economy.
Reducing Your Risk Of Failure When Starting A New Business
Nothing is guaranteed in business, but there are ways to reduce your risk of failure and build your confidence as an entrepreneur. Although I wholeheartedly wanted to quit my job when I first started my business, I chose to stay until I knew I'd never (ever!) need a job again!
After years of unfulfilling work, it was important to me to not just make money with my new business, but to also do work that was meaningful and fun, and to feel proud to tell people what I was doing with my life.
With the encouragement of two of my favourite speakers, I was inspired to find the courage to build a business online that I absolutely love, and that gives me more than I ever imagined!
“Success without fulfillment is the ultimate failure” - Tony Robbins
“You don’t need to be special. You just need to be willing” - Brene Brown
What Kind Of Businesses Create Financial Security?
Robert Kiyosaki (author of bestselling book ‘Rich Dad Poor Dad') teaches the importance of building assets that don’t require your time on an ongoing basis, so that you can separate your income from the time you invested. This means any successful venture can be easily scaled up without you ever running out of time.
A great way to do this, without hiring a team of people and with almost zero risk, is to start an online business and use technology instead of people to build 'digital assets' - perfect for introverts!
Technology nowadays is very user-friendly and it’s a cheap way to introduce automation into your business so that it works for you 24/7 on complete autopilot. Automation means you can make more money from your business by pressing a few buttons, literally!
Automation also means you can build multiple income streams as you explore new business ideas in the future while also protecting yourself financially by not having “all your eggs in one basket”.
So what online business models can be automated, work well around your job in the beginning and free up your time in the long run?
Affiliate Marketing - The Perfect Beginner Online Business
Affiliate marketing is a great business to start as a total beginner, but it’s so versatile that many established entrepreneurs also use it to generate passive income by offering services or products that complement their own range.
As an affiliate, you recommend other business's products and earn a commission if the customer buys - without having to develop the business, hold stock yourself or fulfill any of the orders.
Bloggers and influencers typically earn through affiliate marketing, but you definitely don't need to have a following (or create one) to establish yourself as a successful affiliate marketer.
Affiliate marketing can be very lucrative and quick to generate an income from. You can partner with as many businesses and sell as many different products as you like (multiple income streams), and you can sell the same products over and over, so your earning potential is uncapped.
This business model can be highly automated, so you can literally make money while you sleep or while you’re working your day job, until eventually your monthly affiliate income replaces your salary.
Sell With E-Commerce
Another great option for beginners is to sell physical products with an e-commerce business. Many new entrepreneurs are more familiar with the idea of an online store and online shopping than other online business models, such as affiliate marketing.
You don’t need to reinvent the wheel with an idea that’s never been done before to succeed. You can bulk order in-demand products at a fraction of the cost and set up an automated selling system. When you learn how to identify the opportunity, success comes easy.
Services like Amazon FBA will do the heavy lifting for you. They process payments, offer storage, and deal with packaging, distribution and customer service, so all you have to do is set up your selling system and marketing campaigns to ensure the sales come in.
E-commerce typically requires some form of upfront financial investment to purchase stock and pay for shipping and storage. However, there are other forms of e-commerce such as drop shipping or print on demand, which are lower risk but typically also lower reward, for beginners at least.
That said, everyone starts somewhere. If you're committed to your success and willing to learn new skills, you'll also be able to grow an e-commerce business and replace your income online before leaving your job.
Something To Consider Before You Start A Business
No matter what you’re selling, your first few sales will be the hardest to make and you will have to learn new skills. Keeping your job until your new business is successful takes the pressure off so you can enjoy yourself and persist to avoid failure.
When you've made your first 10 sales, you’ll have learned so much and gained so much confidence that you’ll be able to rinse and repeat your process to make the next 10 / 100 / 100,000 (it’s unlimited after all).
So how long will it take to get your business off the ground? An impossible question to answer. It varies a lot, person to person and depends on the business model and products you choose. It also depends on your willingness to learn and getting the help you’ll need to succeed online.
And very importantly, arguably most importantly, your success depends on your commitment to achieving your dream of becoming an entrepreneur and living the kind of life you know you were meant for.
If you're serious about working for yourself and want to ensure you build a sustainable business, without having to break the bank or quit your job first, check out this powerful video workshop series. It's responsible for helping thousands of regular people, start and grow an online business from scratch.
It’s completely free to register and receive the workshops which are packed with valuable and relevant information about the different online business models...with none the usual hype and false promises you see in online business trainings.
Ready to start building your own meaningful business online?
This free 4-part video workshop series will show you how you can start & grow a highly profitable online business from scratch around your day job & help you choose the business model that best suits you.