| Share | | | | and mistakes is a good way to setting your business |
| Essentially, businesses are systems that generate | | | | without much hassle. The mentor can be your relative, |
| income regardless of the fact that you are working or | | | | friend or business leaders. Read their biography and |
| not. On the other hand, a freelancer or self employed | | | | books. Research how they became so successful. |
| gets money only when s/he works. But setting up a | | | | Imbibe their business principles and ethics. If you have a |
| business is much difficult or a long drawn affair. A | | | | relative or acquaintance that is in the same industry |
| business needs capital to start whereas many | | | | then you can also try to do internship there. This will |
| freelancing jobs just need your abilities and skills. The | | | | help you in learning the tricks of the trade in a quick |
| key differentiator is the fact that while both models | | | | time. You will learn from an accomplished businessman |
| generate money, while Business is capable to run itself, | | | | by just observing them, their habits and work ethics. |
| a freelance job pays only when you are working. | | | | You will get to know more about Business |
| Many freelancers eventually get in to business. Once | | | | Management when you are actually in the presence |
| they understand the intricacies of the industry and | | | | of successful businessmen. |
| have sufficient sources of funds, they venture in to | | | | Many times, an industry is dominated by established |
| business. A person can hire employees and offer | | | | companies who have many years of experience, |
| more services. The employees will help in sharing your | | | | resources, reputation and goodwill. Competing with |
| burden and even allow you to take up more business. | | | | them can be a futile exercise if you don't have any |
| Your business will run even while you are not on the | | | | radically different business plan or lot of resources. |
| clock. And your income won't depend solely on the | | | | Putting your efforts in such business ventures is one |
| number of hours you out in. | | | | sure shot way of financial ruin and business failure. |
| Often, the main stumbling block in the transition from a | | | | When faced with such scenarios, the best option is to |
| freelance job to business is the lack of business skills. | | | | think about franchise business. Many companies have |
| Business needs knowledge of lot other things except | | | | very successful and established franchise business |
| your job. While setting up a business you may have to | | | | models. McDonalds is one such company. Though, you |
| face legal hurdles. You may also have to understand | | | | may have to invest huge sum initially, there much |
| taxation issues and also management problems. | | | | greater probability of success due to the model and |
| Getting a grip on these matters may need extensive | | | | know-how available. Other benefits are that you will |
| study and research. An easier way is to get a mentor | | | | immediately get recognition and goodwill of the |
| who can guide you. Ideally, find a person who is in the | | | | franchise company. The parent company will provide |
| same industry as yours and has himself tackled all | | | | the marketing plan which will ensure your success. |
| these issues. Learning from other people's experience | | | | |