Choosing the Best Business Idea
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Be certain you have a high profit margin. There are very few companies that can compete long term on a "we are cheaper" marketing platform. In any new business, you need to watch your cash flow -- and if you're trying to work with low profit margins and make gains in volume, you'll need to have a high level of working capital to keep you running through the lean profits early on. Having a higher margin is extremely important when you're growing a business so you can self-finance your growth.
Build a strong support team because a good idea isn't enough. The idea counts most, yet a quality idea must still have a great team of people behind it to give it wings. Time after time, when people bring me a business investment proposal or an idea they want to take to market, I ask them who's on their team and they respond with something crazy like, "Oh, we haven't hired anyone yet." Get a board of advisors. Get a team of professional accountants, coaches, lawyers and bankers. A great team will greatly improve the chances for success of any business.
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