The 5 Business Must-Haves
The 5 Business Must-Haves
According to the Small Business Administration (SBA), 627,000 new businesses get started each year. However, only 51% of businesses last past the first five years.
This can sound discouraging, but there is a bright side: There are people out there who can teach you how to launch a business properly. It’s people like this who give the average business owner the edge it takes to survive in the competitive world of commerce.
One example of a person who provides this important service is Ryan Levesque. And I had the opportunity to sit down with him for the Money Revealed docuseries. Ryan gave some insight on what it takes to start a successful business and that’s what I’m here to share with you today.
As an entrepreneur, Ryan’s launched businesses in 23 different markets. With a résumé like that, Ryan is the proud owner of a unique perspective and an incomparable vault of knowledge.
As an author, Ryan wrote a best-selling book called Ask as well as one called Choose that helps people identify the business they want to go into.
During our interview Ryan shared some of the knowledge that he’s built up over the years. Through the research process he embarked on writing his books, he found out that the issue most people were having when it comes to keeping their business afloat is simple: They choose the wrong market.
Ryan shares that when you build a business, you’re essentially throwing a raft in a river. The river is what’s going to take you to your destination — whether that’s financial freedom, impacting others or another goal.
You can buy the best boat and hire the best crew, but if the river is flowing in the wrong direction, you’re not going to get there. If the river is dry, you won’t get there. It’s a matter of choosing the right river. Or, in this case, the right market.
While writing his book Choose, Ryan did some extensive research.
One of the things he learned during his search for the truth was that there are five Must-Haves when it comes to the type of market you choose to go into:
An Evergreen Market
A market that can stand the test of time. It was relevant 10 years ago and will still be relevant in another 10. In other words, you don’t want to try capitalizing on something that will skyrocket into popularity and then “fall off a cliff,” as Ryan puts it.
An Enthusiast Market
It’s important to choose a market that people are interested in the long term. This builds loyal customers who will come back to buy from the same market for years to come.
An Urgent Problem
Within the evergreen-enthusiast market, you need an itch that needs scratching. Successful markets solve problems that are common among people. They find a need and fill it.
A Market That Has Future Problems
You want to become this customer’s partner for life. When you help them become successful, that success should lead to a new problem that you’ll be able to help solve.
You need a market that has players with money, or PWMs. You want an area that people spend a lot of money on — golf, wine, dogs.
A Last Look…
Ryan has plenty of tips up his sleeve and is ready to share them with you through his books.
With his research in your back pocket and the right attitude, you too can be the entrepreneur you have always dreamed of being.
You will be able to stand tall and build a business and a life that lasts.
Dr. Patrick Gentempo