In this post you will learn about the criterion that you can use in order to decide, ”what is the best business to start from home?”
By using this criterion you will save yourself time, money and learn how to tell if a business opportunity will be worth your while before making any king of investment in it.
I recently had the privilege to attended a business meeting in which a really successful business owner was the keynote speaker.
He quoted from the letters of Richard Russell who wrote the 12 points of an ideal or perfect business.
When evaluating a business opportunity to pursue from home, you will be wise to measure it against these points so that you can effectively qualify a business opportunity that will likely lead to success.
The 12 Points Of An Ideal or Perfect Business
1. SELLS TO THE WORLD
The ideal business sells to the world, rather than a single neighborhood or a single city or state. In other words, it has an unlimited global market.
2. INELASTIC DEMAND
The ideal business offers a product which has an ‘inelastic demand’. ‘Inelastic’ refers to a product that people need or desire – almost regardless of price.
3. UNIQUE PRODUCTS
The ideal business produces a product which is difficult (or almost impossible) for a competitor to copy or reproduce.
This means the product is an original (such as a publication) or it requires very special know how, or it produces a product which is protected by copyright or patent.
4. LOW LABOUR REQUIREMENTS
The ideal business has low labor requirements; the fewer people needed the better. Today’s example of this is the much talked about ‘virtual corporation’.
The virtual corporation may consist of an office with three executives, where literally all manufacturing and services are farmed out to other companies.
5. LOW OVERHEADS
The ideal business has a low overhead; it does not need an expensive location, it does not need large amounts of electricity, advertising, legal advice, high-prices employees, big inventory, etc
6. LOW INVESTMENT
The ideal business does not require huge cash expenditures or large investments in equipment. In other words, it does not tie up your money in capital.
7. CASH BILLINGS – C.O.D.
The ideal business is a business that has cash billings. In other words, it does not tie up your capital with lengthy or complex credit terms, etc.
8. REGULATION FREE
The ideal business is relatively free from all kinds of government and industry regulations and structures.
The ideal business is portable or easily movable. You can put it anywhere you want in the world: Australia, the USA, Great Britain, New Zealand, China, Indonesia, etc.
10. YOU LOVE IT
Here’s a crucial but often overlooked one; the ideal business is one that keeps you fascinated, you love it, it requires your full intellectual (and often your emotional) energies.
There’s nothing like being fascinated with what you’re doing.
11. CONTINUING NEED
The ideal business sells a product which fits a continuing human (or animal) need. It’s not a fad product, it’s not a product which people can easily substitute or even do without.
12. FREE TIME
Another important one: the ideal business leaves you with free time. In other words, it doesn’t require your labor and attention 12, 16, 18 hours a day.
Three (3) additional points might be added into this list as follows:
13. A PROVEN SYSTEM
A system with a proven track record on which to structure the building of your business.
The system might make use of cds, books, meetings and other forms of technology (seminars, webinars, online training, away weekends, etc), etc, to assist its associates with building their businesses.
14. TAXATION BENEFITS
The expenses of the business can be negatively geared against your primary income when determining your tax each year, provided the relevant Tax Office requirements, etc, are met.
15. TIME LEVERAGING
A lot of people each doing a little. J. Paul Getty has been quoted as saying: “I’d rather have 1% of the efforts of 100 men, than 100% of my own efforts.”
By using these points to qualify a business opportunity, you will save yourself a lot of time, effort, money and energy.
You be in a position to quickly identify the business opportunities that are most likely to bring you positive results in 2018 and beyond.
My Challenge To You
Now that you have a criterion which you can use to decide, “what is the best business to start from home”, I challenge you to look at my review of Wealth Affiliate and measure the Wealthy Affiliate opportunity against these 15 points and let me know how it measures up.
I think you will be pleasantly surprised.