When I was looking for the right business to invest in, I had certain criteria’s that needed to be met before I could move forward. My first step was to address what kind of business I wanted to get involved in. Many of the information I would read taught to look at what you like to do as a hobby and ask yourself how you can make money with it. For me I liked working with others of like mind. I love business, investing, politics, helping others reach their goals, and most of all I love the big man up stairs. When I become passionate about something I go full fledged, and because of my background I love see success and will work as hard as I can to see more. I wanted to make sure I surrounded myself with others who had the same passions in life, and you will to.
Secondly I had to look at how I wanted the business to work. There are two things that make up a business…products, services, or both….but you have to have at least one of them. Which one did I want to incorporate in my business? Did I want to have a business that required me to lease or own real-estate, do I want real-estate at all? Would I want a business what would require me to hold an inventory, and the cost associated with it? Did I want a business that was limited to one product or service, or something that transforms as the demands transform? How would I handle the change in supply and demand, is there a business that does this for me? Do I want a business that would require me to hire and manage employee’s, and deal with the cost, taxes, and pain that come with being a manager? It’s funny because in the corporate world the goal is to become a manager, but in the entrepreneurial world the goal is to avoid this phase at all costs. Did I want a business that I ran on my own, or a business I could run with a team? Did I want investors or business partners?
There is so much that goes into planning out the who’s, and what’s, of understanding where to start on owning a business. To be honest it can scare you out of looking further when you think about it. In the end I knew my answer to all the questions above were a big no. I didn’t want the pains of owning real-estate or the hassles of leasing. I didn’t want to take on the cost of furnishing anything or leasing equipment. I didn’t want a business that limited me to services only I could perform, or trying to keep up with what’s popular today and not tomorrow. I didn’t want managing and sell an inventory of products in a warehouse. I definitely didn’t want a business that would requirement the nightmare of hiring, managing, and babysitting employee’s while taking on the tax nightmares associated with it. I call businesses that have employee’s adult day cares. I didn’t want a business with the hassles of being a franchisee. Most of all I wanted a business I could grow with a team of individuals where we could run together and have financial benefit as a whole.
What I didn’t like about your typical traditional business structures is you’re all on your own, and only as good as your last sale. I wanted a business that would eliminate my need to constantly sell…sell…sell, and a business where I could partner up and leverage my time and energy with a team environment. So what business did I choose and why, we will talk about this soon.
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