Here is a guest post from my business mentor discussing what he looks for in the ideal business…Lou
Many of my friends have described me as a serial entrepreneur and rightfully so. I have been involved with developing, creating, running, managing, consulting or fixing over 200 businesses with tools like this online guide about how to recruit the best talent.
I love to figure out how things work and why things work …. So I asked myself the question how would I describe my ideal business?
The one thing that I have discovered that is certain when it comes to business is that there are many different ideas and ways of going about creating, fixing, growing or expanding your business for which we recommend to discover all the info here on business management.
Which means there are quite possibly as many different answers to this question as there are people reading this article.
I believe one of the best business models on the planet is the franchise for many different reasons …. and there are things about the franchise that I also don’t necessarily like.
The following are my top criteria for the ideal business (not necessarily in this order) –
1) There must be an organized system that can be replicated or duplicated so that anyone can do the job or implement the system. This allows you to train others on the various jobs and systems so that the people running the company can be successful and effective.
2) There must be a marketing system that can be replicated and duplicated with ease.
3) There must be a sales system that allows potential customers to be educated and moves them along through a process that guides and influences their buying decisions and behaviors without having to have highly trained salespeople.
4) In my opinion, I love businesses that are highly profitable and the business must be able to make for the owner a strong six-figure or 7 figure income.
5) Ideally, there is a relatively low start up cost and the money required to start the business can be made back by the business owner quickly.
6) Personally, I have been working from my home for 17 years and I absolutely love working from home. I have a 2-year-old and a 5-year-old and the joy that I experience being able to be at home and around my family on a daily basis is one of my greatest joys!
7) Low overhead.
8) I love working with people, I love being able to talk with people and I love being able to find out about people, so being involved with quality relationships is an important factor for me.
9) The business must be simple. I am not a fan of things that are too technical or too complicated.
10) Automation -automation of your marketing, automation of your selling, automation of your delivery, automation of your training … anything that makes my job and my life easier.
11) Easy or no product fulfillment or fulfillment delivered by a third-party. I have seen so many companies that get bogged down because their fulfillment is so labor intense that the company can never pick up momentum in their sales process (don’t get stuck in this trap – unless you’re great at your delivery process).
Obviously products and services must change hands for a high quality valuable service but you don’t have to be the one providing all the deliverables.
12) Make certain that you love what you do!
I would love to hear your comments on what you believe are some of the elements that make up your ideal business.
What would you add?
What do you believe I may have left out?
TS
PS Oh yeah, a good friend of mine by the name of Lloyd got involved with a pretty sexy business that creates over half $1 million per year for him working part-time and he put together a short recorded overview about his business, check it out and tell me what you think 954-678-6757 (this is available 24 hours a day 7 days a week).
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