This isn’t going to be a long post but let me be clear there is a lot of nuance that goes into starting a business. There are a couple of key components though that you will not get from places like fidelity, Forbes, your financial advisor etc. Now this may seem like common sense but you would be surprised at how many small businesses fail because people follow their passions and do not think deeply about the concept highlighted below.
Do things for people who no longer want to do those things and have the money to pay someone else to do it.
A very simple example of this is cleaning the house. When many people get older or get to a point where they have disposable income, they seek to purchase time. Purchasing time simply means you pay people to do things that you no longer want to do so you can do something else. These are not complex financial concepts here. This isn’t something you need to pay a finance professional for either. It’s rather simple really and if you can do this the likelihood of you having a successful business is high.
Can you provide a good or a service for someone that they would have to do themselves but they no longer want to do it?
That is the secret weapon. If you start a business with that premise, you will likely find yourself in a situation where you can derive a good income. The jobs won’t be glamourous of course, from landscaping to house cleaning to dog walking to grocery shopping. This is a luxury purchase really but it can be scaled. Think about the businesses in your area and the services they need that they may not want to do. As an example that small house washing business who is doing something the homeowner doesn’t want to do, might not want to do their own booking keeping.
This is different from the old concept of “solving a problem” for people or businesses which is a good way to start as business as well but relies completely on the notion that the entity you want to work for can’t do it themselves. The secret I am giving you now is very lucrative, it’s doing something for other people they do not want to do.
You can make a nice living doing this, because let’s face it everyone has something in their life they simply don’t want to do.
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