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FIB - Scams 101 - Ye Olde Archives
Posted By: Mel. White In Response To: where to start (wayne)
Thursday, 21 April 2005, at 7:50 p.m.
> I am doing quite a bit of research on internet marketing and have tried a
> couple of "opportunities" to date. Haven't put out too much
> money and want to not put any more on "opportunities". I believe
> that I can be successful at anything and I am looking for something that
> will require minimum investment to begin.
> Any input appreciated
Okay, let's start with the standards:
1) after taking time for your family/personal obligations, how much time do you have to run a business?
2) What hobbies do you have? What profession are you in? It doesn't matter how humble it is -- even a janitor or fish tank cleaner can start a good business.
3) How much can you REALISTICALLY spend?
4) Do you need the money NOW?
If the answer to #1 is "not much time, really" then forget the "home biz" and do what I do -- invest with a "buy it and hang onto it" strategy. Look closely at your time, because when you own your own business and are getting started, you can end up spending 80 hours/week on it. This has caused more than one divorce.
If the answer to #4 is "oh YES!" then the answer is (seriously) get another job/different job. Do not waste your time with opportunities. Those are only for the ones with time and money (yes, I know they tell you different. They lie, as you've discovered.) I would also urge you to look into getting additional training/education.
The best options are right there in #2 -- turn an expertise or hobby into money. I like to write, so I write articles. I also draw, and that provides me with spare change. I can (if I have time and inclination) do computer support.
As for #3, unless you're investing in stocks or bonds, don't go into anything that requires a monthly fee. I have sold gemstones by mail order before (dropship) and did well but if I'd had an autoship thing, it would have killed our finances and wrecked us. I've done comic book and book sales. Ebay's another good source for some income.
It takes about 2 years to build a good business and it takes a lot of work. You can also start a hobby business on the side (occasional bits of writing, doll making, art, landscaping, flower arranging, gift baskets... ANYthing) and let it grow through the years. This slower way of growing a business gives you extra income without killing all your time with your family and friends and without driving you to bankruptcy.
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