12 Characteristics of the Ideal Business Opportunity

October 26, 2007 | By | 2 Replies More

business opportunity

One way to launch a business is to buy into a business opportunity. A business opportunity allows you to lease or buy into a product or service that would allow you to start a business.

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

Passion is the starting point of any ideal business. Find your passions, and build on the things you are passionate about to create a successful business. Working on something you love helps make the whole process of starting and running a business so much easier.

RELATED: How to Find Your Calling and Live Your 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. Cashflow is the lifeblood of business, and one essential element of ensuring a healthy cashflow is by collecting payment¬†first.

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

You need to 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

Look for a business that can grow fast.

12. Create intellectual property

Find a business that consistently generates valuable intellectual property that you can sell or license.

 

 

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12 Characteristics of the Ideal Business Opportunity, 3.2 out of 5 based on 6 ratings

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Category: Business Ideas

About the Author ()

Isabel Isidro is the co-founder of PowerHomeBiz.com. A mom of three boys, avid vintage postcard collector, frustrated scrapbooker, she also manages Women Home Business, Starting Up Tips and Learning from Big Boys.

Comments (2)

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  1. Gabby says:

    Great post with lots of important stuff.

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  2. Marie Smith says:

    Find the franchise business opportunity you’re looking for now, by browsing through the directory today! Franchiseexpo.com is a directory for the best franchise business opportunities available. If you own or have started a franchise business, then franchiseexpo.com is a great way to get your business taking off.

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