How much does it cost to start your own business?
This is a bit like the old joke, “How long is a piece of string”? The answer is, it depends.
You may have significant savings that you can consider investing in a franchise. Depending on the business you choose, you may be spending high 5 or even six figure sums to buy your franchise and get your McDonald’s University education or equivalent training from your franchise company.
Clearly this route is not open to many of us. For the normal Joe or Jane, you need a lower cost input.
No matter what you choose to do, you will get what you pay for… Even if you start a traditional brick and mortar business, you will have inventory to buy in bulk, you will need to rent a place to do business, and you may hire employees to help you to manage the business. Starting a business requires an investment in time and money.
The less you invest in dollars, the more you will have to recoup with your time.
It is very affordable and easy to be able to start a network marketing business for as little as $29.95. But it’s also very easy to decide not to bother doing anything. And of course this is what happens, thousands of people start an MLM business and most never take it seriously.
Is it any wonder so many people find it difficult to grow a business with this model? Some direct selling companies have a tiered system so you can choose the entry level that’s right for your pocket. If you can invest more in your business, you can accelerate your progress with more advanced training.
I personally prefer this stepped model. It is affordable at different levels to appeal to a variety of people and also encourages more engagement with your business. When you invest more in your business, you have a greater stake in the company. If you’ve invested 5 or 6 figure sums in a franchise, you better be committed to making your business work!
No matter what level of investment you end up making, you MUST have a clear idea of how much you can continue to invest during the first year of your business’s life to market your business. You need to plan for business success. Therefore, plan for marketing funds in addition to your initial start-up costs.
