These are the 4 main things that I look for when choosing a business model.
I think you need all four attributes to be successful. Here’s why!
1. MUST serve a Need
Your business must serve a need in the community. A business with a limited number of potential customer will not survive.
- Are you providing a need that people want?
- A pain point that people need solved?
- Are you filling a hole in the market?
When entering an industry with high competition ask, are you serving a need? Are you just another player in an already overcrowded market.
2. MUST be Scalable
Your business idea must be able to scale without your input.
- Does it have room to grow?
- Can it run without me?
- Is the market big enough to support growth?
We want to know upfront if their is a reasonable chance that we can grow our business.
The question to ask: Is the future growth of the business restricted by the size of the market?
3. MUST be Hard to Copy
Your Business idea must be hard to copy. It must have some kind of restricted barrier preventing competitors entering your nook.
- Is it hard copy you?
- Is it hard to get into?
- Is there some kind of barrier to entry?
- Is their a complicated set up?
You want to be able to build a defensive ring around your business. It should be hard for your competition to copy and steal your customers.
4. You MUST be in Control
You must be the one who is in control of your business.
- Do you have control of your business?
- Are you a part of a franchise?
- Do you own the Franchise?
Being in control means you are not reliant on someone else to give you success. You control the variables, thus you control the success.
I hope you found this informative. Let us know if you have an other tips or questions about choosing the thing.