My quest for the past 2 1/2 years has been the perfect business. I’m giving myself 6 years to build one. AshBo, a 17 year old, already has one with Whateverlife.com.
What makes a perfect business?
#1. The perfect business makes money when you are sleeping. Money has to be coming in the doors whether you are working that day or not. If you only make money when you work, then it’s a job. Some people mistakenly call this “passive income” but it’s not. It’s a revenue stream from an asset.
Examples of Perfect Business models: Any smart dot com – eBay, PayPal, Whateverlife.com, Flickr, MySpace, FaceBook, LinkedIn, and yes – the eBay Pulsers’ eBook sales.
#2a. Minimal expenses. The business only needs a few servers and a couple of fast, efficient, smart people. No office, no furniture, no waste.
#2b. No inventory costs. Think of the risk when you hold inventory and the cash it ties up. This eliminates the sales of all physical goods. This eliminates Amazon and eBay sales of hard goods from the perfect business list.
#3. Scalable. You can serve thousands to millions of people.
#4. You can quickly respond to market changes. Think: morph the service to the next hot social networking scene.
#5. You can sustain your business even if someone quits. And no employees, just contractors.
To get started, get your domain name from GoDaddy for $6.95. Host your service on a shared server for $4.95 a month at Glowhost.com. Learn some basic HTML and CSS – it’s not that hard. Find someone who knows PHP and MySQL -> like, email me. I love to help people.