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12 Characteristics of the Ideal Business Opportunity

According to the book The Maui Millionaires for Business, below are the 12 characteristics you should look for when choosing your business :

1. Something you are passionate about = the starting point of any ideal business is passion
2. Specific market niche = find a niche where your business can be top dog; do not become jack of all trades
3. Low start-up cost = having a low startup cost means you can use your money to start the business and bootstrap your business growth
4. Low fixed costs = the higher the fixed costs, the more you have to sell before you can break even on your costs
5. Deep funnel = work to build real connection with your clients and take them deeper into your business funnel
6. Recurring sales to your clients = the easiest sale you’ll ever make is to an existing happy customer
7. Collect money before you fulfill your product or service = don’t make the mistake of not having enough cash to operate
8. Power of pre-eminence = there are 2 ways to make your mark in the market: by being the best or being the cheapest
9. No perceived competition = have a clear, distinct position in the marketplace that jumps to your clients’ and prospective clients’ minds
10. 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
11. Scalability = a business that can grow fast
12. Create intellectual property = the business consistently generates valuable intellectual property that you can sell or license