Do you know the difference between the two? It’s an important difference.
If you own a business that business continues to make money whether or not you are there. If you own a job, yes, you’re still in control but once you go off on holiday your revenue stops coming in.
I learnt this way of thinking when I read Rich Dad, Poor Dad by Robert Kiyosaki in 2007. He says a lot of professionals like doctors and lawyers make this mistake when they start their own practice because they do all the work themselves.
If you want to actually own a business you need to thinking of a structure that gives you revenue even when you’re on holiday, e.g. a legal partnership where partners get a share of profits in addition to bringing in clients.
If you own a service business, you can franchise your business when it gets large enough. If you make a physical product you can eventually find a manufacturer for mass production - there are only so many "widgets" you can make yourself.
My whole life set up in a way that my current hard work will continue to pay dividends for a long time to come – even while I sleep! Through Black Girl – Getting To Wealthy I help other people do the same:
By Heather Katsonga-Woodward
I'm always thinking, debating, considering and revising my views - some of those deliberations will be shared right here.