The first question that can arise in your mind after reading this title of an article is “ what is an Ideal business?” A business that is ideal for you is not ideal for everyone. The ideal business for you is based on the talents, skills, and knowledge you bring to the table.
An ideal business is one you know something about (and preferably you know a lot). More specifically, you know about the product(s) you’re selling as well as the people you’re selling them to. It helps if you are (or were) a buyer of the product(s) you’re selling – or product(s) similar to it.
1. Something you are passionate about
Passion is the starting point of an 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. do not become the jack of all trades.
3. Low fixed costs
The higher the fixed costs, the more you have to sell before you can break even on your costs.
4. Positive Cash flow
Don’t make the mistake of not having enough cash to operate. Cash flow is the lifeblood of all business. One essential element of ensuring a healthy cash flow is by collecting payment first.
5. Deep funnel
Work to build a real connection with your clients and take them deeper into your business funnel.
6. Power of Pre-eminence
There are 2 ways to make your mark in the market: by being the best or being the cheapest.
7. No perceived competition
You need to have a clear and distinct position in the marketplace that jumps to your prospective client’s mind.
Look for a business that can grow fast.
9. Nurture powerful team
Spend more time doing what you love and you will become more effective in your role in your business.
10. Create intellectual property
Find a business that consistently generates a valuable intellectual property that you can sell or license.
11. Quick Decision & Action
For effective business control, quick decisions & actions are essential. Insole trading concern, due to single man management, quick decisions & actions can be easily taken.
The signs of an ideal business
1. The ideal business should enjoy low overhead costs. It should not need an expensive location, nor should it need expensive legal advice, a large inventory, high electricity, high-priced employees and advertising.
2. The ideal business should be easily movable or portable. This means that it should be able to adapt to location changes if needed. This one characteristic is particularly instrumental when expansion takes place.
3. The ideal business will always satisfy your intellectual and even emotional needs. There’s nothing in the world like being passionate about what you’re doing. You’re having fun when that happens, you’re not working.
4. The ideal business should be free of all kinds of industry and government regulations.
5. The ideal business will always satisfy your intellectual and even emotional needs. There’s nothing in the world like being passionate about what you’re doing. You’re having fun when that happens, you’re not working.
6. The ideal business sells worldwide rather than a limited range such as a neighborhood or city or state. In other words, it should have an unlimited global market.
we all have seen the traditional stores fades away due to big retails store in town. It is necessary to change the business system when upgrade required.
7. The ideal business sells a product that cannot be easily copied or reproduced. It means the product should completely original or at least patented or copyrighted.
There is no perfect definition business of a successful ideal business. Every business needs a target market to serve. If you think you’ve found your niche, you may want to take a closer look at it and make sure it’s worth pursuing. Once you understand what your ideal business is, you can identify and access your market better than the competition. To know more about online business, contact or email us at www.nitinbang.com