Welcome to Lesson 2!
In the previous lesson, Lesson 1 , you have learned that you only have limited time to fulfill your own dreams, so it’s more wise to spend greater time on your own dreams than using it to build someone else’s dream who is not even your family member or relative. You have also learned that your future can be in the worst scenario one could ever have if you will only bet your entire working life in a job, rather than owning a business. Thus you should have realized by now how important it is, more than ever, that you transition yourself as soon as possible, from a business staff member to a business owner.
There are other learning’s you should not forget to ensure that you are on the right path to being successfully wealthy. To remind yourself of these learning’s, you should always go back to Lesson 1 from time to time.
On that note, we start our Lesson 2 from here.
The Ultimate Business Model
The bandwagon of an ultimate business for me is a business that has no limits.
Without limits, the prospect of your business growing is very strong and much more certain.
Remember as well that you want to be in the quickest path to wealth from your current situation. Therefore the business that you should go for must have attributes that will contribute to the speeding up of the business start-up and operation processes.
On that note, you should choose a business with great consideration to the following aims:
#1: Aim for Evergreen Niche
To ensure that your business is sustainable for many years, it is very important to research and target a niche that is always big and profitable. You must also remember that a business only exist if there are ample number of customers. Therefore you need to know which group of people is worth targeting by researching their demographics, disposable income and [most specially] their needs. Your research data should be as accurate as possible. Do not base your analysis from assumptions, intuitions or hopeful thinking as the success of your business will really depend on how accurate your facts and numbers are. You can start your research by visiting related websites such as government websites, council website, business group sites, business event sites, statistic portals and other related industry websites.
#2: Aim for Global Market Reach
Remember that you’d want to target a niche that is always “big” and profitable. Big as in “global” is what you really should ultimately aim for because you do not want to put boundaries for your income potentials. Therefore having a website or online shop for your business is very important so you can reach huge number of customers globally. Also, it is best to choose a business model that has no strict shipping restrictions. For example, there are restrictions in shipping goods that are in liquid form, flammable or perishable.
Also, it doesn’t make sense to put limitations on your business especially if it is unnecessary. So why choose a business that you can only do locally when you can choose a business that you can do worldwide. The more people you are able to reach, the more you have the chance of doing business. For example, if your business only operates locally and have marketing materials in local language only; imagine how long it will take you to grow globally, compared to a business that is already set and ready to market in a worldwide scene.
#3: Aim for Part-time Start
Since your time is limited by your current job, you should choose a business model that you can do part-time especially on the start-up stages. For example, selling products is more an ideal model than offering a service because you cannot really commit to strict deadlines when you only have limited hours every week.
#4: Aim for Great Portability
Working at home will be very ideal for your situation. Not only it saves you time from travelling but it also saves you money as compared to having to pay rent when you have to do business in an office or a shop. Also, what you don’t want in a business is when it limits you to stay in one geography and not give you instant flexibility to be in another place if you need to. Therefore something like an online business, for example, is what you would want for.
#5: Aim for Fast-moving Products
You need to realize that delivering products require less time than completing a service for customers. Therefore for quick transition you should have a business model that is product based because there is almost no limit to the number of products you can deliver in an hour, compared to the limited labor hours you can give in completing a service. On that note, it is best to have your products ready made by a manufacturer so that you can save a lot of time and only have to re-brand if you have to.
Remember, when considering products for your business, what you want is to get “repeat business” consistently with your existing customers. You can only attain this if your product is consumable. So I do not recommend that you sell devices such as a massaging device, for example, because you wont be able to sell that device monthly to the same customer isn’t it? So if you can’t sell it to the same customer monthly, then you are pressured to find new customers each time just to ensure you will have sales monthly.
#6: Aim for Consumable Products
One of the most expensive and time consuming activity in running a business is finding new customers. Therefore your products must be consumable so that you will have recurring income from re-orders by your existing customers. Remember that your time is limited and therefore it is not feasible for you to depend entirely on finding new customers. Ideally you should be selling products that can be consumed within a month so you can at least have monthly re-orders from existing customers.
Also, as mentioned above, delivering a service is very time limiting than delivering products. For example, if you are charging $50 an hour, it means that you can only make $400 per day if you work 8 hours a day. Even if you decide to work 24 hours a day without rest, that’s only $1,200 income. Compare that to the profit you can make if say you can deliver 100 products in one day and each product sold you get, say, $20 profit, that’s a total of $2,000!
Finally, when choosing consumable products, I do not recommend those which are in liquid form because it’s almost impossible to deliver to other countries because of postal or customs restrictions and imposed ban on liquid products, especially with air-freight delivery.
#7: Aim for New & Unique Product Lines
As products sometimes undergo popularity life, it is therefore essential to have new product lines regularly. New product lines every year would be ideal.
You would also want to consider choosing products to be unique because if you are selling unique consumable products, then you basically have no strong competitors. Your existing customers will not likely go to your competitors since their products will not be as comparable as yours. For example there are so many Fish Oil supplement products out there, but your Fish Oil supplement is the only one infused with Vitamin E –which helps the body absorb more Omega 3 from Fish Oil.
#8: Aim for Manpower Leveraging
It is very important in your strategy to delegate most of your business activities to other people. These people may include your business partners, employees, independent marketers and contractors. Leverage is the utilization of other people’s time and resources to accomplish great amount work in just little amount of time. Remember that the more you save time for yourself, the more you have time available to make more money.
To leverage, you can either outsource, launch an affiliate program or give multi-tier commissions so that the number of people helping your business operation can increase, even exponentially.
#9: Aim for Automated Business
Besides leveraging on manpower to save time, it is also essential to have the capability of automating most of your business activities. The aim is to save more free time and at the same time increase productivity for your business. Examples of such business activities that you can automate through a website may include: presentation of products; gathering of customer details; following up of customers; up-selling of related products; accepting of payments; setting-up of appointments; customer support and etc’s.
#10: Aim for Income Scalability
Look for a business model that will allow you to upscale your income targets. For example, on customer checkout you can offer related products at discounted price as an up-selling strategy. Another example is the flexibility to sell your products to other niches.
What’s Your Next Step From Here?
Now that you know what attributes to look for in choosing your own business venture, the next step is to learn how you can put it all together to kick-start your business. The step by step guide I have written will hopefully help you lot in this regard. It is laid out in the next lesson.
Ready?
Make sure to check your email tomorrow! I will email you your access to Lesson 3 for FREE!
In the meantime, what do you think of this lesson?
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