Financial Independence through Business Automation

Financial Independence through Business Automation

Instead of working as an employee, consider becoming a business owner. You do not have to quit your job, you can operate the business on the side. And then when the business grows to sufficient size and scope, then you can dedicate more efforts to building your business.

The most important thing to remember about business ownership is that you do not simply want to create another job for yourself. You want to create a business system — a business system that you automate through technology or a business system that you automate through cheap labor (i.e. not your own).

The Internet has presented many opportunities for creating automated business systems that can fit into your financial plans. Selling products and services online are the way many aspiring entrepreneurs have found financial independence.

The same approach can apply to business systems that you create that can be run by cheap labor. Franchising is the best example of a proven business system. Sure it takes some cash savings to buy the business, but franchises are efficient and easy to operate. Before starting any business, you should seriously consider the opportunities presented by franchising.

The end game for business ownership is creating something to sell. You can not sell a job that you have created for yourself. For example, if I set up shop as a computer consultant, writer or maid, then I would have a tough time trying to sell that business.

While I may be able to sell customer lists and maybe old equipment, most savvy buyers will shy away from this business. Why? Because if you do not leverage technology or cheap labor and you are just a one-man show, then all you have created is a job for yourself. Remove the man and you remove the income / business.

A true test and a laudable end-goal is to create a business system that you can leave alone for 6 months and it will still make income.

Is this hard work? Yes. But not harder than working as an employee for the best years of your life. At least there is a big payoff at the end of the rainbow. The the path to the rainbow (end of work) could be as short as 5 years. As opposed to 30 to 40 years of work as an employee.

So consider starting a business on the side. You do not have to quit your job. Just remember to create a venture that is automated.

By working smart and working hard, you will ensure your financial independence and the financial independence of your family.

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