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The Money Making Stepping Stone

Aug 29, 2008
When contemplating any money making idea you need to consider what available assets you have that can help you achieve your goal. For instance if you have very little capital and very little available credit you may need to look at money making options that require only the tools or skills you already possess.

On the other hand if money isn't an issue some might wonder why you are looking at a moneymaking idea in the first place.

The old adage is true - in order to make money you must spend money. You spend money in things like equipment and marketing. Sometimes it's not money you spend, but time and persistence.

If you have to earn money before you can make money you might consider stepping back into those shoes most familiar to you. Find the skills and tools that can be used to make money and then leverage your moneymaking income to facilitate the start of another business in which you are interested.

Some people assume that if they can't start their idea because of financial issues they should simply give up on the notion.

Let's say you can buy into a franchise operation for $5,000. This is not a very expensive franchise when compared to many, but it may be completely outside the realm of financial possibility for you. However, you can develop a moneymaking business using what you already have and then save toward the goal of buying into the franchise.

If you have a full time job and can develop a moneymaking business on the side you can set aside all funds (minus taxes) or a portion of those funds to help pay for your primary dream. If you make $1,000 a month and you save half of that income you could be developing your franchise within a year.

Some call this wise planning or delayed gratification. I like to call it dream fulfillment.

It is easy to simply let the dream slide away because you either don't think you can come up with the money or that the money required is just too much. The truth is you can come up with the money, but you need to be creative in how to do that. You could take out a loan I suppose, and in some cases this might be a solid investment decision. However, you can also work to start your business debt free by putting moneymaking principles in place early and allowing those growing skills to make it possible for you to become part of a much larger business opportunity.

Don't be surprised if you find you like the low cost idea you came up with and determine to utilize that business idea to the exclusion of a franchise idea.

I've always maintained that homegrown ideas are much more powerful in their potential. The reason I believe this to be true is that it taps into something you are already gifted at doing and allows others to benefit from your expertise.

New ideas are a bit harder to master and there are no promises that you will find absolute fulfillment working on this idea. That being said, if you are sold on the idea of buying into a franchise do what you can to enter the agreement debt free.
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