What 3 things does John Paul DeJoria consider before launching a business? Source: Wikimedia

If you have an idea for a business that has been lingering at the back of your mind, maybe it is time you take some action. Listening to the advice of those who know is a good way to start.  Billionaire John Paul DeJoria, who was homeless twice before becoming a billionaire, may have a word or two of advice for you. There are actually three aspects that he considers before deciding if a business has real potential for success:

  1. Potential for scaling

DeJoria looks for products that have the potential of benefiting masses of people, not just a few.  This concept is very simple.  It is about identifying a problem affecting a large group of people, coming up with a solution, and providing it for them.  For instance, Dejoria’s newest project, Aubio Life Sciences makes a lip balm that helps cold sores disappear. About 3.8 billion people in the world suffer from cold sore virus, Dejoria says, which is a rather huge market.

  1. Potential for repeating customers.

DeJoria says, "You don't want to be in the selling business.  Instead, you want to be in the reorder business, where your product or service is so good, people want to reorder it or reuse it."

So, he looks for products that you do not have to be offering over and over again.  He aims towards products that will become part of people´s routines.

  1. Potential for affordable pricing

DeJoria addresses the majority of people that can afford inexpensive products.  So these are priced in such a way that they do not become prohibitively expensive.  The Aubio lip balm and Paul Mitchell products are all within the reach of people. "All three are premium products, but they are all priced realistically," says DeJoria.

 

Lastest News

How to Make a Successful Real Estate Deal?

How to Make a Successful Real Estate Deal?

Purchasing your first home can be an upsetting, nerve-wracking event. Notwithstanding buying another TV is not something you need to take daintily. When you aggravate that price tag a hundredfold (at any rate), it's nothing unexpected that numerous potential home purchasers escape. Be that as it…

View Full Article …
Ways to Invest in Real Estate

Ways to Invest in Real Estate

If you are looking to invest in a real estate the best way is to directly purchase the properties. There are any different strategies that can be used. One way is to buy a property and hold it for certain period of time. This process requires an active management and it could prove to be very labor…

View Full Article …
Real Estate Attorney

Real Estate Attorney

The guidance of an expert is required in case of buying or selling of real estate property to know about the legal responsibilities involved and required in the process. It is advisable that you must contact a real estate attorney to help you on your case as he can assist you in buying a property…

View Full Article …
Property Management Contract

Property Management Contract

Property management can be defined as the overseeing of a real estate. It can also include the managing of personal possessions like tools, equipment and assets. If such an agreement takes place between parties, the contract for this agreement must contain all the points on which both parties have…

View Full Article …
Getting a Private Mortgage Loan

Getting a Private Mortgage Loan

There are different steps that you need to follow when you are considering to apply for a private mortgage. The first step is to hire a mortgage broker who has knowledge on how to get a private mortgage. The process for getting a private mortgage is relatively simple and fast. In many cases you may…

View Full Article …