How to become the ‘perfect’ business
As an entrepreneur, whether you have an existing business or are new to self-employment, you may be wondering what qualities make up the “perfect” business. When selecting which business you’ll be starting, it’s important to take into consideration the chances your business has at being successful. You should start by first realizing that nothing is perfect and striving for perfection will let you down in the end, causing you to lose your motivation to succeed. However, there are business models for both entrepreneurs and large corporations that come close to being the “ideal” business.
The Perfect Business is in Demand
A great business operates on the mechanics of supply and demand. There’s a need seen and the business is established to fill that need whether it’s through a product or service. For example, a person could notice the lack of transportation in his town, leaving the town elders no way to shop for groceries, attend their doctor appointments, or visit their families. That person could then start a driving service that charges riders a set fee plus gas per mileage. There would be an automatic desire for this service and because it’s the only one operating in the area, prices could be set higher than market value in other areas. This applies to entrepreneurs, small shops, and large businesses. Without a product or service that’s in demand, little profits will be made.
The Perfect Business Trumps Competitors
Every successful business will run into imitators who try to capitalize off of their ideas and popularity. For example, while there’s dozens of dollar store brands today, the country only started off with one. It was a genius idea being that people are in need of affordable products for their everyday lives. Then when others saw the original store doing well, many other dollar store brands started popping up. Businesses should look at this as a compliment and the true mark of achievement. While others will try, the perfect business won’t be able to be matched in originality, quality, and recognition.
The Perfect Business is Portable
While a business is generally formed in one state (except for franchises), it has to be able to relocate if the need arises. A once bustling town could turn into a wasteland overnight. In this event, your location would no longer be ideal to serve your market. The perfect business is never confined to the lines of one town or even state. A great business model that exempts optimal portability is a food truck. With a food truck, the address isn’t set in stone and the truck can be moved from location to location as the customer count and atmosphere changes.
The Perfect Business Has Little Overhead Costs
The costs of running a business can start to add up: space leasing, employee salaries, marketing, lawyers, large inventories, etc. The perfect business surpasses these charges by either operating online or requiring a small budget for each category. For example, a network marketing business primarily functions over the internet, gains income from employees instead of expenses, can be effectively marketed for free through word of mouth, generally doesn’t require legal help, and only requires a small inventory to keep it efficiently running.
The Perfect Business Has Customers Worldwide
Your local market is a great way to build an initial customer base to gain testimonials and build your portfolio. However, owning a business that doesn’t sell to the entire world can have you miss out on the best opportunities to make profits and connections. The perfect business will have a product or service that interests customers locally, nationally, and globally.
The Perfect Business Requires Minimal Labor
The best business model is one that requires minimal labor or can outsource their labor tasks to other people at affordable rates. A company that can keep their employee count to 3 or less will save money on employee wages. Each employee within the company will also have a smaller workload, increasing their efficiency and overall job satisfaction. A happy team is a well-oiled machine that works hard to produce the results you’re after. With some businesses such as network marketing, however, you’re not responsible for paying your team members and their workload is strictly decided by them so the more on your team, the more you earn.
The Perfect Business Has Little Start-up Costs
Start-up costs: one of the top reasons most businesses never get started. That’s why a business that requires a small investment and brings little to no risks in the off chance that it fails can be classified as the perfect business. This also ensures your capital (the money needed to produce or buy goods and services) isn’t tied up when new inventory needs to be bought and stocked up on.
The Perfect Business Has a Broad Target Audience
Customers are the most important aspect of any business. Without them, there can be no profits. The target audience of a business should be a broad group of people who can be found all over the world. If you decide to sell a product that only appeals to a very narrow audience such as only in a specific town, your potential client base will be limited and may not be enough to keep the business running.
Building a Successful Business
To build a successful business, you’ll need to have the same mindset, persistence, drive, and character of leaders like Steve Jobs and Bill Gates. Get the idea of a “traditional” business and how it runs out of your head, your business can break the mold. The more from this list you can apply to your business, the better your chances are of being prosperous.
Using this list, you can now select a business that will yield everything you’re looking for in profits, management, customers, and results. An entrepreneur business model fits the majority of these perfect business qualities and can bring you many benefits. By keeping this list handy, you can always refer back to it. As businesses mature, they can lose their core values and assets that make them successful. Perform a yearly review to ensure your business continues to practice a majority of these 12 qualities above so you can continue earning big profits for as long as your business is up and running.