what Do You think of an Ideal Business? well, in my opinion, a business that gives you freedom of time and finance. Dan Lok, well-known Businessperson, trainer, and King of High-ticket sale, in his book F.U.Money, shared “THE 9 CHARACTERISTICS OF AN IDEAL BUSINESS”. in this post I will share my thoughts on importance and role of these 9 characteristics in business.
CHARACTERISTIC #1 Do what you love
When you love what you do, then your work or your business is no more work but actually its play for you. You know and expert about what you love or you always in search to find new interesting about your love. same is the case with your business and work.
Knowledge of your business, makes you powerful and control over it. But, its all on you how to use this knowledge and power of love to make money. How to monetize your knowledge to earn you F.U Money.The money gives you freedom of choices and freedom of time to do what you want and when you want.
CHARACTERISTIC #2 STABLE, GROWING, LONG-TERM DEMAND
Starting a business over new ideas is more risky than working on something that’s already in the market. Try the product people already know about. In this case you, don’t need to convince them what is your business about or what you want to say. You just need to make them aware that you are too, source or the solution to their problems. It’s difficult creating demand for a new product, it’s possible but it needs more cost, time and energy, against the product which has a big demand in the industry.
CHARACTERISTIC #3 BE PORTABLE
Your business should up to date according to time and age, so you can control and access your business any time from anywhere in the world. It saves time so to focus on other things and gives more control over your business.
CHARACTERISTIC #4 HIGH-PROFIT MARGIN
Its the biggest advice from King of High ticket closer, Mr. Dan Lok. Well, selling and business is really hard a thing, and doing it for low return is exactly no return but its just pay for your time and energy. if you are doing so then you should start job and not business. Your return should be 100% or more 100%. If your product margin is less, it means your business sucks and also your life will suck because with low margins you will never achieve your F.U.Money but it leads to bankruptcy. So always select the business with high-profit margins.
CHARACTERISTIC #5 SCAL-ABILITY
Your business must have the potential to grow and expand with time by introducing more products and income streams. Just depending on one product or source is just helpful and profitable for short term but in long-term new products will replace your business if you don’t introduced new technology and procedures. By competing in new modern world you have to use tips and strategies to help in keeping and growing your business.
CHARACTERISTIC #6 LOW START-UP COST
Always try to start a business with low cost and make it grow it to millions by hard work. most of the business don’t see failure because of low capital but lack of work and execution. Starting business with big capital keeps you in pressure of lose and always fear in mind, and block your creativity. Big start-up investment will take more to return your original money and you have put extra to build it soon. Starting with less money you can make your principal investment just by getting a few profits.
CHARACTERISTIC #7 REQUIRES LITTLE OR NO STAFF
This point is not about hiring staff but hiring staff for things you know you don’t know about and you will focusing our strong points. When you focus on your major strength and quality business grows and remaining little leave for staff. Spending and dealing with big management distract you from the main work-idea and income producing job.
CHARACTERISTIC #8 LOW OVERHEAD
Every entrepreneur know that up and down comes in every business. In business, you have to prepare yourself for bad times. What I mean that save money in your pocket for downsizing in the tour business. There are always downfall in everyone business and if you don’t have saving money for bad times, then you will go for help. Here, Dan Lok doesn’t mean that you should take all the money from the business and leaving the business for dying but means keep enough money for running the business and remaining in your pocket for unseen times.
CHARACTERISTIC # 9 MONEY COMING IN WHILE YOU SLEEP
Dan Lok has a strong love for passive income business, a business that generates money while you sleep. If your business doesn’t work or make money without you then it’s a not good business or you will never get the freedom thatF.U.Money creates. You must create income streams that bring money while you stay at home. That doesn’t needs you or your every time to make money.
So these 9 characteristics of ideal business by Dan Lok. Which one you already have or tried in your business and what is your take on ideal business?
Let me know you through your comments and also check my this post: Dan Lok 15 rules for Getting Rich.