However do not be put off as there are ways to increase the chance that your business will be a great success. This post is all about how to give yourself the maximum chance for business success by using a slightly different strategy.
The Turn Key Revolution
In 1940 a hamburger business was created by two brothers. Richard and Maurice Mcdonald. A young businessman at the time named Ray Kroc saw a big opportunity to use a ‘production line’ principle and he joined the company in 1955.
This was the start of the “Turn Key” revolution. The big difference between a Turn Key and a traditional business is that every part of the business is systematized and structured. The burgers are turned after 8 seconds. What staff members say to the customers is scripted and always the same. Here is the big lesson.
70% of turn key
Systems Dependent Not People Dependent
By documenting all the processes in your business you are basically making it systems dependent and not people dependent. This means that if someone is off work or simply having a bad day then your business is not going to suffer. Your mission as a business owner is to own a system. You want to own the Mcdonalds franchise and not work in it.
The End Goal
Remember this: If you want to become truly financially independent then you are going to need to build a business that does not require you to be there. If you business depends on you being there then all you have done is created your own ‘JOB’. This is why it is so important to document and process map everything in your business. You can then replace yourself with a team. You are then free to manage the team.
How To Get Started
A typical franchise normally takes a big initial investment. Mcdonalds for instance would cost you $150,000 upfront. The good news is that building an online business has a much lower barrier to entry. With a thousand dollars you can get exactly what you need to begin to replace your 9-5 income. If you are interested in how to start your own online business…Click to continue