Failure Required

I have debated the last few days of what exactly it is I want to do. What direction do I want to head with my online venture? I have been listening to Alex Hormozi a lot recently, to his two books as well as podcasts. In these he talks a lot about business to business models or B2B models. These businesses sell, well, to other businesses. There is more likely a chance of success with selling a service that helps businesses. This way you can, not only sell upfront, but by having a service you can have them on a retainer so you get paid each month. Business owners are always looking for ways to improve their businesses. They want to be more efficient, spend less time and make more money. If you can find a way to make this a reality and truly help businesses grow, you have a winning ticket.

How do I plan to help businesses in today’s world? Here’s my thought process. If you know anything about the next 20 years of business, you would know that we are entering into a golden age of wealth. There is something called the great wealth transfer happening over the next 20 years where an estimated $68-72 trillion will trade hands. Yes trillion. This money is essentially being passed from the baby boomer generation to Gen X, Gen Z, and Millennials. This sum is divided into many different assets not just straight dollars. 50%-60% of the privately owned businesses in the US are owned by someone of the baby boomer generation. 75% of these businesses have no succession plan. The next 15-20 years should be spent buying built and trusted businesses from this generation. But short term, I have a different idea. It involves a current growing, booming even, business to tie into the current 50%-60% of businesses owned by the boomer generation. AI consulting.

AI consulting is quite broad, and I have yet to narrow it down. Here’s where I’m at and I’d love any insight if anyone out there has experience in this field. The older generation has, by now, heard of AI. Many of them probably have no idea that it can be integrated into their current business to make it more efficient, more profitable, and get them more time to do what they enjoy doing. A business that can integrate AI into their current business could be exponentially profitable. The idea is someone of that age is willing to invest to save time. Time is more precious to them than anything. AI can give time back. Automate parts of the business so they have to do less and less. Realistically AI should make most of the businesses more profitable too. More successful than they ever thought possible.

Next steps are to research and use AI tools to help businesses. I know I need to niche down but I’m unsure of which aspect of AI, which businesses to target, and many other questions. A few days of research in to tools will suffice but the major learning comes from practice with the tools. There is no better teacher than this. That is my current plan and that plan will go into effect starting now. Why wait? Business loves fast and there is no time like now to start. Or as Alex says, the best time to start was 20 years ago, the second best time to start is right now.