Question:
If you were starting right now without owning any other businesses, what would you look for in your first business? Not necessarily the specific type, but what type of characteristics. For example, you saw a fireworks store in front of your place of work and found out how profitable it was (that was the answer to my question on mixergy) and started one. Would you look for something similar: a type of business where people were making a lot of money and then move in and work to really dominate it like you did previously? Just trying to get a feel of how you think about and would look for new opportunities.
Thanks Jon
Jon,
I look for smaller niche businesses most of the time. The reason being that if a business is small, lets say 4-8 million, over the entire country yearly then that business is not owned.
What I mean by that is no one is taking that niche seriously. That much money is not of interest to most corporations and the 100 companies that divide up those sales are not serious, good, or taking it very seriously. What that means to me is I can come into it and own that shit like a boss and have AT LEAST 50% of the market if I am willing to really kill it and go after it in every way possible. Those smaller niche businesses are easier to run, take far less start up, are easy to test, and can be dominated by just one or two people doing the job.
Now you have a business generating 1-2 million a year in sales and its just you and maybe another. Now you own the market, not many want to get into it and even if they do they are not big boys with much backing. So you and another are making 6 figure incomes and being the boss. Who needs more than that?
Anything else please just ask
Marks Brain