Are you thinking to start your own business for the very first time?
This video is particularly relevant to you…
In this video Matt Lloyd, founder of MOBE, explains the first two things you need to do when you start your own business:
- Choose the right business model
- Choose the right market to enter
The choice of the right business model is what makes the difference between successful businesses and businesses that fail after few years.
Matt shows the importance of having control over your business instead of starting a business that can be potentially affected by external factors that are not under your control.
Another crucial aspect of building a profitable business is to have big profit margins. This becomes achievable especially if your have low fulfilment costs.
An example of business model that fits these criteria?
Affiliate marketing, where you promote other people’s products, services and live events for a commission.
Think about it:
- You don’t have to handle the fulfilment process
- Customer service is done for you
- You get paid quickly before the fulfilment happens
- You can scale it in a short period of time (this would be very hard with a brick-and-mortar business)
What about the niche?
Let’s say you like affiliate marketing as a business model…
What’s the next step?
You need to select a niche, Matt talks about this in his video.
There are several niches available, some of them are:
- Health and fitness
- Weight loss
- Software and services
- Business education and training
I personally agree with Matt when it comes to the potential of the business education niche.
If you learn how a profitable business works and you provide value that allows other businesses to increase their revenue, this can be worth thousands of dollars.
What is the next step?
First of all make sure you watch the video, I’m sure it will teach you lots of valuable lessons for your future.
Then, if you like the idea of learning how to build your business I invite you to join MOBE. The business education platform that helps people around the world to start their own business.