Your best bet for your first business will be easier and more successful if you choose something with the following specific qualities. By incorporating these factors you’re your first business, you increase your profit potential while reducing your risk. Those qualities are.
Time-Based Success. This simply means a business that depends more on your expertise and time than on investing in how much stock in storage somewhere. Use your expertise as leverage to keep the cost of being in business lower. The cheapest business I ever started cost me $100. I already owned most of what I needed and the real invest was my time to make it work. In today’s market, time is your most valuable and important commodity.
Focus on Service. Regardless the business you choose, the ability of you and whatever size organization you create to provide personal, top-notch service to people is a make-or-break reality. When service is what you sell, this becomes an even more powerful component.
Expertise is the Valuable Product. The easiest, fastest way to turn an idea into something profitable is to re-frame your existing expertise. While this can be a challenge as we discussed during the first secret, it’s also the kind of business that has your lowest risk.
Profit from Skills instead of Product. This basic concept is to take your expertise and turn it into a system or educational package that teaches others how to master the things you’re the best at.
Overall, you want to choose and design your business for success from the beginning. Starting a business that involves product or stock that you need to store and sell increases your success challenges. Even if you work with a company that has a formula for working this kind of business (say a franchise or network marketing organization) success through product has the potential to be burden and means it takes longer and more money to succeed.
Your first choice in business success is a chance to get your “sea legs" and I recommend an easy sail. Being in business on your own is challenging; you can make the experience easier. You may decide that this isn't that path for you--passion and vision need to come first. And I still recommend doing the lower-risk/higher-return part first!
Wishing you Success & Heart,
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