The BIGG Successs Show
Start a Franchise or Business to Create Passive Income
There are two scenarios that allow you to start your own franchise or business, yet minimize your risk. We'll discuss them both and help you jump start your passive income! Listen to the show and read the summary here.
Welcome to our 17th big success show today, you'll learn how to get started in your own franchise or business The big success show with George and Mary Lynn Last show we talked about how to find them to begin building a passive income, you know, and it's not really that hard It's all about changing some lifestyle spending paying down debt and before you know it You've got the ball rolling into this big wata cash that you can use to invest in you You like that vision of this big wata cash, don't you that's big with two g's? Today we want to talk about two ways that you can get started in your own business You know, it's pretty spooky when it comes to starting your own business George because there's a whole lot of risk I mean you could win or you could lose it is a gamble And if we've worked so hard to come up with some money that we can now invest in ourselves Why would you want to risk it? I mean we got bills to pay maybe we could be putting that into our kids college fund our own retirement fund Maybe it would be better to just put this into a 401k So it's not for everyone the thing is what we really want to do today Mary Lynn is get people off the fence and What I mean by that I always tell my class at the beginning of every semester if one person Decides that they never ever Want to go through the financial turmoil the emotional and that's the big one the emotional turmoil of owning your own business Then I think we've done our job here on the alternative if one person decides man I got to do it. I've got that not in the pit of my stomach and I've got to go I've got to have my own business. I think we've done our job So it's not for everyone But here's something that everyone does need to understand if you truly want to be wealthy the studies show among other things very consistently Wealthy people take risk and so you've got to be willing to accept some risk But we'll talk about how to minimize it some too. Okay, cuz I'm the worry ward here and I'm gonna be asking you questions There were two scenarios. What are they? Well, the first scenario is this. Let's just say you've got the money But you don't have the time. Okay, you've got a job. Maybe you love your job So you've got the money though to invest in it go out and find an employee or even better find a partner Find someone to run the business for you. All right, so you put up the cash But yet there's still risk because what if the person you've partnered with doesn't go out there and make that profit Well, and that's where you've got to structure it right with your partner and here's the key there Make sure that they have more to lose than you do. That's the secret because you want them to be up at night Not you that's exactly right because if they've got everything invested in this particular venture Then they're going to make sure that it doesn't fail and that ensures that you're gonna get your money back and you get a good return on it Alright, what's scenario two scenario two is the opposite? I don't have money, but I have the time and the talent you've got this burning desire to start your own business You can't wait any longer go out and find someone with the money and partner with them So you present your idea and then you get ready to be the one who's up at night That's right. You'll be the one up at night and the key thing here is of course We've got to replace our current salary, right? But here's the difference you get to replace your salary and now you get to share in the profit of your own business Yes, unlike at work where you do the work and they keep all the profit but on the other hand you don't necessarily have to quit your day job I mean you can always start this out part-time or just put in some extra hours during your day to get this thing started That may be possible depending on the business obviously you got to serve your customers But if you can do that obviously that minimizes your risk as well. You know me I'm always looking for the life jacket I don't want to lose it all dang it. Well and one of the things that you learn successful entrepreneurs are very good at taking risks that other people see is just absolutely huge and They're able to whittle them down to the point where they can manage the risk and that is a key success factor for entrepreneurs Develop that. All right. So let's review what we just talked about here Today we discussed the two scenarios to get you started in your own business to jumpstart that passive income First if you've got money find a partner who has the time and the talent Second if you don't have the money, but you've got that burning desire Find a partner with the money. You can find a written summary of this show on today's blog And also we highly recommend you sign up for our big success weekly newsletter at big success comm because this week We've got a segment that goes along with what we talked about today a remarkable man They call him a solopreneur and he made the time the talent the money And he's built his business into a three million dollar a year business So a great success story and you'll find out how he did it So sign up for the big success weekly at big success comm and let's get our big quote for the day George our quote today Is by Dale Carnegie that great author. Thanks to him I've won a lot of friends and influenced a lot of people and His quote is the person who gets the farthest is generally the one who is willing to do and dare The sure thing boat never gets far from the shore So don't wait for your ship to come in swim out and meet it do it today. We dare you. That's right We dare you be a dog dare you and I'll be right behind you with the life jacket And on our next show we're gonna continue jump-starting your passive income and we'll talk about owning income producing real estate And until then here's to your big success The big success show at B I G G success calm You (gentle music) [BLANK_AUDIO]