The reason for a business isn’t to give jobs or to support your employees. If you do, that is pleasant, yet it’s a side benefit.
The reason for a business is so you can make your money. Exceptionally simple. If you help individuals to make a living en route, brilliant.
In any case, that is not the reason. The purpose for the business is to support and help YOU—to make you RICH. That is the main reason.
What follows are the nine characteristics of an ideal business you should search for while choosing your next business opportunity.
Nine characteristics of an ideal business
#1. DO WHAT YOU LOVE
What are you interested in? What are you inspired by? And what are you enthusiastic about? What topic or subject do you have a lot of knowledge in it? What are individuals coming to you always for advice about?
You should choose a business where you at least have some interest; as opposed to something you have definitely no interest in it.
On the off chance that you do something only for profiting, that is alright, however it’s shortsighted. Of course, you will make some profit, however honestly, life is too short.
There are such a large number of things to do to make money, so many opportunities to make money on the planet, why not do something that you love and cherish?
I love what I do (blogging) and I am damn great at what I do. Any part of my work that I don’t love and that I’m bad at it is often done by others. By doing it along these lines, I’ve set up my business I a way that I never get bored or exhausted.
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#2. STABLE, GROWING, LONG-TERM DEMAND
Contrary to customary way of thinking (once more!), competition is great: it implies there is cash in the market place.
So many people have come and say, “I have this idea. No one has ever done it before.
” That’s probably in light of the fact that no one has made a fucking dime doing it! I’m not saying you can’t make a fortune/ money with new ideas.
Others have taken in substantial money doing as such. Be that as it may, remember—pioneers generally simply end up with bolts in their backs.
That is the reason I prefer toward just to offer something people are purchasing already. I would prefer not to have to persuade them that they need my services or products. They definitely know they need it.
The question is simply whom they will buy from. At that point my task is just to persuade them that I give more value than the competitors and in this manner it would be to their greatest advantage to purchase from me.
#3. BE PORTABLE
Imagine working from a beach, or from your vacation home in Lagos. With today technology that dream can without much of a stretch turn into a reality.
A portable business implies you can work or operate your business from anyplace—office, home, beach, or anywhere you want to visit or live. You can be in business at anyplace and have the Internet access whenever you need. You may prefer towards being poolside or the beach.
#4. HIGH PROFIT MARGIN
There are a million different ways to make a million dollars. One of them is to offer low profit margin products or services to huge amounts of people—the mindset is known as “feed the masses and you will dine with the classes.”
All things considered, I say the hell with the masses—or significantly more, the hell also with low profit margins! There are some businesses out there that have 5, 10, and 20 percent profit margins, and still people still get into these businesses.
In any case, you know what the issue is with low profit margins? There’s no margin for mistake or error. That is self-destructive.
There will ALWAYS be mistakes. In the event that you set yourself up in a low margin business, you are asking trouble and inconvenience. It’s a one way ticket to bankruptcy court.
Prevailing in business is difficult enough. Why make it even much harder on yourself by starting a low profit margin business?
I love BIG profit margins—the bigger the better. For me to significantly think about a business, the overall revenue must be no less than 100 percent and up.
So if I am offering something for two hundred dollars. I would like to keep AT LEAST one hundred dollars for myself. Ideally it’s 200 percent, 500 percent or much more, else I won’t get into that business.
A business must have the potential to develop quickly by including extra streams of income. I should have the capacity to pitch extra products and services to existing clients, rather than being a one-time sale business.
I basically won’t get into a business if there is certifiably not a potential for big, back-end profits. What’s more, in a perfect world, you can scale a business using technology, systems and outside vendors versus simply hiring more employees.
By this way, in addition to the fact that it is less easy to develop quick, however you can downsize if sales income drops for a period. Else, you will be like those enterprises that, when sales are slow, need to fire bunch of individuals to downsize.
#6. LOW START-UP COST
This is one of the major characteristics of an ideal business. You should be able to start a business with a couple of hundred dollars, not a huge number of dollars.
If a business requires millions to start, it implies you need to go out and raise capital. NOT that raising capital is very bad, but rather to do as such, you need to give away equity and ownership. In addition it takes you much longer to recover your investment.
Then again, in the event that you just spend ten thousand dollars starting a business, you just need to make ten thousand dollars in profits to recover all your money. From that point forward, it’s all gravy.
Once your business develops to a specific point, you can get outside investors if you like. At that point it’s very easy to raise capital and you don’t need to give away as much equity since you now have a demonstrated business model.
#7. REQUIRES LITTLE OR NO STAFF
Have you heard the expression, “You’re just as solid as your weakest link” I’m here to disclose to you that is a BIG FAT lie. Here’s reality: If you spend your whole life working on your weaknesses, then at the end of your life, you will have a ton of strong weaknesses.
If you like to make your money as fast as possibly could be, you need to focus around your strengths and outsource everything else. I know my strengths (which are few), and I also know my weaknesses (which are MANY).
My task is just to put the right individual in the right place, give them the resources and direction they have to get the job done right, and help them maintain the main focus.
#8. LOW OVERHEAD
Conventional wisdom says that you need to put your profits back into your business. Guess what? That is a heap of CRAP.
Bunches of individuals take the profit from their business and sink everything back into the business—that is simply imbecilic.
Ask yourself this: in the event that you can’t hold onto the cash and invest it personally, what benefit will it be to your business when the business gets in a down cycle or isn’t doing well?
There are always good and bad times in business. If you don’t think your business has a down cycle, you haven’t been doing business long enough.
#9. MONEY COMING IN WHILE YOU SLEEP
How would you be able to ever have freedom if you are working in a business that requires you to be there always? That’s not what freedom is, is it?
Bottom line: if your income is dictated by the number of hours you work, then you’ll never make your money, and you’ll never have genuine freedom. You just must have money that comes in while you are sleeping.
The aforementioned are the nine characteristics of an ideal business you should put into consideration before you embark on any business journey.
In case you have any characteristics of an ideal business let us know in the comment box. Thanks for reading and I hope you gain one thing or other from it.