Friday, March 29, 2024

What to Look For When Choosing a Business

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.One of the most difficult decisions of every startup entrepreneur is choosing the right business to start. There are so many choices, so many possibilities, that it is hard to pinpoint the one business that can give you the returns that you expect and help you achieve your goals.




According to the book “The Maui Millionaires for Business: The Five Secrets to Get on the Millionaire Fast Track“, below are the 12 characteristics you should look for when choosing your business :

  • Something you are passionate about = the starting point of any ideal business is passion
  • Specific market niche = find a niche where your business can be top dog; do not become jack of all trades
  • Low start-up cost = having a low startup cost means you can use your money to start the business and bootstrap your business growth
  • Low fixed costs = the higher the fixed costs, the more you have to sell before you can break even on your costs
  • Deep funnel = work to build real connection with your clients and take them deeper into your business funnel
  • Recurring sales to your clients = the easiest sale you’ll ever make is to an existing happy customer
  • Collect money before you fulfill your product or service = don’t make the mistake of not having enough cash to operate
  • Power of pre-eminence = there are 2 ways to make your mark in the market: by being the best or being the cheapest
  • No perceived competition = have a clear, distinct position in the marketplace that jumps to your clients’ and prospective clients’ minds
  • Maximize the unique talents of you and your team = spend more time doing what you love and you will become more effective in your role in your business
  • Scalability = a business that can grow fast
  • Create intellectual property = the business consistently generates valuable intellectual property that you can sell or license


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