Choosing the Business That’s Right for You: So You Want to Start a Business

The time is right for you. It is time to begin a new business venture—time to move in a new direction. You have inspiration and energy, but there is a slight problem. You are not sure of your direction. What should your business be? Where should you start and then what path do you follow? Which opportunities should you seize and which are better left alone? I can help you with this. I can be your guide through this maze, so that you can make your right decision. Now, before we begin with that, we need to touch on something you may have already heard, but it bears repeating: You need to diversify your life. What? You need to diversify your life!

Some individuals follow their family’s example and work in the same business or head along the same career path as everyone else has for generations. They say, “My father, and his father, and his father’s father all [went in this business direction] so, of course, I will too.” Other individuals follow their bliss. You know this because they cannot stop talking about it. Life is great for them and they can’t see themselves doing anything else. Then, for both sets of individuals (and many like them) life changes. The family business goes under, or there are reductions in force at work, or maybe the bliss has worn off. What do they do now? This is why diversifying your life is essential to your mental and financial well-being.

By “diversifying your life,” I mean having more than one way to earn money. If you enjoy working for a company, that is fine. Make sure you are doing something else besides that. You should be doing at least two, maybe more, things in addition to your company job. Why is this important? Refer to the above example. If you have more than one income avenue, when there are reductions or the business goes under, you will not be in a panic, wondering how you’ll survive. You will have other income options. You will only need to look into ways to fill that gap. A better alternative to complete devastation and wondering how you will survive from week to week. Having other avenues of wealth will give you the time to figure out how to fill that gap. With panic can come rash decisions, and then you feel stuck with the decisions that you made. Having options gives you the opportunity to try things out and then, if you find that that opportunity was a poor fit, you can change without having a big disruption to your income.

Am I saying you need the equivalent of three full time jobs? No! You can set up your wealth avenues however you wish. Just make sure you put some thought into it. Now, let’s figure out which wealth avenues to create…

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