Engaging in business that offers a product or service with inelastic demand is really advantageous for an entrepreneur.
In this post I am going to share with you the 11 points of a perfect business. So what are these 11 points, why do you need it and how do you find it? First of all if you are looking for a home based business or currently struggling in your home business, these 11 points of a perfect business is maybe what you are searching for. Now lets get started.
1. Global Opportunity – the ideal business sells the world rather than a single neighborhood or a single city or locality (in other words, it has a huge market).
2. Inelastic Demand – the ideal business has a product with “inelastic demand.” This means that people need it, almost regardless of price.
3. No Employees – the ideal business has low labor requirements, the fewer people needed, the better.
4. Continuing Need – the ideal business sells a product which has a continuing need. It’s not a fad product. It’s not a product which people can easily substitute or even do without.
5. Low Overhead – the ideal business has low overhead. It does not need an expensive location, it does not need large amounts of electricity, advertising, legal advise, etc.
6. Unique Product – the ideal business produces a product which is difficult (or almost impossible) for a competitor to copy or reproduce. This means the product is an original or it requires very special know how.
7. Low Investment – the ideal business does not require huge cash expenditures or large investments in equipment. In other words, it does not tie up your money.
8. Cash Business – the ideal business is a business that has cash billings. It does not tie up your money in extended credit arrangements.
9. Regulation Free – the ideal business is relatively free from all kinds of government and industry regulations.
10. Portable – the ideal business is portable. You can take it anywhere you want, in US, Canada, UAE, Australia, ASIA.
11. Fascinating – here is a crucial but overlooked one: the ideal business is one that keeps you fascinated, you love it, it requires your full intellectual and often your emotional energies.
So there you have it, my post about the 11 points of a perfect business.
My question is, do you have a genuine desire for change in your life? Are you willing to put forth the effort? Are you coachable? If you answered “YES” to these questions, then you may be standing at the door of what could become your vehicle to financial freedom.
So why is this system the perfect business? Simply because it answers “YES” to the 11 points of a perfect business!
Your tips regarding business promotion are effective but actual thing is understanding and to develop a sense of product in the customer by communication so that they buy your product.
Building a business brand and awareness is not an easy task. It needs depth understanding about your business and your target niche. Maximizing one's potential in doing business is a must!
Hi Sonny, I agree with all your points here, especially about Inelastic Demand and No Employees. People who need something will actually want to have it, no matter how pricey it is, as long as it takes care of everything they need and benefits them in the long run. Also, perfectly working automated machines or computers which require almost no human intervention makes an ideal and cost effective strategy for many businesses out there, especially for large corporations.
Given though that it's really difficult to nullify the labor costs, we should look for other ways to reduce those costs. Since the online business have multiplied and the web has offered a more flexible and cost effective way of working, i believe that the best way to conduct business is by outsourcing to online freelancers the work that you can't do by yourself. If you are not aware of the online freelance marketplace you should definitely do. I'm sure that you will find it very helpful!
A business that lets you help others by selling your knowledge and solutions may be perfect for you.
You have posted all researched points about ideal business and I want to know in depth about the portable bsuiness