Here’s the hard truth. You can make much more money running your own business than working a normal 9-to-5 job for someone else.
Who do you think is the wealthiest person in most towns in the US? The top doctor? The best lawyer? The president of the local bank?
No. It’s almost always someone who started their own business. And often it’s a simple service business – such as a trash collection service, a landscaping business, a cleaning business, a moving company… or you name it!
Let’s start with a simple, one-person service business.
For many service businesses you can charge as much as $100 an hour for your services.
So let’s say that you sell your services for 30 hours per week, 50 weeks per year. That would be 30 x 50 x $100 = $150,000 annual income.
Suppose you work only part time and you manage to bill let’s say 10 hours per week. That would be 10 x 50 x $100 = $50,000 annual income. Not bad for a side business.
It gets even better! If your service business is specialized or has a unique twist to it, you may be able to charge a lot more. Maybe as much as $200 an hour. If you can bill 30 hours a week at $200 an hour that’s $300,000 a year.
Soon you may find that you have more work than you can handle yourself. Then it’s time to hire employees. Then there is no limit to how much you can grow your business and your income.
When starting a business you are creating an asset for you and your family.
After a few years, you may decide you want to do something else. Then you can make even more money by selling your business. If you have a good business with regular customers, you can sell it for a lot of money. For example some larger dog walking businesses have sold for over $500,000.
With a product business you can do even better. But there is also more risk because you usually have more competition.
For example I started my book publishing company in my basement apartment with just $1500 and built it up to an annual sales level of $20 million and profits of $5 million. I eventually sold it for $40 million.
Of course, you can always go work for a big corporation and try to make it to the top of the ladder. I personally know the CEOs of two Fortune 500 companies. And I can tell you that neither one of them made as much money as I did with just one of my small businesses. One of these CEOs had to outperform 400,000 other employees to land the top job.
The bottom line is that if you want to make a lot of money, then you should start your own business.
That sounds great! But how do you actually get started with your own business?
The best way is to first learn about how to do it right. Otherwise you’ll end up doing things by trial and error and making a lot of costly mistakes.
How can I easily learn how to start a business? Watch the short video courses on BusinessTown and you can quickly learn everything you need to know.
Looking for a business idea? The BusinessTown course, How to Find a Business Idea, gives you hundreds of real profitable business ideas. Just as importantly, you’ll learn how to evaluate business ideas and decide which one is best for you.
Don’t know where to start or what to do first? Our most popular course, Start-a-Business 101, will walk you step by step through the entire process of starting your own business.
Want help creating your business plan? Our course, How to Create a Business Plan, will show you exactly how to create each section of your plan. You’ll also get an excellent sample plan, plus a fill-in-the blanks business plan template.
Wondering how to attract customers? Our courses will help you write your marketing plan and show you how to attract lots of customers both online and offline – and on a tiny budget.
Even if you have no business experience, BusinessTown will quickly turn you into a well-educated entrepreneur, ready and confident to start your own business. You will learn from highly experienced entrepreneurs who have been there and done it.
Through our website and courses we have helped over one million people start their own businesses and earn excellent incomes. Now, if you like, we can help you too.
By Bob Adams, Harvard MBA, serial entrepreneur, and founder of BusinessTown.
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