To build a profitable business, you first need a good idea. And finding one is not as difficult as it may seem at first glance. Even if you don’t have a single business idea in your head right now, we promise you’ll have an easy time finding one after you read this
“Life is very simple: you do some things. Most don’t succeed. Some succeed. If it works well, others will quickly copy it. After that, you do something else. That’s the main trick is to do something else.”
Tom Peters – American writer
You may be a born businessman, but you’ll never know it without a good enough idea for a start-up. At one time Jobs and Wozniak simply decided to make computers more accessible, and it made them millions. But for every such upswing, there are dozens of downfalls, when a bad idea ruined talented people’s endeavours at the root. To keep your idea relevant and profitable, take our advice.
1: Focus on your own preferences.
You don’t just want a lucrative field, but one that you are passionate about and want to grow in. The best businesses have all grown out of the passion of their creators. A job in a niche that you do not like will sooner or later become annoying, no matter how profitable it might be.
2.If you don’t know anything about the subject you want to know, don’t start a business in that area without thorough training so as not to burn yourself out. You need to become a real professional in your chosen area if you want your business to flourish. That way you’ll be ahead of a lot of competitors who aren’t as immersed in the topic as you are in the planning stage. With a good knowledge base, it’s always easier to get started, you’ll make fewer mistakes and reach a certain level quicker. With the eyes of a professional, it’s easier to notice the smallest details that can affect the outcome. You will also understand your clients better and be able to offer them a better solution to a problem.
3. Be on trend
It’s easy to make money on trends, but they change so fast that you run the risk of not catching up. Spinners were popular a couple of years ago, and the companies that produced them were able to get quickly promoted. But today spinners are not profitable, because nobody is interested in them anymore. And so it is all the time: the trend comes and goes quickly, the moment when you can get rich on it is very short. So you need to be aware of all the latest trends in your field. Analyse what’s newsworthy so that you can spot what’s going to be a real hit while being interesting to you. And – most importantly – have time to get into the swing of it.
4. Find your customers’ pains
The “pains” are the customer needs that a good service can solve. In every area there are “pains”, some shortcomings and gaps. It could be slow delivery, bad packaging, untested formula. And no matter how great a product you create, if it doesn’t “cure” these “pains”, customers won’t appreciate it 100%. So always focus on what your customer really wants and give it to them. By analysing why he doesn’t get it from your competitors, you will become better than them.
5. Keep an eye on your competitors
There’s no shame in spying on your competitors, everyone does it. It’s one of the easiest ways to improve your product. Find out what similar offerings to yours are already on the market, what’s good about them and what you can do better. And just refine an idea you’ve already tested. That’s what the founders of Apple did in the 1970s. After all, they didn’t invent the personal computer, IBM was already making similar technology at the time. But it was Steve Jobs and company that made the PC accessible and usable for ordinary users. And today Apple is one of the most famous and profitable companies only because the developers at the time found the weaknesses of their competitors and fixed them in their start-up.
No matter how great your idea is, in the testing phase it might turn out that nothing works. Be prepared for this and don’t create the whole thing at once. Test intermediate models of the final product and improve it depending on the reaction of your target audience. Start with your friends and gradually demonstrate your offer to a wider and wider audience. The product has to be liked by at least a third of the friends and acquaintances before it is released to the masses.
If you emphasise the most important thing, you need to find a really interesting area, understand how to make your existing offer even better. And then find out what other people think of your product and make it perfect. If you follow these steps, you will definitely succeed!