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The formula for a great beginner business model in 2020 (and beyond):
Low Expenses + Recurring Payments + Big Market
This took me 4+ years of running businesses to figure this out. Hopefully this saves you time - your most valuable asset...
Low Expenses + Recurring Payments + Big Market
This took me 4+ years of running businesses to figure this out. Hopefully this saves you time - your most valuable asset...
Investing a lot of (or any) money into a new company is not realistic for most beginners in 2020. The good news for you is that you need about $500 to get started.
Pro tip: do not waste 6 months asking banks for loans you will not get and certainly don't need.
Pro tip: do not waste 6 months asking banks for loans you will not get and certainly don't need.
Low expenses: gives you two very important things.
1.The ability to get started
2.The ability to keep going
Without these two freedoms it's not possible to win in business. Winning takes consistent action over long periods of time.
1.The ability to get started
2.The ability to keep going
Without these two freedoms it's not possible to win in business. Winning takes consistent action over long periods of time.
Recurring Revenue: Everyone loves recurring revenue and I don’t blame them. Is there anything better than knowing on the 1st of the month you’ll make at least “x” that month?
No, there is not.
No, there is not.
The real value of recurring revenue is that it will allow you to focus on continued learning and experimenting. Experimentation is crucial to business growth. I've yet to meet somebody whose initial idea was perfect.
Big markets: give you the power to try different things. Iteration of small successes over and over will lead to massive success. Big markets give you an endless runway to iterate until you find massive success.
The formula for getting started in 2020 is very simple. Use the power and scale of the internet, inexpensive software tools, and grit to build a successful business.
Just remember to keep expenses low, charge monthly, and start in a big market!
Just remember to keep expenses low, charge monthly, and start in a big market!
