As we continue our recording studio makeover at Ray Edwards, International, I've been going through some past episodes, looking for those that stood out…episodes worth a second listen. The one I found for this week seemed oddly prophetic. It was released about a year before the pandemic began and actually seems even more appropriate in 2021. Don't take my word for it…listen, and hear for yourself. Feature Presentation: “The Single Best Business to Start (If You Need Money Now)” While thinkin...
As we continue our recording studio makeover at Ray Edwards, International, I've been going through some past episodes, looking for those that stood out…episodes worth a second listen.
The one I found for this week seemed oddly prophetic. It was released about a year before the pandemic began and actually seems even more appropriate in 2021.
Don't take my word for it…listen, and hear for yourself.
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”.
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