5 BAD Business Ideas You Need To Avoid
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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Пікірлер: 47
Amazing content. Thanks for sharing and excellent presentation.
Nice video! Thanks
What a BOSS!!! Thanks as always brother ✊🏽
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.
@antfungames
28 күн бұрын
What’s your business about?
Really enjoyed this. Thanks Daniel.
@KeyPersonOfInfluence
28 күн бұрын
Glad you enjoyed it!
💯agree! Thank you for sharing the insights
@KeyPersonOfInfluence
28 күн бұрын
Thanks for watching.
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.
@DanielPriestley
28 күн бұрын
Like it.
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.
@KeyPersonOfInfluence
29 күн бұрын
Thanks for watching, Stephen. Appreciate the comment!
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
I'm curious: How do you find creative agencies as business models, Daniel? Thanks for your inside; it always stands out.
@yahyaalqauodhi9411
5 күн бұрын
Been wondering about that too
What are examples of those IP, media, software, data businesses please?
@johnny_belmont
27 күн бұрын
I would also like to know some examples
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!
@drr7027
28 күн бұрын
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.
@sarahouis
28 күн бұрын
@@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 👍🏼
@DanielPriestley
28 күн бұрын
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.
@ianorr760
28 күн бұрын
@@DanielPriestley That’s great, thankyou for your reply… much appreciated 👍🏼
How about hosting game competitions business
It’s supplements considered food?
Well the only business I'm passionate about and desperate to start ticks 3 of those boxes 😅😅
Would gyms be the same as salons? Or chiropractors?
@ss1bomber
28 күн бұрын
I would think so. All that gym gear costs a load of money and it’s location based
what about an event ticketing platform that leverages cutting edge technology?
@nicomoloi936
28 күн бұрын
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.
@bztrd80
28 күн бұрын
Seatgeek?
What’s the best starting businesses with really low funds and experience
@DanielPriestley
28 күн бұрын
B2B services
How about an Education business, Teaching the English language to people all around the world?
@johnny_belmont
27 күн бұрын
Chatgpt will do that in no time.
@user-yj2gy1cw1b
27 күн бұрын
@@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."
@johnny_belmont
27 күн бұрын
@@user-yj2gy1cw1b I can only wish you are right
What about a dating app idea? It has: Software Data IP Media
@DanielPriestley
28 күн бұрын
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.
@salimahhaji8132
28 күн бұрын
Thanks for this valuable video. Love your insights. What do you think about an online fashion business or real estate education businesses?
@antfungames
28 күн бұрын
@@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.
@nicomoloi936
28 күн бұрын
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
@elhameftekhari1585
28 күн бұрын
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.