People ask all the time: “Can you take a look at this business I’m considering?” OR “I have a business idea; what do you think?” Below, I’ll share my list of non-negotiables for business ideas, in no specific order. If you’re going to join a company, you must be sure you’re joining the right one! Any company or opportunity must have these ten characteristics in order to experience success. Always remember: your number one asset is YOU --- your name and your reputation. Who you align yourself with matters, so choose wisely!
My Top Ten:
A consumable, results-driven product. You want people to come back for more --- think edible, washes-down-the-drain, etc. Your customers must SEE and FEEL the results. We live in an instant-gratification society; if your customer can’t see or feel the results, they won’t come back for more.
Brand-name recognition. Your brand matters, period.
Unique opportunity and/or products. Ask yourself, can customers buy this anywhere else?
Unrestricted by territory or geography. We live in a world driven by technology; we can reach anyone, anywhere.
A virtual platform. Customers want to see, experience, and order from their phones.
The people = your biggest asset. Who runs the show? Who are the people in your corner? People will make or break a company and that all starts with YOU.
Transferable. Is this business will-able? Sellable? This is BIG. Will your hard work be rewarded for years to come? Generations?
Is the business in a growing category of HIGH demand? Think: room for growth.
Compensation. How will you be paid for your work? Is it sustainable? Don't look for quick money, look for long-term potential.
Timing. It IS NOT about being first to market. It IS about doing the work, plugging in, applying grit, and understanding that business is a marathon, not a sprint. You must put in the time and the work, not just be first. First is a myth.
Does your opportunity measure up to all 10 qualities? If the answer is no, keep looking. Don’t settle.