10 Ways to Identify a Profitable Business idea


Businesses fail on a daily basis, how do you know that a business idea is profitable and worth pursuing?

How do you identify an opportunity that no one else sees?

Are you meeting a demand that no one is already meeting ?

How do you disrupt an already existed market and how do you know a market is under served?

Here are some of the questions to answer when you want to check the profitability of a business idea and opportunity

Are you offering a product / service that you will use?
Businesses solve problems to make money. If you are going to sell someone a product or service, you have to make sure its something you also can use. Even though there are products meant for specific group of persons, but its important that you consider whether the product or service you are offering is something you will find helpful.

Are there winning formula?
It is a known fact that every business has a secret, those who possess these secrets make money while those who don’t lose money. You have to study industry trends and find best practices that will aid you to win.

Do not assume that you know it all, things are really not how they seem. Most startups have failed because they had so many assumptions about their sectors and learn from people who have been winning. Even if you want to disrupt an industry, be diligent enough to understand what the industry is all about.

Are there people into the business?
If nobody is doing it, its probably no profitable. Someone else might be doing it wrongly, then you have to come in and do it better.

Whatever idea you have, so many other people have the same exact ideas. Success only comes to those who execute the ideas perfectly. What are other people doing in the sector and what will be their reaction when you join the race?

If you do not anticipate the actions of your competitors they will drown and put you out of business

Are offering a service that other needs?
Products are created to either meet existing demands or to create demands where there are none. There must be a demand for a product to sell and for there to be a demand, the product must solve problems.

Humans are selfish being, we only go for things that benefit us. Except from ones friends and families, no one will buy your product in order to make you feel good. We buy to make ourselves feel better. Make sure the product is meeting or creating a demand.

Will the business make you money?
In this era of tech and internet startups, most businesses want to solve all the problems on earth without knowing how to make money. Unless you are social media company with lots of members, you will probably not survive selling advert.

If you want to develop an app that cleans all the green house gases in the planet, make sure there it incorporates a business model that will make you money.

Its a business, not a charity. You must make money to keep your doors open.

If what you are working on is not making you money and does not have the potential to make you money, find something else doing.

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