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.

What follows are the nine characteristics of an ideal business you should search for while choosing your next business opportunity.

#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.

#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

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.
There are some businesses out there that have 5, 10, and 20 percent profit margins, and still people still get into these businesses.

#5. SCALABILITY

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.

#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.

#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

Many 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.

Source: https://www.akeentech.com/the-characteristics-of-an-ideal-business/

You can actually advertise your business freely with high conversion rate see my signature.

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.

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.

nice piece Lalasticlala fp this

In naija

Thank you for the insight you shared.

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Good points OP....when it's not scalable or you don't have quality helping hands, one can easily get overwhelmed and down...

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Excellent.

Nos. 2, 3, 5, 7 and 9 are non-negotiable as far as I am concerned. Those are the absolutely most important features I look out for.

Informative!
Additional info - Focus on providing value, money will come.


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Ones u build ur customers in business....... White collar job bcoms slavery to u.

Nice pieces.
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True

In my opinion, features No 1,3,4,6,9 does not make a Business ideal. And the utmost reason to be in business should not be money making. The Businesses that thrive are value focus, that is why they continue to innovate when other see them as successful. To offer a service, you need to consider the time, the people within your location, your location....

See below excerpts from Josh Kaufman book, "The Personal MBA"

At the core, every business is fundamentally a collection of five Interdependent processes, each of which flows into the next:
1.Value Creation. Discovering what people need or want, then creating it.
2.Marketing. Attracting attention and building demand for what you’ve created.
3.Sales. Turning prospective customers into paying customers.
4.Value Delivery. Giving your customers what you’ve promised and ensuring that they’re satisfied.
5.Finance. Bringing in enough money to keep going and make your effort worthwhile.

Not every skill or area of knowledge is Economically Valuable, and that’s okay—there are many things worth pursuing for the sake of relaxation or enjoyment alone. You may enjoy whitewater rafting, but it’s very unlikely anyone will pay you to shoot the rapids unless you apply your skills for the benefit of others. Make the leap from personal enjoyment to Products and Services, however, and you’ll find yourself getting paid—plenty of adventurous souls are willing to pay for rafting equipment and guides.

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I disagree with number 9,such business comes with high risk e.g Fxmarket.
Physical business remain d best any day any time.




Underate physical business at ur own risk.

I disagree with number 9,such business comes with high risk e.g Fxmarket.
Physical business remain d best any day any time




Underate physical business at ur own risk

Very educative post.

Insightful information.
Also Read : How to grow a small business

millionboi2:
I disagree with number 9,such business comes with high risk e.g Fxmarket.
Physical business remain d best any day any time




Underate physical business at ur own risk

Particularly in a society like ours. Where the first question from a prospective client is, "Where is your office..."

millionboi2:
I disagree with number 9,such business comes with high risk e.g Fxmarket.
Physical business remain d best any day any time.




Underate physical business at ur own risk.

What do you mean by physical business?

you can also read here how to start a beer parlor business successfully

https://thebillionairesdiary.com/2018/09/01/how-to-run-a-successful-beer-parlour-business/

Silvermoney:

What do you mean by physical business?

where d buyer sees what he is buying and knows wie to get it whenever he or she wants.

Don't ever forget this point: PUT YOUR BUSINESS ON THE INTERNET.

millionboi2:
where d buyer sees what he is buying and knows wie to get it whenever he or she wants.

You would need lots of capital, smarts, patience and good fortune to make it really big in this kind of business.

I think it is far easier for a nobody with little capital to make it big using online platforms and tools than doing it the physical way.
Besides online business (eCommerce) would eventually be bigger than brick and mortar business (physical business as you put it). It's only a matter of Internet penetration.

qanda:

Particularly in a society like ours. Where the first question from a prospective client is, "Where is your office..."

It depends on what you're selling, and your target market.

If you're in Lagos selling something to a desperate potential customer in Kaduna (which is the 'borderless' idea behind Internet driven businesses), I'm not sure he will be too bothered about your office.

I've paid Seun over N100k to advertise some of my services here on Nairaland, and I'm sure hundreds or thousands of other 'customers' have done same. None of us have bothered to ask Seun where his office is. We don't even know whether he is a human or an alien but we happily paid him for the service he is rendering. That's online business.

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