Posts Tagged ‘self-made millionaires’

Once you are blue sky and sunshine clear about your exact current situation, you have drawn a time line. If you are ready to step over that line into new territory and the opportunity to achieve your dreams, unbuckle your seat belt. Yes, I do mean “unbuckle” because a new adventure is not about staying safe and secure. New ventures are about reaching for your future. You know what the past looked like and the present looks like. If either one of those results had satisfied you, you would not be reading this right now. If you are satisfied with status quo, you would not be searching for something better.

Tired of getting ready to get ready? Lets go. It is time to design your millionaire blueprint.

Since everyone has a slightly different starting point, we will set up a case study.

The person is in their mid to late 40s with at least a few years college. They have been in the corporate world for several years and just lost their job. They want to start a business of their own. They want a success plan to become self made millionaires. They have dreams of being able to travel and visit their family and friends without having to look for the “squeeze yourself in the back of the plane next to the restroom” economy seats. They want to go out to nice restaurants and look at the left side of the menu instead of the right side. They want to go shopping in new places without having to say “I can’t afford to buy anything.”

Traveling first class to new places, dining out and shopping all require money. The goal is therefore to make enough money on a consistent basis to afford their ideal life style.

Back to reality. At this moment there is a total of 50,000 available including what was a 401 K and is now a 41 K. Sad but true, it shrunk 90%. I know it seemed like a good idea at the time they invested the money. From $50,000 to self made millionaires is a wide gap.

With only 50,000 dollars, a franchise is not even a vague possibility. Many franchise businesses cost $50,000 or more just for the franchise name. Some popular franchises cost $250, 000 to $750,000. According to Gaebler.com, “In addition to the upfront franchise fee, many franchisors also require an ongoing royalty fee. This fee is assessed on a percentage basis and usually ranges around 5% or 10%. In return for paying the royalty fees, you receive the benefits associated with national marketing campaigns, ongoing training, and territory rights.”

Now add on the real estate cost to purchase or rent the space for the business location. Add on the cost of the inventory and equipment. Of course you will also have overhead: utilities, office equipment and supplies, employees, and marketing before you can even open your doors.

Entrepreneurial thinking is wonderful but it will require careful planning and execution to turn it into a reality.

Buying an existing brick and mortar business will have very similar costs. Purchase price, building, overhead, inventory and equipment, office equipment and supplies, employees and marketing.

You can start a brick and mortar business rather than purchasing an existing business. In this case, there will be more costs and a slower start because the name and business are unknown. You do not already have an established customer base.

Either a franchise or a brick and mortar business will require you to work away from home at least 5 and probably 6 or 7 days a week. Initially, there will be very long hours. I know; I have owned brick and mortar businesses.

Can a franchise or brick and mortar business be successful and profitable? Absolutely, but there is a high cost in terms of start up capital and labor hours.

In the situation of our case study, this is not an option. The monetary cost is too high. So what choice do you have if you have limited resources? Yes, there is a solution. Stay tuned for the answer tomorrow.

Come join me at www.Elaine4Success.com for assistance in designing your perfect situation.

When your attitude shifts, your life follows suit.  Everyone reaches that magic “decision time.”  You know the time.  You look at your life or a situation and determine “that’s enough; something is going to change NOW.”

A firm decision results in an attitude shift.  Your attitude will get you everywhere.  The relief associated with a major attitude shift is phenomenal.  The trauma and stress are all previous to the decision.  Once the decision is made, the attitude turns positive and progressive.  The stress comes from the “should I” or “shouldn’t I” dilemma.  Stop shoulding all over yourself and get with the program.

So many people spend so much time getting ready to get ready that they never actually make a decision.  What is it in your life right now that is holding you back from making a progressive decision, a progressive attitude?  Wealth builders and  self-made millionaires all make decisions.

Self-made millionaires possess decision oriented habits and positive attitudes.  Wealth builders know that a positive attitude will get you everywhere.  It starts with a dream and builds to a goal.  A plan forms designing the process to reach the goal.  Absolute laser focus is applied to the implementation of the plan.  Frequent benchmarks or checkpoints are established to insure the plan is on course.  Will there be adjustments? Yes.  Even a jet airplane does not go from San Francisco to New York without a few minor tweaks and turns.

The entire process starts with a firm decision and an attitude shift.

If your life or plan is off target, check your attitude.  Queasy attitude probably means there is a decision in limbo.  Clear the roadblock by determining what decision you have procrastinated about making.  Make the decision.  Feel the relief and the positive attitude shift.

You can never make forward progress and remain sitting on the fence.  Make the decision.  Establish a positive attitude.  Set the goal and the plan to achieve it.  Establish the course correction checkpoints and prepare to celebrate victory.

For more positive attitude tips and techniques, join me at http://www.elaine4success.com/