The BEST Businesses To Start In 2024
The Martell Method w/ Dan Martell
Dan Martell
4.9 • 628 Ratings
🗓️ 4 February 2024
⏱️ 12 minutes
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Summary
▸▸ Get My New Book (Buy Back Your Time): https://bit.ly/3pCTG78
In the investing world, insider information is everything.
It's the difference between making a smart decision or a costly mistake.
Launching a new business is no different.
I've seen too many bright-eyed entrepreneurs sit back and not take action because they can’t decide what business to start.
Most waste 5 years of their life in the wrong business…
Or they spend 5 years sitting on the sidelines.
So to help you avoid these mistakes I’ve cut through the clutter, and analyzed all industries, the gross margins, market demands – the full spectrum.
In today’s episode, I’m sharing 4 game-changing business opportunities you can start in 2024.
▸▸ Get My New Book (Buy Back Your Time): https://bit.ly/3pCTG78
Transcript
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| 0:00.0 | Welcome to the growth stacking podcast. This is Dan Martell. |
| 0:08.3 | These are the best businesses you can start in 2024. Warren Buffett says great businesses have high gross margin. |
| 0:15.4 | So what is gross margin? Essentially, if I sell a product for $5, but it costs me $1 to make, then my gross margin is $4 or |
| 0:23.7 | 80%. See, the best businesses are ones where you have the highest margin and then also sell for the |
| 0:29.9 | highest dollar amount. What you don't want to be is like a restaurant where the gross margins are |
| 0:34.3 | only 45%. You want to be on the upper end of 70, 80, even 90% gross |
| 0:39.0 | margin. And to do this, you need to understand all the industries. And that's why I've spent a lot of |
| 0:43.8 | time analyzing all the best industries and evaluating all the gross margins from lowest to highest |
| 0:49.2 | that you can start today with very little experience to make this year the best year of your life. The first |
| 0:55.5 | business is a product business. Typically, these companies have 50 or 60% gross margin. Now, I've |
| 1:00.9 | been involved in some incredible product companies like Pila that does a biodegradable phone case |
| 1:05.3 | or laundry sauce, which is a modern day deterging company or a loamy that does a food composting device. And I mean, |
| 1:13.1 | these are literally some of the best companies out there. But I've seen people lose their shirt |
| 1:17.7 | building product companies because they don't understand how to get distribution, how to get |
| 1:22.1 | sales, how to build a product efficiently. And essentially, they take all their savings, |
| 1:26.8 | put it into a product, don't get any |
| 1:28.7 | revenue. So if you want to make a product business work great, these are the three things that you |
| 1:33.6 | need to do right. Number one is you have to pre-sell. See, most product companies use Kickstarter or |
| 1:39.7 | Indiegogo or other crowdfunding platforms so that they can validate demand for the product without losing |
| 1:45.7 | money. Now, I know you've probably been burned by investing some of these crowdfunding campaigns, |
| 1:49.6 | but the best ones know how to do them, promote them, market them, get the money, and then use |
| 1:55.4 | that to actually build the product. The second thing is you have to do direct to consumer. |
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