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.
2. Specific market niche
Find a niche where your business can be top dog; do not become a 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 a 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
Look for a business that can grow fast.
12. Create intellectual property
Find a business that consistently generates a valuable intellectual property that you can sell or license.