How to evaluate business opportunities

Last week, I read an article about Samuel Langhorne Clemens, alias Mark Twain. I found the article hard going but I forced myself to push on through. And boy am I glad I did.

Because towards the end, when summing up Twain’s life, the author of the article wrote about all the time Twain spent not-writing, and instead investing in and losing money on various hare-brained business opportunities. Says the article:

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Why did a talent like Twain waste so much time on extraliterary pursuits? The question assumes a distinction he scarcely countenanced between writing and other forms of commercial activity. If there is a constant in his life, it’s his labored obsession with labor-saving. He poured his earnings into schemes meant to spin off money like a perpetual-motion machine.

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That phrase, “labored obsession with labor-saving,” really got to me. It hit home.

So one possible conclusion to this email would be to say that the constant human drive for “labor-saving,” for “almost passive income,” for business opportunities, is what keeps so many people broke, stressed, and working too hard.

Reasonable conclusion.

And yet, business opportunities do exist.

I got into copywriting 10+ years ago because getting paid thousands of dollars to write a sales letter sounded pretty good. And it turned out to be pretty good.

Working on commission with clients and getting paid a share of their profits sounded even better. So I started doing that. It turned out to be even better that straight-up copywriting.

Creating a course that people had already paid for and that I could keep selling sounded still better than working on commission with clients. It turned out to be exactly that way.

So, how do you evaluate possible business opportunities? How do you decide that something is worth diving into? How do you avoid wasting your time, money, and self-respect?

I thought about it. I came up with three questions to ask myself, which maybe you can ask yourself as well:

1. “Is this a 5-month plan or are you ok if it turns into a 5-year plan?”

For example, I hate the very idea of checking charts doing “technical analysis” or trading stocks or other financial vapor. I might be able to force myself to do it for 5 months. There’s no way I could do it for 5 years without throwing myself under a fast-moving train. But the chances that I would be so successful with trading in 5 months’ time that I never have to do it again are nil. Therefore trading, profitable bizopp though it might be, is out for me.

2. “Are you building up some kind of asset regardless?”

I recently thought of running ads to promote affiliate offers. Solid business opportunity, if you have good offers to promote, a good source of traffic, and copywriting skills to bridge the gap.

But what if it still doesn’t work? I have then just spent time and money to run ads to somebody else’s offer, without making money.

The solution in my mind is simple – get those people on a list first before sending them to the affiliate offer. For one, it increase the chances they will buy the affiliate offer in time. But more than that, it turns a black/white business opportunity into a gradually growing asset (an email list) that has value on its own, regardless of whether the direct business opportunity pans out.

3. “What happens if the opportunity disappears?”

I currently have a community on Skool. I was even thinking of starting another one. A lot of people are doing the same. After all, Skool already has a lot of users, plus they make it easy in some ways to run a group in a profitable way.

But what happens when Skool becomes a dumpster fire like Facebook? Or when it shuts down like Clubhouse? Or when it introduces new rules that specifically say, “no Bejakos,” like the r/copywriting subreddit already did?

In that case, I also have the email addresses of everyone in my community. I can simply send them an email and tell them that the community has been moved to a different URL. It would be an inconvenience, but not any kind of failure.

And with that, I have a hot new business opportunity to tell you about, specifically a bridge to sell you.

Well not really. Not even figuratively. All I have is my $4.99 new 10 Commandments book.

The underlying business opportunity there is more effective communication skills.

I don’t know if you’re ok with “more effective communication skills” as a 5-year business plan.

But if you are, it’s an asset that’s only going to build on itself, and one that will never disappear, as long as there are humans and as long as there is business. If you’d like to start investing now:

https://bejakovic.com/new10commandments

The end of info products

THE FOLLOWING EMAIL IS CONTROVERSIAL AND MAY BE OFFENSIVE TO SOME AUDIENCES

READER DISCRETION IS ADVISED

You might be familiar with Max Sackheim’s famous ad, “Do you make these mistakes in English?”

The ad ran for decades, unchanged, and kept bringing in profitable business better than any contender.

Thousands of pages of analysis have been written about the 7-word headline of this ad and the copy that followed.

