Dan Lok is a very successful businessman who wrote an interesting book titled FU Money. Though I’m not a big fan of the title, I understand what he is saying. FU Money is about having the full freedom to do whatever you want and not rely on anyone else for your way of life. Dan identified seven characteristics of a business that can put you in a position of having that kind of freedom. Here they are…
1. Do what you love
They say if you love what you do, you’ll never work a day in your life. Well, I’m not sure if that’s entirely true, but loving what you do makes it a lot easier to get up and do it every day. Being passionate about your business is key in making sure you have the grit to see it through. Also loving what you do will make you curious about your business and motivate you to learn as much as you can, improving your ability to deliver on your business every day.
2. Stable, Long-Term, and increasing demand
Have a business that provides something you know people will need for years to come. It’s tough to create a new product and a new market, not to mention it’s costly. Try to find what people need today and provide a way to give that to them. Become a “go-to” source for that product.
3. Allows you to be portable
You want a business that you can control from anywhere in the world. Whether it be from an office building in New York or a beach in the Bahamas, make sure your business can be run from your laptop. Leverage technology to run and grow your business.
4. High-Profit Margins
It’s seems obvious that you want to make as much money as possible. But that’s not really the goal. The goal is to keep as much money as possible out of the money you make. Pick a business where you can have high-profit margins and make a good return on your money. A 100% margin would be pretty awesome, and may seem like a difficult goal, but it’s achievable with the right business and systems.
5. Scalable
Your business needs to be scalable, allowing you to make more money with less time invested. You can automate the value to your customers through systems. Once you have a proven product, you just establish the right systems, and crank up the dial.
6. Low Start-Up Cost
In order to start making profit as quickly as possible, try to keep your cost of starting the business low. Avoid borrowing money from people and try to stay away from investors. Build your business with low-cost and hard work. This is the best way to stay in control of your business and keep your independence without any outside pressure.
7. Requires little to no staff
Have a business that can be run by as few people as possible. With a larger staff, you have to hire a manager to manage them, and pay out more money. This eats into profits. Less staff means more profits in your pocket.
The Takeaway
These are seven characteristics of an FU Business that Dan Lok believes can give you the financial freedom from depending on anyone else. Though his book title may be a little crass, his approach to business seems sound. There is a lot of great guidance in these characteristics, but it’s still hard work. You have to be dedicated, determined, and consistent in your effort when starting and growing your business. As you build your business, keep these characteristics in mind if you want the kind of business and money that will set you free.
You can pick up Dan’s book via my Amazon affiliate link here:
