Products/Services that are Highly Consumerable >>
Unless the products you are selling are big-ticket items which give you huge profits, you do not want to sell it to a customer once and never see him/her again. Examples – Property, Military Equipment, Jumbo Jets etc.
To ensure business continuity and recurring increasing revenue, the products/services should be highly consumerable. This means your existing customers keep coming back to you on a regular basis while you are increasing your NEW customer base at the same time.
Company that you are/will be partnering with >>
Any business that you should ever venture into, would typically involve products/services that are created/invented/manufactured by another company, unless you are innovative enough and have the resources to create your own disruptive technology. Therefore, it is critical that the company that you are/will be partnering with, is credible, financially sound and strong in R & D.
Revenue Model >>
This is the most important and practical factor. The revenue model must make “cents”, literally. How your products/services are distributed and finally reach the end-consumers, thus translating to profits is the key! |