One of the fundamental challenges faced by the unschooled and the uninitiated in the school of wealth is how to know good and lucrative businesses to go into. This could be frustrating if no help shows up to guide the wealth seeker at this point. This has kept many stranded and stagnant for years.
“The labour of the foolish wearieth every one of them, because he knoweth not how to go to the city”. Ecclesiastes 10:15
There is a how to everything you desire to achieve. It’s your knowing how a task or desire is to be achieved or accomplished that puts you in a place of advantage and positions you to get things done. When the how to achieving a things is unknown life becomes challenging and frustrating.
Knowing how to discern a good and lucrative business will make your journey in the business world a most pleasing and rewarding one. It will help alleviate the frustration and unnecessary hardship and heart ache that one could encounter by going into the wrong business.
Now let’s begin by looking at what business is all about.
What is a business: The activity of making, buying, selling or supplying goods and services for money. It is synonymous with commerce and trade. To the business owner, the ultimate purpose of doing business is to make money.
All businesses fall into four basic categories:
— Manufacturing: A business that makes tangible products.
— Wholesale: A business that buys products from the manufacturers and sells to the retailers.
— Retail: A business that sells directly to the final consumers.
— Service: A business that sells intangibles, such as time or expertise.
Attributes of good and lucrative businesses:
- Good and lucrative businesses must meet and satisfy the needs of customers. It’s in meeting the needs of people will they be willing to give you their money.
- They must operate in large markets or growth markets especially in this age of globalization.
- Must have unique and timely products. There is nothing like a business idea whose time has come. Such businesses take over the market in unbelievable manner.
- Good and lucrative businesses have high margins. Since their products are unique and timely, they enjoy the privileges of monopolizing the market
- They sell only leveraged products. These are products that you produce once and keep duplicating and multiplying them for years to come. Such products generate passive income for you. Writing a good book will fall into this group
- They have residual income. Their products are such that you will always need them for some other products and services…..products with monthly or yearly subscriptions.
- Have few real competitors, as such they control the market.
- Not dependent on one person or the personality of the owner. Such businesses run easily on good systems or structures.
- Usually the first in the market- market leader, as such they dominate their market easily.
- Good and lucrative businesses have investor entry and exit strategy. They can easily be sold if and when the owners get tired or finally decide to retire.
These are some of the things you might need to look out for in any business idea you may want to pursue.
Please note, there is no perfect business. The term “good and lucrative business” is relative.
To Your Prosperity
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