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·Once the vision was defined, I needed to come up with an idea and a business model to take me there. I was flexible on the idea but not on the business model. It was essential that it could eventually lead me to more free time.
There are many kinds of entrepreneurial ventures. For most of them, the more successful you are, the more you work. This could not represent my reality because in that case, I was better off staying in corporate and taking on less risk.
It was important to choose a model that, if successful, would mean less work for me.
I defined four key criteria for my business model:
I sought a project requiring low capital requirements because I had little cash to spare, and I did not think that large investors would be attracted by my desire to eventually stop working and apparent lack of ambition (more on this later).
The project needed to have enough scale to eventually justify an exit of over $10M while still offering a strong growth outlook for the potential buyer. That amount was necessary to achieve my financial objective after accounting for taxes and any share dilution. The growth consideration is an important requirement for any sale.
The model should lead to limited operating complexity and a solid P&L leading to passive income until an exit became reality.
The business should not rely on my persona since I was planning to exit and not be linked any more to the venture.
I identified my ideal business model as a digital subscription solution requiring limited funding, low fixed costs, and offering large scale.
Based on your aspirations, what would be your ideal business model?
TRAVEL UPDATE - STAGE 5
Distance: 29.5 km
Cumulative Elevation: 1,733m
Time: 8 hours
Weather: Cloudy and windy