15 Characteristics of an Ideal Business (excerpt is taken from the book)
1. Sell to masses.
At Primerica, our market is infinite.
2. Fulfill a fundamental need for many people.
Primerica provides financial services. Everybody has a need for what they do. Kids need college funds, families need to get out of debt and save money, old adults need a way to preserve their savings as long as possible.
3. Be low risk.
Primerica agents don't have any risk. There is no quota and there is no time table. If agents want to take off from work, they can and nothing will happen to their business. Only thing they have to worry about is keeping their license active, which isn't a problem at all since agents know what to do to renew their licenses.
4. Provide the opportunity for ongoing passive income.
At Primerica, agents can make passive income 2 ways. First way is by recruiting and making overrides. Second way is getting a securities license and get paid on securities business forever.
5. Require a low staff component.
At Primerica, you don't need to hire any employees. You can run the entire business by yourself because there is already 2000+ employees at the home office to help you process your paperwork.
6. Have a stable, growing, long term demand.
Financial services is going to be in high demand for a very long time because many people are in a financial mess.
7. Have a low overhead cost.
At Primerica, there is no overhead cost since you don't need to buy any equipment. The only incurring cost you may have is traveling and communication service such as GoSolo.
8. Have a low startup cost.
At Primerica, it only cost $199 to startup.
9. Have a unique quality, making it difficult for competitors to copy.
While there is many other financial companies out there, they only do parts of what Primerica can do. Primerica does it all! They do financial planning, life insurance, mortgages, debt elimination, investments, retirement plans, college plans, prepaid legal, long term care, and auto and homeowner's insurance.
10. Have a positive cash flow and low inventory cost.
Even though it cost $199 to startup at Primerica, you can make all that money back by doing business with one client. As for inventory, your only inventory is purchasing brochures, which is optional and they cost as little as 5 cents each.
11. Have a high profit margin and rate of return.
You can make profits if you get to work. There over 50 people who makes 7 figures in a matter of 10-25+ years. There are over 1000 people making 6 figures as well.
12. Have minimal government regulation.
Primerica is a very regulated industry, but they have very little or any government agents interfering with daily business activities. Why? Its because Primerica agents follow the rules and laws.
13. Be portable.
At Primerica, you can move or open your business anywhere in your country.
14. Be fun, challenging, and satisfying for the business owner.
At Primerica, it is fun because you are hanging out with people who wants to be financially independent. It is challenging because you face skepticism and objections. It is satisfying when you realize that what you do helps people.
15. Provide an opportunity to uncover other money making multiple sources of income.
At Primerica, you can use your money to do other things. There are several people who use the money they make at Primerica to purchase real estate. One person bought a shopping mall, some condos, and other properties and make money from that.