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The following points are a composite summary of those that appeared in the DOW Theory Letters (#708, 881, 982 & 1160). The DOW Theory Letters are edited & compiled by Richard Russell, DOW THEORY LETTERS, Inc. See full address details, etc., for the Dow Theory Letters at the end of this document.
1. SELLS TO THE WORLD The ideal business sells to the world, rather than a single neighborhood or a single city or state. In other words, it has an unlimited global market.
2. INELASTIC DEMAND The ideal business offers a product that has an ‘inelastic demand’. ‘Inelastic’ refers to a product that people need or desire — almost regardless of price.
3. UNIQUE PRODUCTS The ideal business produces a difficult (or almost impossible) product for a competitor to copy or reproduce. This means the product is an original (such as a publication) or requires very special know-how, or it produces a product protected by copyright or patent.
4. LOW LABOUR REQUIREMENTS The ideal business has low labor requirements; the fewer people needed, the better. Today’s example of this is the much-talked-about ‘virtual corporation’. The virtual corporation may consist of an office with three executives, where all manufacturing and services are farmed out to other companies.
5. LOW OVERHEADS The ideal business has low overhead; it does not need an expensive location, it does not need large amounts of electricity, advertising, legal advice, high-priced employees, big inventory, etc
6. LOW INVESTMENT The ideal business does not require huge cash expenditures or large investments in equipment. In other words, it does not tie up your money in the capital.
7. CASH BILLINGS — C.O.D. The ideal business is a business that has cash billings. In other words, it does not tie up your capital with lengthy or complex credit terms, etc.
8. REGULATION FREE The ideal business is relatively free from all kinds of government and industry regulations and structures.
9. PORTABLE The ideal business is portable or easily moveable. You can put it anywhere you want in the world: Australia, the USA, Great Britain, New Zealand, China, Indonesia, etc.
10. YOU LOVE IT Here’s a crucial but often overlooked one; the ideal business keeps you fascinated, you love it, and it requires your full intellectual (and often your emotional) energies. There’s nothing like being fascinated with what you’re doing.
11. CONTINUING NEED The ideal business sells a product that fits a continuing human (or animal) need. It’s not a fad product, it’s not a product that people can easily substitute or even do without.
12. FREE TIME Another important one: the ideal business leaves you with free time. In other words, it doesn’t require your labor and attention 12, 16, or 18 hours a day.
Three (3) additional points might be added to this list as follows:
13. A PROVEN SYSTEM A system with a proven track record on which to structure the building of your business. The system might use tapes, books, and meetings (seminars, away weekends, etc) to assist its associates with building their businesses.
14. TAXATION BENEFITS The expenses of the business can be negatively geared against your primary income when determining your tax each year, provided the relevant Tax Office requirements, etc, are met.
15. TIME LEVERAGING A lot of people each doing a little. J. Paul Getty has been quoted as saying: “I’d rather have 1% of the efforts of 100 men, than 100% of my efforts.”
