National Entrepreneurship Month: Considering joining the ranks?

A couple researches the Amway business on their laptop while their daughter plays in the background.

When faced with a big decision, many people ask: What’s the worst that can happen and what’s the best that can happen?

When those big life choices come along that have a lasting impact, those questions provide needed clarity.

As we mark National Entrepreneurship Month, which includes Global Entrepreneurship Week Nov. 12-18, many people are likely asking those questions of themselves: What’s the worst that can happen if I start my own business? What’s the best that can happen?

For entrepreneurs, they can see the upside: Being your own boss, setting your own schedule, working as much or as little as you choose.

Researching risks

And when they look at the downside, it often comes down to finances. How much money will it take to get a business off the ground? Do you need staff? Office space? A storefront? Equipment? Can you handle all the financial transactions or do you need an outside vendor? What about a website?

And if your business venture fails or you decide being your own boss is not for you, what happens to all the money you poured into it?

Those costs add up quickly. Absent outside investors, they can present a crippling hurdle for small businesses. But not all entrepreneurial ventures are the same.

Researching costs

Many times you can launch your business as a side hustle with minimal cost and low risk while keeping your day job. That means you can test your entrepreneurial chops without putting it all on the line. The Amway business is one example.

Craig Clickner, a commercial banker who became an Amway Independent Business Owner (IBO) in 2003, was quick to recognize that. The start-up costs for Amway Business Owners is less than $100 wherever Amway operates – in more than 100 countries and territories.

In the U.S., it’s only $62 and comes with built-in support, training and a ready-made business infrastructure, including a website. As for the risk? The start-up cost is fully refundable within 60–180 days if a person decides an Amway business isn’t for them.

Consider options

“When I was a risk analyst, I spent time doing a lot of just data analysis, number crunching,” Craig said. “So when I really took a look at (Amway), I realized it was very low risk.”

Carrie Bohlig, who joined Amway in 2006, also was attracted to the small investment.

“Being an undergrad student, I was pretty broke,” she said. “(The small startup cost) really opens up the door to anyone from any background.”

The immediate support and business infrastructure is also key for many, including Anthony Melillo, an IBO since 2011.

“The cost of running a website for my traditional business cost me more than what my Amway business cost me to get started,” Anthony said.

So, in honor of National Entrepreneurship Month, have you asked yourself those important questions? What’s the worst that can happen? What’s the best that can happen?

Learn about how other Amway IBOs made the decision to try Amway by reading other blogs at Amway Connections.

The average monthly Gross Income for “active” IBOs was USD $207 (in the U.S.)/CAD $186 (in Canada). 

Approximately 48% of IBOs in the U.S., and 52% of IBOs in Canada, were “active.”

IBOs were considered “active” in months in 2016 when they attempted to make a retail sale, or presented the Amway IBO Compensation Plan, or received bonus money, or attended an Amway or IBO meeting.  If someone sustained that level of activity every month for a whole year, their annualized Gross Income would be $2,484(U.S.)/$2,232 (Canada). Of course, not every IBO chooses to be active every month.  “Gross Income” means the amount received from retail sales, minus the cost of goods sold, plus monthly bonuses and cash incentives. It excludes all annual bonuses and cash incentives, and all non-cash awards, which may be significant. There may also be significant business expenses, mostly discretionary, that may be greater in relation to income in the first years of operation. For the purposes of the calculation in Canada, individuals who were IBOs for less than the entire year in 2016 were excluded.

Before registering as an Independent Business Owner (IBO) powered by Amway, you should read and understand the AMWAY™ Business Overview Brochure, which contains important information for those interested in becoming IBOs.

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