Over on the introduction to this site I discuss the pros and cons of various businesses. Self-employment offers the ultimate rewards: income, freedom and flexibility, provided you start with the right venture. Nowadays there are more opportunities than ever, including the old standby: the brick and mortar store. You see them every day, so if you’re considering self-employment you must have asked yourself: “Are they worth it?”

Brick and mortar will never die, but it’s showing its age. Now that the Internet’s here, traditional stores are no longer at the heart of business. Next to other opportunities, brick and mortar has five big disadvantages:

Complexity: Brick and mortar stores are the among the most complicated business opportunities out there. You need to do a staggering amount of work before you even open the doors. You need to research the area, get shelving, secure a lease and rope it all into a working business model. Franchises try to make it easy for you but they don’t always succeed. Every community is different; a franchise’s “one size fits all” approach wont necessarily work.

Hours: With brick and mortar, you rely on people to wander in. They set your hours, not you.  If you close the door on a sunny day you’ll lose hundreds or even thousands of dollars in lost revenue. You’ll spend your days manning the counter and fretting over receipts. That doesn’t feel like freedom, does it?

Investment: Brick and mortar businesses drain time and money. Physical space and physical products don’t come cheap.  Even after laying out a business plan, you’ll be assailed by hidden costs and emergencies. Many businesses fail in the first few years because their owners just run out of savings.

Inventory and Stock: You need stock and you need to track it. In a brick and mortar business you can’t rely on point of sale data because theft and accidents make it less than accurate. At the end of the day it’ll be your job to count every item. Worse yet, you might even have to pay taxes on unsold stock

Rent: Last on this incomplete list (did I mention customer liability, shoplifting and staff costs?) is rent. Retail space doesn’t come cheap. You might think to save money by choosing an out of the way location, but your business will suffer when fewer people come by.

Fortunately, there are ways to run a business without falling into the brick and mortar trap. The Internet and the evolving market have spawned other options. Some of these are true turnkey businesses that can help you succeed now, and not after a few years of draining your savings. Contact me for more information.

To succeed, you need goals. Sounds simple, doesn’t it? The truth is that you need to set goals based on more than dollars and cents. Think about your lifestyle and how you’ll use a new income stream to change it. Without concrete dreams about how you’ll live, wealth is just a number with a dollar sign — and who really gets inspired by numbers?

I like to divide goals into three categories: Needs, Wants and Transformations. When you learn to clearly identify your goals in each of these categories it supercharges your resolve. You’re ready to take the first step to a substantial income because you know what it’s for. After that, working is easy; you’ve acquired clear standards for personal success. Let’s explore these categories.

Needs

Put a fancy car (in my case, a motorcycle) and tropical vacations on the backburner for now (Don’t worry, we’ll get back to them) and think about what you really need. Do you need to get out of debt? Pay for your kids’ educations? Cover medical bills? Make a list and write these needs down. Don’t forget to include psychological needs. Are you suffocating under a bad boss? Escaping him is a need, too.

Wants

Your next list consists of everything you want. (Remember how I said we’d get back to fancy cars and tropical vacations? Here we go . . .) Your wants include everything you’ve always wanted to do, but lacked the money to try. For this list, go back to the past and think about your idle dreams. Once you resolve to succeed, a new income stream puts these fantasies in your grasp.

Transformations

I think Transformations is the most important category of all. Not only will it help you change your life, but it provides the most powerful motivations of all. This is where you indulge new dreams and go beyond the things you’ve always wanted. These aspirations reach to the core of your lifestyle and well being. Working your own hours is a transformation. Maybe you’ll decide to become an expert golfer or go back to school. Let your imagination run wild — it’ll reward you with motivation.

Once you’ve set these goals, attaining them is simple if you have a plan. I have some ideas to share in that department. Contact me – we’ll get started!