Being an entrepreneur does not necessarily mean that you start a business of your own original idea and concept. There are other ways entrepreneur earn as much as the earning of a startup business.
Here are five alternatives on how to start a business:
Invest in others businesses
If you do not want to run your own business, then invest in startups or established businesses. Putting your money in them can actually be as profitable as running them. You can fund startups – venture capital – if you believe that the startups have the potential of growing up huge someday. You can also share a capital to some other businesses and get returns according to your agreement. With this system, you just invest your money in others businesses without doing anything and expect an income from these.
Partner up with businesses
You can also become a partner in existing businesses. This involves doing day-to-day work in the business especially the areas which the founder could not focus on or is weak at including marketing and finance. Through this, you can be an entrepreneur, minus the startup phase. Further, you have the chance to choose what work to do depending on your specialization. Being a partner, you should also aim for the success of the business so that you can earn.
Intrapreneurship refers to the act of becoming like an entrepreneur while working within a large organization. Some corporations have structures that encourage workers to pioneer new business lines in return for bonuses or equity. If you can look for a company that has a culture of innovation, you can start your own business on it, with the benefits of startup capital from beginning and less personal risk.
Buy a franchise
Some entrepreneurs are afraid of taking the risk of starting a business from scratch. Some of them also are tired to work on the whole process of starting up. With this, a business in a box is perfect for them. An entrepreneur can buy a franchise, or the right to use a firm’s business model and brand prescribed by a period of time. There are many advantages to franchising. First, the brand is recognizable and established. Second, the resources are provided. You just have to pay to get the needed resources. Third, the sales return is already expected. There is a very little chance that the franchised business won’t sell, unless other external factors exist.
Buy an existing business
If you want another shortcut, you can buy an existing business. You will spend less time in the planning and the creation phase of the business. The infrastructure and location is already given, as well as the supplies and sales. Plus, you get to enjoy loyal customers who recognize the brand. However, the downside of buying an existing business is that it costs much higher that starting the business itself. It involves the starting cost plus the premium charge of the business having a proven viability.
These are just few of the many ways on how to earn without having to start your own personal business. Just keep on exploring until you find what venture is best for you.