You always hear “9 out of 10 businesses fail”.
But do you know why?
They fail because they were doomed from the start.
These questions will help you avoid making the same mistake.
1. What Problems Have I Solved Effectively?
At its core, biz is about solving problems for money.
If you’re offering to solve a problem but suck at it, you will lose.
- i.e. You offer to shoot wedding photos but have no idea what you’re doing.
Word will spread fast and no one will hire you.
Think about:
- ways you make your own life easier
- problems you have solved for yourself
- problems people ask you to help them with
- things that are abundant for you that are scarce / harder for others
etc.
And you’re on the right path.
2. What’s The Size Of The Audience (TAM)?
TAM = Total addressable market.
This is the total potential revenue you can generate with your business.
If you’re solving an unimportant problem that few people are willing to spend money on, you won’t make much.
Look at the niches where even mediocre companies are making millions.
- Clothes
- Supplements
- Info-Products
Etc.
“But aren’t they saturated?”
Yes.
Contrary to popular belief, saturation is actually a GOOD thing.
3. Is It Scalable / Highly Profitable?
A lot of people hit a ceiling because their biz structure isn’t scalable.
- It takes too much time + energy to fulfill an order
- There isn’t enough profit being made to justify the work
- You don’t have the potential to become a multi-millionaire
People fail at this point because they don’t understand the SYSTEM aspect of business.
They’ve basically just created a more stressful 9-5 for themselves.
(Only it’s 9-9).
A biz is supposed to be a vehicle for leverage that multiplies your earning capacity.
(And keeps your time free).
Anything else is a massive trap.
4. Can I Tolerate The Boring Aspects?
Every single biz involves some degree of boring tasks.
It’s a lot harder to do the work if you’re in a niche you don’t really care about.
(Just in it for the money).
It’s better to choose a profitable niche you also enjoy.
5. Is This Business Something You Are Uniquely Suited To Win?
Most of success in life comes down to the games you choose to play.
- Do you have certain traits that others don’t have?
- Do you have an unfair advantage?
- Do you have unfair positioning?
Etc.
A lot of people step into rigged games without realizing it and then they wonder why they keep losing.
When you start with the end in mind, you’re already 99% of the way there.
Conclusion
Just by reading this article, you increased your probability of success by at least 10000000x.
If you ignore these questions, you are doomed to fail.
If you align yourself properly, you are destined to do well.
Choose a biz / industry / etc where it’s hard NOT to make $ and it’s literally impossible to lose.
Just….. run the numbers.
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My name is Mister Infinite. I've written 300+ articles for people who want more out of life. Within this website you will find the motivation and action steps to live a better lifestyle.
