5 BAD Business Ideas You Need To Avoid
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- Опубліковано 8 чер 2024
- Thinking about starting a business? Here are five types of businesses to avoid and why...
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1. Food businesses: Perishable items, strict regulations, and low margins make food a tough industry.
2. Fixed location businesses: High setup costs and local market limitations make it hard to scale.
3. High capital-intensive businesses: Constant reinvestment needed, making it hard to reach profitability.
4. Highly regulated businesses: Hard to differentiate when everyone follows the same rules.
5. Sexy businesses: Attract too many people who aren’t focused on profitability, leading to high competition and low returns.
Instead, consider businesses related to intellectual property, media, software, or data for better scalability and profitability.
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I'm just pivoting from my successful, but "me-intense" business to another similar one for which I have high hopes, and I was terrified my business would appear on the BAD BUSINESSES list. Not only is it not on the list, but it's on the "good business" list. I have a huge amount of respect for you Daniel and all that you have taught me. I don't think I would be as far ahead in my current book - my 4th, incidentally, but my first to be self-published - if it weren't for you. After reading KPI it gave me a huge boost of confidence to see that I fitted all the Ps on the list, and now I am leaning in to expanding on each of those categories. To anyone reading this who has yet to read EVERYTHING Daniel has written, please do so - you can thank me later. And of course, thank YOU Daniel, you are a superstar.
What’s your business about?
I wish I'd seen this video when I decided to start an online store as a 20 year old - it would have saved me so much money and headaches lol
Excellent magnifying glass on why digital business can be much more "businessy" than traditional ones. Name of the game here in a nutshell is unique and brandable IP that can provide scalable results.
Thanks for watching, Stephen. Appreciate the comment!
Nice video! Thanks
Amazing content. Thanks for sharing and excellent presentation.
What a BOSS!!! Thanks as always brother ✊🏽
What are examples of those IP, media, software, data businesses please?
I would also like to know some examples
Really enjoyed this. Thanks Daniel.
Glad you enjoyed it!
Crisp content. Really loved the way it is presented as always by Daniel. I would love to have your perspectives on B2B Management Consulting business targeted towards a very specific industry.
Like it.
I'm curious: How do you find creative agencies as business models, Daniel? Thanks for your inside; it always stands out.
Been wondering about that too
💯agree! Thank you for sharing the insights
Thanks for watching.
How about hosting game competitions business
as always great share! I've started a coaching business for lawyers helping them build a qualified audience, authority & generate leads on LinkedIn. In theory it ticks all the boxes you described in terms of IP, software, media... but I doubt about the ability to really make millions of it though 🧐 given my price points (2-5K per year per person) and I can only take on 4 people per month.
B2B (selling to law firms) has not really proven to be the right market for me VS solo, small law firm owners (who also have a lower disposable income, scarcity mindset and behave like consumers with their money) - which means I'll probably need to scale & do higher volume (I think?)
Would love to get your feedback on this!
What about going for group coaching rather than 1:1? Or a digital course plus the option to add 1:1?
I’m just starting a health coaching business and I intend to start 1:1 to get some feedback and social proof then move to online group, partly because I have a health condition that limits my screen time but also, it’s scalable.
@@drr7027 thank you for sharing your insights!
I do group already (which is my flagship offer 5K) - so far it attract 5 people / group who really want the speed and accountability
I am trying the membership model at a more affordable monthly subscription ($300) which seems to have a market too
But there is still an element of 1-1 involvement which means both options aren’t super scalable as such
Which is where I am thinking I could have an offer ecosystem problem.
I hope your venture will go well
1-1 is a great way to start and gather social proof for sure!
Thanks Daniel, I love the content you put out… I would love to hear your thoughts on trades businesses. I’m an air conditioning and refrigeration technician and know I need to stop “working for the man” in order to thrive. Do you see ways that trades can integrate, content, data and technology?
Many thanks in advance 👍🏼
Trade businesses can be amazingly successful. The key is to do things that most don’t like building a brand, creating content, using software automations etc.
@@DanielPriestley That’s great, thankyou for your reply… much appreciated 👍🏼
It’s supplements considered food?
Well the only business I'm passionate about and desperate to start ticks 3 of those boxes 😅😅
what about an event ticketing platform that leverages cutting edge technology?
Technology means nothing, key factor is high demand and low supply for the event. The question is how do you create the demand of the event by leveraging technology.
Seatgeek?
Would gyms be the same as salons? Or chiropractors?
I would think so. All that gym gear costs a load of money and it’s location based
What’s the best starting businesses with really low funds and experience
B2B services
How about an Education business, Teaching the English language to people all around the world?
Chatgpt will do that in no time.
@@johnny_belmont "I agree, but having a live teacher as a companion would make your learning journey easier. Not everyone has the motivation to wake up and seek help from AI. Depending solely on AI could result in easily losing your progress. However, if you have scheduled classes with a teacher, you are more likely to join the lessons since you've paid for it."
@@user-yj2gy1cw1b I can only wish you are right
What about a dating app idea?
It has:
Software
Data
IP
Media
You raise a great point - these are notoriously difficult because they are marketplaces. A marketplace requires you to get both parties in one place and then take a fee for connecting them. This is a lot easier said than done.
Thanks for this valuable video. Love your insights. What do you think about an online fashion business or real estate education businesses?
@@DanielPriestley Good point yes, building a marketplace is really really challenging, especially in the early stages where nobody's in the market. You need lots of capital to populate both supply and demand.
Make a dating app specifically for old people (baby boomers) - you stand a chance of success because is a neglected market. Run a waiting list campaign targeting the old age market - high signal of interest means you have a winner
How about a sourcing company?
Btw, your videos are amazing. Thank you!
I’m about to get into a super tricky industry-cannabis. So many layers and uncertain legal conditions but huge growth is yet to come. My focus is on IP not products and I see so many untapped markets.
I really like these videos. But can the editor please stop zooming in and out and in and out of the video. It is highly annoying and distracts from the message.