Why is starting a business better than working for someone else?
Because most people who work for someone else live their lives during the 4 weeks per year they are on leave. The remaining 48 weeks of the year, they are working.
If you start a business (and you do it right), it can be the other way around. You can work for just 4 weeks per year, and live your life during the remaining 48 weeks.
In this video, filmed at a Platinum Mastermind in Costa Rica, Simon Fagence talks about what you must do to keep it that way.
THE PATH TO FINANCIAL FREEDOM
Let’s not sugarcoat this. There’s no easy path to financial freedom.
Working only 4 weeks per year and taking the rest of the year off is possible, but only with a lot of dedication and effort.
You have to start your business with the right mindset and attitude, you have to persist, and not give up at the first obstacle. You have to have the right business model and make your business profitable.
Then, if your goal is to take most of the year off, you need to hire staff and set up systems in your business. Only then will it work on its own without the need for you to show up to work every day.
Your end goal is to have your money in a diversified investment portfolio that brings you passive income and capital gains.
THE BIG DANGER
Not every entrepreneur who reaches the stage of only having to work 4 weeks per year stays that way.
There are too many sad stories of entrepreneurs who reached the pinnacle, only to see their business fail unexpectedly, and they’re forced to go and get a job again.
The only thing worse than living your life for 4 weeks per year and working for 48, is being forced to go back to it after having experienced the opposite.
You don’t want to experience that, especially if your age prevents you from working to that extent. What can you do to avoid that?
FUTURE PROOFING YOUR BUSINESS
Setting up a business structure won’t totally future proof your business, but it does play a part.
Business structures vary from country to country, so check your local government information. However, in most countries, setting up a corporation is the smartest structure for most businesses.
With a corporation, your business is a separate legal entity to yourself. This often means it is taxed at a lower rate, it is easier to sell or transfer ownership, and your personal wealth is not at risk if your business is sued.
You may not yet be thinking about these things when you’re still starting your business, but the more steps ahead you think, the more likely you’ll avert disaster.
You can access more beginner business strategies like this one, and learn how to model the “thinking patterns” of the world’s most successful business owners and entrepreneurs, in the MOBE Silver Masterclass. To learn more about the Silver Masterclass, click HERE.