Shortcuts vs Better Races

Deep down we all want a shortcut. To win the lottery, to stumble upon buried treasure, or be an heir to a long-forgotten fortune. Unfortunately, for most of us that isn’t the case. We have to work hard and do what we can to make it.

These same feelings in business exist. We all want a company that is an overnight success. Where you wake up one morning with millions of dollars in your bank account. You barely lift a finger and have enough money to buy a sports car for every day of the week. If you can find a business like that, let me know. There are no shortcuts when building a business. You have to do the work day in and day out. Very, very rarely is there one silver bullet that changes everything. Media companies like to write stories about how some companies became overnight successes from one marketing campaign, but that is rarely the truth. The fact is that all businesses are hard, however, there are some industries that are easier.

What do I mean by this?

Let’s say you are in between starting two companies. A commercial carpet cleaning company or a cell phone manufacturer. Given your current skill set, which one do you believe has the higher chance of success? You will probably say (unless you are Steve Wozniak) a commercial carpet cleaning company. Why is that? To become a cell phone manufacturer you have to raise millions (if not hundreds of millions of dollars), compete in arguably the most litigious and competitive sector, and spend millions of dollars to win the business of customers from some of the most respected and trusted brands on Earth. This is not to say that you are dumb or not smart enough, it is just really, really hard.

With commercial carpet cleaning it is a lot more straightforward. Lower startup costs, lower competition, and you can target a really tight-knit geographic zone very cost-effectively. Yeah, you might not be a billionaire from carpet cleaning, but your odds of success are exponentially higher.

So, what is this all to say? Don’t be wooed into feeling like you have to pursue the big, sexy, ultra-competitive industry. Look for businesses that are high AOV, high margin, low competition, and maybe a bit off the beaten path. You will be surprised by what you find.

P.S. Keep this a secret.