Richard Russell is right up there with Warren Buffet as a modern day icon of the investing community and widely published for his work on The Dow Theory letters, particularly in relation to business cycles and market trends. Richard produced an article titled ‘The Perfect Business’.
I was reading an article on the weekend by marketing legend and author Seth Godin on the concept of Ideas Viruses.This got me thing about Richards article. When I first read it back in my financial planning days, it was his concepts that got me started down the technology path.
You know how you learn things, you know you know something, but it is in the back of you mind and not regularly in your face? Well this was basically the case with the concept of 'The Perfect Business'. So I thought I would revisit Richard's article and see how our The Cash Back App (TCBA) stacks up.
What are the 12 key elements to the theoretically perfect business?
- Sells to the world.
- Inelastic demand.
- Cannot be easily substituted or copied.
- Minimal labor.
- Low overheads.
- Does not require big cash outlays.
- Enjoys cash billings.
- Not buffeted by all kinds of government or industry regulations.
- Portable and easily moveable.
- Satisfies you intellectually
- Leaves you with free time.
- Income is not limited by your personal output.
In reality many businesses can only dream of such things, because the reality of their business, industry and the way they operate will mean they cannot satisfy many of these measures. Nor are they likely to achieve them. Our business is about ticking all these boxes for our merchants, members and our Ambassadors.
So lets see how The Cash Back App stacks up?
- Through our technology we can expand in to global markets anytime we like. 2014 will see some major international markets opened up. The USA & UK are the two obvious places to start, however we have a number of smaller markets we are also looking to open next year.
- We are dealing with everyday consumption of products and services people need to live. This is not going away.
- Our technology and systems are cutting edge. So it is no easy to duplicate what we do.
- We make our App easy to use and it is in everyones pocket. It is about having a conversation and pushing buttons.
- If you have a smartphone then there is no additional cost to you. The App is Free for members and you use technology and services you already have. For merchants and ambassadors, the start-up costs are minimal and you simply fit this in to your current activities.
- Free for members, and low cost for merchants and Ambassadors.
- There are no new products to sell, it is about people spending money they already spend, only doing it smarter and getting paid to shop.
- We deal with mainstream consumption, business practices and technology.
- It is on your phone. You can generate international income as soon as we open a new country, simply by sending an email, SMS or social media post.
- TCBA gives you a business at the cutting edge of technology, social and consumer trends.
- What you have here is the opportunity to create genuine passive or recrring income. When you have cashflow that you do not have to trade your time to get it, what you end up with is true freedom of choice as to what you do with your time.
- By building shopping communities through the App, you now have a community of people growing a shopping network and being rewarded for it. This gives you income growth that is not solely reliant on your own efforts.
To read the original article by Richard Russell - Click Here.