- Criteria 1: Long-term Business
- Criteria 2: Profitable
- Criteria 3: Low Startup Cost
- Criteria 4: Business You Can Build in 1-2 Hours a Day
- Criteria 5: Cash Flow
- What Business Should I Start in 2020?
If you want to build a profitable business you own as quickly as possible, it must meet five criteria.
Criteria 1: Long-term Business
The first criteria, long-term. If you’re building a business that’s built for short-term cash but is not gonna be still viable months or years from now, in my opinion, you’re wasting your time. If you want a good solid business that can replace your income, that can exceed your income, that can fuel the lifestyle you want to live, you want a business that’ll be around at least five years. To me, five years is the minimum. Because we’ll talk about this in criteria number five, where there’s another important reason for this.
Criteria 2: Profitable
Second criteria, profitable, which sounds obvious but a lot of times it’s not. It’s very easy to get confused by what’s going on in Silicon Valley, for example, where people are doing investor pitches all day long, raising money, burning through a bunch of cash, and hoping at some point they make money.
That’s good for them and there’s been some extremely successful businesses built with that model. But for most of us, we don’t have that luxury. We have to build a business that’s actually gonna be producing cash flow and profits for us almost from day one. Maybe you put a few thousand dollars into it, which we’ll talk about in criteria number three. But beyond that, you need this business to actually make money for you, not just hope some day that you’ll get enough users and at that point, you’ll be able to start making money. You need to be making money as quickly as possible, ideally within the first six to 12 months.
Criteria 3: Low Startup Cost
Third criteria, low startup cost. This is important because then you don’t have to spend all your time going out there raising money, begging people for cash, friends and family member, or taking a bunch of risk by putting a bunch of your money into it.
You want a business that can be started ideally with as little as a few thousand dollars, maybe at most five to 10 thousand dollars. Anything beyond that, if you’re starting a business completely from scratch and you’ve never done this before, no experience in the industry, no experience building businesses, in my opinion, you’re taking too much risk. So start a business that you can build almost in entirety until it actually becomes profitable with just a few thousand dollars. Criteria
Criteria 4: Business You Can Build in 1-2 Hours a Day
Number four, a business you can build in one to two hours a day. The reason this is important, because in all likelihood, you have a job or you have another business. And in that case, you don’t want to have to quit your day job to start a business that may not work at the end of the day. Hopefully it will, and if you keep at it long enough, it eventually will.
But if you’re building a business that you have to put so much time into that you have to quit your day job, and if it’s not profitable, if it’s not changing your life in a month, for example, you have to go back to your job, you’re likely gonna throw that business away and you’re not gonna stay at it long enough to actually be successful. So part of this is being able to stay in the game long enough until you’re successful. So you want to build a business that can be built in about an hour or two a day, where you don’t have to quit your day job to do it.
Criteria 5: Cash Flow
The fifth and final criteria, cash flow. What do I mean by this? So you want a business that can be producing cash flow for you as quickly as possible, ideally within a few months, but at most six to 12 months. A business that you can actually be putting money into your pocket every single month from the cash flow from the actual business. Very important criteria.
Also, you want a business that has real value, a business that can be sold and you can cash out at some point. All these criteria end up working together because if your business is not a long-term focused business, nobody’s gonna want to buy it because it’s gonna be completely obsolete or no longer viable in three years. Why is somebody gonna buy it from you? ‘Cause they’re just gonna buy something that’s worth nothing.
BUT if you’re building a good solid long-term business that can be viable for 5, 10, 15 years, then they’ll be more than happy to pay you for that money so you can get all that cash in your pocket while they go on and they reap the future cash flow rewards. So you want a business that can be producing cash flow for you in the short-term, and a business that’s sustainable and viable so that somebody will actually want to buy this thing from you and you can take all that money. And hopefully, it’s a life changing amount of money, millions of dollars, you can put in your pocket and use to basically be financially free for the rest of your life
What Business Should I Start in 2020?
Now there’s a business model that I discovered about 10 years ago that’s even better today. You get to own the brand, you own the business, and it meets all five of these criteria. It involves creating and selling your own brand of high quality products and using Amazon to do 90% of the work for you. Best of all, the events of 2020 have created a huge demand unlike anything we’ve ever seen before on Amazon. Now I want to show you how to crack the code and reap the rewards. So join me for a free training where I’m gonna show you each step to build your own profitable business with this model. Now click the link to grab your spot. Do not miss this opportunity, because it’s not gonna be available for long!
Matt Clark is the Chairman and Co-Founder of Amazing.com, a serial entrepreneur, and investor. He’s been featured on Forbes, CNBC, and Entrepreneur.com.