10 Businesses To Start BEFORE You Get Laid Off In 2024

Summary

The video script explores the concept of recession-resistant businesses, offering insights on starting businesses that can thrive during economic downturns. It discusses various business models tailored to different financial and skill levels, including low-investment service businesses, high-skill consulting, and productized services. The script also covers the acquisition of established businesses and the high-stakes world of SaaS entrepreneurship. It emphasizes the importance of being prepared and strategic in business decisions, especially during uncertain economic times.

Takeaways

• 😨 The script discusses the fear of recession and layoffs, emphasizing the importance of finding recession-resistant businesses to start or invest in.
• 💼 It highlights the personal experience of layoffs during the 2008 financial crisis and the importance of having equity in the businesses one is involved with.
• 📊 The 'Money Matrix' is introduced as a tool to identify businesses tailored to an individual's financial situation and skillset in 2024.
• 🛠️ The first quadrant of the 'Money Matrix' suggests starting a service business with low initial investment and high scalability potential, such as auto detailing, power washing, or landscaping.
• 💡 The script emphasizes the importance of scaling service businesses through strategies like protecting profit margins, adding reoccurring revenue, and focusing on online presence and referrals.
• 🔑 For those with specialized skills but limited funds, the second quadrant recommends becoming a consultant or turning services into productized offerings.
• 💰 In the third quadrant, with higher funds but fewer skills, the script suggests buying a simple, established business in a recession-resistant sector, like a laundromat or self-storage facility.
• 🚀 The fourth quadrant is for those with both high funds and skills, recommending starting or investing in a SaaS (Software as a Service) business, which can offer high rewards but requires significant time and financial commitment.
• 📈 The script provides a detailed breakdown of each business type, including the amount of money needed, skill level, risk, potential rewards, and time commitment involved.
• 🌐 It stresses the importance of having a strong online presence and utilizing SEO and social media strategies to grow a service-based business.
• 🛑 The video ends with a reminder of the potential risks of economic downturns and the opportunity they present for prepared individuals to invest wisely and potentially thrive.

Q & A

What is the main focus of the video script?

The main focus of the video script is to discuss recession-resistant businesses that individuals can start or invest in to protect themselves financially during economic downturns.

Why might someone be interested in starting a recession-resistant business according to the script?

Someone might be interested in starting a recession-resistant business to secure their financial future, especially if they are worried about potential economic downturns, layoffs, and job losses.

What is the 'Money Matrix' mentioned in the script?

The 'Money Matrix' is a tool or method developed by the speaker to help individuals identify which businesses are tailored to their specific financial situation and skill set in the year 2024.

What type of business is suggested for someone with low money and low skill?

For someone with low money and low skill, the script suggests starting a service business that can scale, such as auto detailing, power washing, landscaping, or cleaning services.

Why are service businesses considered a good starting point for individuals with low money and low skill?

Service businesses are considered a good starting point because they typically have low start-up costs, higher profit margins, lower failure risk, no shipping or supply chain issues, and are beginner-friendly with easier client acquisition.

What is the 'Promise Method' and how does it apply to scaling a service business?

The 'Promise Method' is a seven-step strategy to scale a service business. It includes protecting profit margins, adding reoccurring revenue, establishing an online presence, leveraging referrals, using interpersonal strategies for customer acquisition, and managing customer expectations through reviews.

What does the acronym BRRT stand for and what is its significance in the script?

The acronym BRRT stands for 'Buy a Boring Business in a Recession-Resistant Sector'. It signifies the strategy of purchasing an established, stable business in a sector that is likely to remain profitable even during a recession.

What are some examples of simple businesses that someone with high money but low skill could consider buying according to the script?

Examples of simple businesses that someone with high money but low skill could consider buying include laundromats and self-storage facilities.

What is the significance of the statement 'buy when there's blood in the streets' in the context of the script?

The statement 'buy when there's blood in the streets' is a metaphor suggesting that during times of economic crisis or downturn, there may be opportunities to invest or buy businesses at lower prices, potentially leading to high returns when the economy recovers.

What is the potential downside of starting a high-growth SaaS (Software as a Service) company according to the script?

The potential downside of starting a high-growth SaaS company is the high level of investment required, the risk involved due to the high cost of building the business, and the significant time commitment needed to scale the business successfully.

What is the average sales price for a SaaS company and what multiple is typically applied?

The average sales price for a SaaS company is $1.65 million, and the average multiple applied is 3.63, which is typically on revenue, not profit.