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15 Dec 2019

No Wonder HomeFix Fails: 6 Criteria of a Sustainable Business

As you may know, I have been in business since the age of 5. Since I left my last employer in the year 2001, I have been running my own business in training and consulting for the last 19 years, out of my total 32 years of working experience. 

People inevitably ask me what is a good business that you should get in.  Here are my 6 criteria:
  1. Everyone is a potential customer. You don't want to do business where you have to hunt and select your customers. If everyone can be your customer, you don't need to select any more. There are also very little selling and marketing needed. 
  2. Don't depend on selling to friends. It's more complicated to sell to friends, and no matter what, no one has limitless number of friends. You want to be in a business where you can sell to anyone, anywhere and at anytime
  3. Your product must be affordable to the masses.  The current business I am in involves an outlay of only S$149 or US$127, which is considered affordable in today's context. 
  4. An international business that does not depend on location.  You can sell anywhere via WhatsApp, Skype, WeChat, Line, FaceBook, Instagram, LinkedIn and YouTube. Recently I closed 3 cases via WhatsApp, and last month I closed 5 cases through my FaceBook Group
  5. The business must give you limitless upside, yet you have very little downside. That means minimum outlay and preferably no monthly or periodic maintenance
  6. You have some inborn talent and passion for this product and business.  This is important, for you must be able to ride through the business ups and downs. Without passion, there is no profit.
Based on the above 6 criteria, to me, there are 6 businesses that I could be in, although at present I am only in one of them.  Let me know your comments, thanks.
  1. Training on soft skills for individuals
  2. Training on soft skills for companies
  3. Consulting for individuals
  4. Mobile number analytics and change
  5. Mind training
  6. All sales and marketing businesses

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