The 5 Pillars are really just applying some basic common sense to the evaluation process but nowadays we are confronted with so many opportunities that we need to have a sensible strategy for deciding whether or not to become involved in something, the 5 Pillars are an attempt to help you make the correct decision.
1. Choose a Company with an Established Track Record
Instead of starting from scratch and developing your own company which means you are leading with a completely unknown brand, far better to buy into an existing company which allows you to brand yourself with excellence immediately, by doing this the chances of being successful are increased massively.
An example of this could be buying a franchise with Mcdonalds, the thing with Mcdonalds is the Brand is known worldwide, people know exactly what to expect whenever they walk into any branch of Mcdonalds.
2. Timing in the Marketplace
Timing is crucial and one should look for a product or service that has not yet been launched in a particular country or is still fairly new which means in a very small space of time you can become an expert and market leader in the country of choice which again will increase your chances of success.
The pioneers in any market or industry, assuming they have a good product will always be successful so long as they have the right marketing strategy.
3. A Remarkable Product or Service
The product or service that is offered is everything and it has to be truly remarkable in every shape or form whilst giving people a massive benefit that they absolutely cant do without, that way they will be repeat customers for life or for a very long time and happy customers means constant referrals to buy the product.
4. A Serious Income Potential
It almost goes without saying that one needs to be able to make money but the process needs to be very very simple and should result in you getting paid on a repetitive basis when the original work has already been done.
The classic example of this is in producing a website that sells a digital product that people can download instantly, All the necessary work has been done and yet every time someone appears on the website and buys you will get paid every time, if this can be achieved in the simplest possible way then the likelihood for success will be greatly increased.
5. A System that is easily Duplicatable
Whatever product or service is on offer needs to be delivered in a systematic way that is both easy and practical for the consumer. You could have the best product in the market place but if you cant get it in front of your customers in the appropriate way then your competitors who figure this out will do better than you with an inferior product.
The classic example of this is the PC over the Apple Mac, most people who understand computers will admit that the Apple is by far the superior machine and yet the PC is in many many more homes across the globe than the Mac. Its not rocket science to figure out why, it all comes down to marketing, the message about the PC was delivered in a far more effective way so that is what people bought.
Written by Michael Young