Ray Edwards Show The Single Best Business to Start (If You Need Money Now)
I’ve been thinking about what I would recommend as the best business to start today.
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Spiritual FoundationsCome now, you who say, “Today or tomorrow we will go into such and such a town and spend a year there and trade and make a profit”— yet you do not know what tomorrow will bring. What is your life? For you are a mist that appears for a little time and then vanishes. Instead, you ought to say, “If the Lord wills, we will live and do this or that.”
James 4:13-15 English Standard Version (ESV)
Feature Presentation: “The Single Best Business to Start (If You Need Money Now)”While thinking about this idea of the “ideal business”, I ran across an article by John Forde at AWAI. I will link to the article in the show notes. (https://www.awai.com/2009/05/is-copywriting-the-worlds-best-business/)
Forde argued in that article that he has a set of objective criteria for what makes “The Ideal Business” … and these reasons actually go back to an article written in the 1970's by financial guru Richard Russell.
Russell was the writer and publisher of “The Dow Theory Letters”, starting in 1958. Russell died in 2015. But as of the date of his passing, the Dow Theory Letters was the longest-running service continuously written by one person in the business.
So no, he wasn’t writing about copywriting as we know it. And yet – he was a master of the craft.
Anyway, with credit to John Forde and Richard Russell, here are the essential qualities of “the ideal business” for anyone to start.
1. “Sells the World.” 2. Enjoys Inelastic Demand” 3. “Cannot Be Easily Copied” 4. “Has Low Labor and Overhead Costs” 5. “Takes in Cash Billings” 6. “Is Free of All Kinds of Regulation” 7. “Is Portable” 8. “Satisfies Intellectual Needs” 9. “Leaves You With Free Time” 10. “Is Not Limited By Personal Output”
I have two more “reasons why” to add to the list… (these are my own additions.)
11. “Easily Profits Whether Markets Are Up or Down”. 12. “Is a Minimalist Business”.
What do you think? Do you agree or disagree? Shout out at raydwards.com/357 or on Twitter, Facebook, and Instagram, where I am “rayedwards”
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Resourcesawai.com Is Copywriting the World’s Best Business? John Forde takes a look at Richard Russell’s list of criteria for what makes an “ideal business” and analyzes how it shakes out from a copywriting perspective.
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