For some people that have regular jobs and don't have time, but they still want to be in business. They resort to opening a business for someone to manage and be paying them, the business owner every month. Would that business model work well?
Opening a business for someone to manage and pay you monthly. Good business model?
- Thread starter Fidelia
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If the agreement is well defined and realistic, it could be a good business model to earn passive income while still pursuing other things.
eLdavis
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It's a good business model, especially for someone who has other things they are doing. If you do not have anything else, you should manage the business yourself.
That's feasible if you can find someone your trust and is capable to run your business.
This is mostly practiced in barbing salons kind of businesses. It isn't easy to work out but feasible with some luck.
Yes it does work but you as the owner must also be active with the management and overseeing the business. don't leave everything at the mercy of the sales person
Many big businessmen like Elon Musk, also pay others to manage his business, so I think it depends on how you control the business you manage, such as through financial records of income and expenses, customer responses, etc.
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That will be good as long as there is a Memorandum of Agreement to protect the interest of the two parties. That makes the agreement legal.
If you don't operate the model of someone managing your business and giving you returns when starting out, you would operate it when you are big. It just requires that one has deep knowledge about the business even when someone else is managing it.
The deal is to find a competent and trustworthy hand and then make the contract beneficial to him or her that is managing for you.
For me l think that is indeed a very great business. This is because it's more conveniently to manage someone's business than a business of for their own .
I have seen people that run this business model. Most barbing salons in my country run with this model.
There's nothing wrong with this. you just have to hire good people or a person that can help you actualize your business dreams