But what about the actual product this ad was ultimately selling? What about the means by which a prospect could hope to correct his or her mistakes in English? What were prospects actually exchanging their money for?

Sackheim’s copy only teases you about the product, and calls it a “remarkable invention” and a “100% self-correcting device.”

As far as I know, nobody today actually has this remarkable invention stashed away in their garage. Whatever it was, it’s clear it was sold as some kind of tool, a device, and not just information.

This is a well-known direct marketing truth that’s been around since Sackheim’s days and before, back into the age of patent medicines.

A real, tangible, external mechanism — a fat-loss potion, a dog seatbelt, a “100% self-correcting device” — sells much easier than just good info — how to lose weight, how to be a less negligent dog owner, how to speak gooder English.

Smart modern-day info marketers have gotten hep to this fact. That’s why people like Russell Brunson and Ben Settle and Sam Ovens have put their reputation and audience to work behind tools like ClickFunnels and Berserker Mail and Skool.

The thing is, creating a tool, whether physical or software, has traditionally been an expensive, complicated, and risky business.

Take a look at Groove Funnels, another tool created a few years ago by another experienced info marketer, Mike Filsaime. Groove Funnels is a bloated, buggy, frankly unusable product. I say that as somebody who invested into a lifelong subscription in Groove Funnels.

I have a couple degrees in computer science. I also have about a decade’s worth amateur and pro software development experience. But after I quit my IT job 10+ years ago, I never once considered putting this experience to use in order to develop any kind of tool I could sell.

Until now.

Because things are changing. Today even a monkey, working alone, can create and deploy a valuable app simply by querying ChatGPT persistently enough. And there are plenty of shovels available for such would-be gold miners, tools to build tools, which will do much of the in-between work for you. Just say what you will to happen, and it will be done.

Decades ago, master direct marketer Gary Halbert said that the best best product of all is… information!

But I bet if Gary were alive today, he’d be hard at work (or maybe easy at work) creating some kind of high-margin tool to sell, in the broadest sense of the word — a thing to do some or all of the work for an audience with a problem. A few reasons why:

* Again, tools are easy to sell. They fit with innate human psychology of how we want to solve problems.

* Tools can make for natural continuity income if you license them out instead of sell them outright.

* Tools can create their own moat over time. There can be lock-in or switching cost if your users build on top of your tool.

* And now, thanks to the most remarkable invention of AI, it’s possible to create tools quickly, cheaply, and with great margins.

All that’s to say, best product of all… information? I don’t think so. Not any more. Best start adapting now.

Speaking of which, I got an offer for you:

Would you say that there are any tech issues that are keeping you from starting your own email list?

If there are, write in and let me know about them.

In turn, I’ll have something for you that you might like.

**HUGE ANNOUNCEMENT**

Alex Hormozi, the bearded, trucker-hatted, nasal-stripped author of the book $100MM Offers, has been aggressively running Facebook ads that open with:

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**HUGE ANNOUNCEMENT**

I’ve never publicly endorsed anything until now. And that’s because I’ve built my reputation on giving amazing value.

Anything I endorse has to live up to that. Nothing has, until now.

For many of you who want to start a business online, this is the fastest, easiest, most fun way I’ve found.

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The ad goes on, but the gist is that the fastest, easiest, most funnest way that Alex is endorsing is… Skool.

You might know Skool — it’s an online community platform, much like Facebook groups, but without all the stigma that anything connected to Facebook has today.

I don’t know the deal that Hormozi has struck with Skool. But even at the most plebeian level, Skool offers 40% to affiliates, lifetime, each month, for anybody who comes in and creates a group (creating a Skool group costs $99/month).

So maybe Alex Hormozi is wrong?

Maybe Skool is not the fastest, easiest, most fun way to start a business online?

Maybe promoting Skool is? Or if not Skool, maybe some other software-as-a-service?

This got me wondering about what other worthwhile SaaS platforms have generous lifetime affiliate programs.

I know that many email marketing and web hosting companies do. But what else?

Software for design? For sales? Practice management? Inventory management? Pet store management?

If you know of a good software product that offers recurring affiliate payouts, write in and let me know. I’m curious. And in return, I’ll reply and tell you about a super-clever way I’ve seen one affiliate promoting a SaaS company, and apparently making a killing right now.