What Business Should I Build to Make a Fortune? wortechnologies.com Home Business Information

Any business has the potential to build you a fortune. Well, almost any business. A business is a mechanism that provides a product or service for a price and part of that price is your profit. The level of profit is what creates the fortune.

Many people have a dream of being rich, few become truly wealthy, and most of these people are the ones who applied the GOYA principle -- you have to Get Off Yer Ass! and do something about achieving your dream. Looking up at the stars won't get you to the moon or Mars. Walking by the Ferrari factory won't get you a gleaming red super car. If you want something, then you have to do something. The old truism remains true -- keep doing what you are doing today, and tomorrow you will have the same thing you have today!

So, enough of the homespun sayings and to some firm advice.

To build a fortune from business you need a plan. The plan has many components:

(a) You need a plan to set out what it is you want to do in business. It must suit your skills and interests; it must suit your bank account or ability to finance the operation.

(b) The plan needs to contain clear goals and objectives, a clear set mission, not vague statements such as "I am going into the business of selling second-hand cars." No, it needs to be specific, measurable, achievable, replicable and time bound -- or SMART. An active and envisioned goal such as "I am the major second-hand car dealer in my area and sell 300 cars per week." My assumption is that the area is one where you can sell 300 cars per week. Market research should inform your plan.

(c) Part of the plan must be a business plan that provides greater detail on how the whole business will be established. Key employees, roles and responsibilities and the like. The business plan must also include the financial plan. That is how much the business will cost to establish and operate over a 12-month period or longer. It must also show expected income. Once you subtract costs from income, you have your gross profit. This will tell you whether you have a chance to be viable and to make your fortune.

(d) The bank will also want to see this and will examine it and you to make sure it is sound. By setting out your information this way, you can then test various assumptions to confirm if the business will work or not. Better to find out if the answer is NOT before you invest and lose your money--such assumptions as number of car sales, employees and their wages, etc.

These factors relate to the more traditional business structure and many people feel very comfortable with this model. However, did you know that MLM creates more millionaires per year than any other business model?

Think about it. MLM is where you set up your business and you are supported by the company you represent and your upline (mentor). You are provided with training, advice, systems and the opportunity to network with other people in this industry via conventions and senior training activities. So you go into a business that has a proven concept (much like a franchise) and a low entry cost but with huge potential income.

Each business model has risk factors. I like MLM, as the risk factor on MLM is way lower than any other business model. The level of cash input is vastly lower (hundreds compared to many thousands), while the level of income is usually much higher (millions instead of thousands or hundreds of thousands). Both require a huge amount of personal time and effort initially; but with MLM, once you're established and have created your network of like-minded people, and though you will continue to support them, you can give up your day job and work part time. Most other business types have a growing demand on your time as they expand (assuming they are successful).

In summary, remember that the aim of the game is to enjoy life, and I would rather do that as an MLM millionaire.

One last point - need help building your opt-in list, then we can help: "http://porsche911.PowerProspectingSystem.com Why Porsche911? - because that is how fast it goes!

Oh, One other last point - if you want a great business in a box, check out our packaged system http://fast-access-to-wealth.com/pips.html

About the Author
Michael is a retired senior military officer who now advises in project management, business and developing learning organisations. He takes great delight in using his leadership, management and business skills to coach and mentor others to great success, especially in online marketing. Michael holds an MBA and a number of other advanced qualifications. Michael Halse may be contacted at http://www.fast-access-to-wealth.com. Click here to view more articles by Michael Halse.