One way to start a business is to buy a business opportunity. A business opportunity allows you to rent or buy a product or service that enables you to start a business.
According to Maui’s Millionaires for Business, below are the 12 characteristics you should look for when choosing your business:
1. Something you are passionate about
Passion is the starting point of any ideal business. Find your passions and develop the things you are passionate about creating a successful business. Working on something you love helps make the whole process of starting and running a business much easier.
RELATED: How to Find Your Call and Live Your Passion
2. Specific market niche
Find a niche where your business might be the best; do not become jack of all trades.
3. Low initial cost
Having a low startup cost means that you can use your money to start your business and start growing your business.
4. Low fixed costs
The higher the fixed costs, the more you will have to sell before you can reduce your costs.
5. Deep Funnel
Work to create a real connection with your customers and deepen them in the business funnel.
6. Recurring Sales to Your Customers
The easiest sale you’ll make is for an existing happy customer.
7. Collect money before completing your product or service.
Do not make the mistake of not having enough money to operate. Cash flow is the lifeblood of business and an essential element of ensuring healthy cash flow is collecting the payment first.
8. Preeminence Power
There are two ways to make your mark on the market: being the best or the cheapest.
9. No Perceived Competition
You need to have a clear and distinct position in the market that jumps to the minds of your customers and potential customers.
10. Maximize the unique talents of you and your team.
Spend more time doing what you love and it will become more effective in your role in your business.
Look for a business that can grow fast.
12. Create Intellectual Property
Find a company that consistently manages valuable intellectual property that you can sell or license.