5 Tips for Creating a Profitable Business Idea
Recent studies and surveys reveal that there’s never been a better time to be an entrepreneur. But for some reason though, most people presume starting a new business is a mysterious and a rather risky process. Although they might want to start a business, they fail to take the leap in fear of the risks involved. Honestly, treading on a new territory is only risky as long as it remains unknown; for once you know what you’re up to, you ‘ll also know the ways to master your way around. While the estimates might vary by a small margin, on an average; nearly 600,000 start-up businesses are initiated each year in Canada and the United States alone. However, for every individual who conquers the initial resistance to actually start a business, there are a million others who vow to start their dream business but fail to do so for the lack of conviction and a profitable business idea.
So, how do you land up with a brilliant idea for your business anyway?
Blend in the right juice!
Brainstorm on your strengths.
Brainstorm on your strengths; the reasons you want to start up a business in the first place. The key to a successful business lies in its originality and personal touch. Therefore, it’s important you identify your inherent calling. Now, your list might include “I love meeting people, I love playing with numbers, I am a computer geek, I am passionate about great food, I love kids, I am connected to a social cause, I am good with marketing concepts, or I thrive under pressure and perform best when tested”. Whatever your strengths might be, simply document everything that flows through your mind.
Next, write down the things you think you need help with. For instance; you are great at your job but don’t have the PR skills to market yourself well. You could therefore do well with a PR who’d make you visible and noticed. Understand that there might be people who think like you and therefore are in the lookout for a good PR to market their skills. On the other hand, there could be several other people who are probably just the opposite of you; so they might be great with their PR and communication skills but do not have the technical skills to talk about a product or service as such.
The Market trend.
Now, you might also want to think about the current trend in the market too. List down 5 products and services that you think would make your life easier; make you more productive, efficient and happier in general. This list can range from your personal to your professional life. In the end, you want to identify the top 5 factors that you think could make a world of difference to your overall way of life.
Strengths & Weaknesses | Opportunities & Threats.
Analyze all your strengths and weaknesses along with your driving factors to start a business in the first place. Find a common thread and understand the role it plays in the current scheme of events. How effectively do you think it can utilize your strengths and elevate your pitch in the marketplace? If you think you’ve got the perfect blend of a cocktail and can back your strengths to serve it well; you’ve got yourself a game-changing business idea for sure!
Gauge the current worth of your product or service.
No matter how niche or unique your idea is; it can only transform and translate into numbers and profits when you enough and more people willing to endorse and pay for it. Determine who your target consumers are. Recognize who your competitors are while gauging their products, services and presence in the market. Use surveys, promotions and consumer feedback to gauge the current market trend and your space in the marketplace.