This Is the Best Business to Start
Summary
- The best business to start is one where people don't stop paying.
- Look at your own credit card bill or bank statement to see what you pay for every month; these are the types of businesses people consistently pay for.
- Real estate is a massive industry because people don't cancel their rent; they have to keep paying.
- Other examples include internet bills, alarm systems, and insurance.
- These industries are so big and long-lasting because people can't cancel these services.
- Many of these industries predate the tax code, survive wars, and are over 100 years old.
- You don't achieve a 100+ year institution without making money consistently.
Video
How To Take Action
I would suggest implementing a few simple but powerful steps to start a business where customers keep paying regularly. It doesn't require a lot of money or time, but it can have high value.
Identify Recurring Services: Look at your own monthly expenditures, like your credit card bill or bank statement. Note down the services you never cancel, such as rent, internet, alarm systems, and insurance. These are the types of businesses people consistently pay for without thinking.
Market Research: Once you have a list of possible services, do some quick online research to understand each industry's demand and competitors. This will help you find a niche where you can stand out.
Start Small: You don't need to invest big to start. Choose a service that requires minimal upfront costs. For instance, if you decide to go into a home alarm system, begin by offering basic packages and upsell premium services as you grow.
Leverage Technology: Use inexpensive or free tech tools to manage your business. Use a simple website builder, social media for marketing, and free online software for customer management and billing.
Customer Retention: Focus on customer satisfaction to ensure they keep paying. Provide excellent customer service, ask for feedback, and make improvements based on their needs. Happy customers won't cancel your service.
Build Relationships: Create strong relationships with your customers through regular communication. Send updates, share useful information, and offer special deals to show you care about their business.
By focusing on services that people are already used to paying for and ensuring high customer satisfaction, you'll build a business that generates steady income, just like those massive industries that have been around for over 100 years.
Full Transcript
the best business to start is one where people don't stop paying and the easiest way to figure out what things that people buy that they don't stop paying is to look at your own credit card bill your own bank statement and look at everything that you pay for every month the reason real estate fundamentally is such a big industry is that people don't cancel their rent you have to keep paying your rent people don't cancel their internet bill people don't cancel their alarm system people don't cancel their insurance and so those are why those Industries if you look big picture why those Industries are so big and so long lasting they're predate the tax code some of them they survive Wars and they're 100 plus year institutions and guess what you don't have a 100 plus year institution by not making money
