How to find a profitable business idea
by Abdul Aziz Mondal Business Published on: 05 November 2021 Last Updated on: 21 October 2024
Everyone has ideas. But not everyone knows how to bring them to life without getting killed in the beginning. What’s more, a huge number of ideas never make it from the “just thought” stage to the realization stage. And that’s because we often don’t know how to choose the one that flies. We’re afraid to make a mistake. We’re afraid to get started. We’re afraid to fall.
If we weren’t afraid and knew where to start, we could have become millionaires or changed the world a long time ago. And you don’t have to be brilliant or rich to do that. Maybe, to begin with, it’s enough just not to be a perfectionist and not to get hung up on the “business of your whole life”?
James Clear, entrepreneur and author of books and articles on self-development, has his thoughts on this. I don’t trust people like this, because their main goal is to sell themselves and their seminars. But these tips are very simple, and that’s why they work.
Profitable does not mean perfect
An idea doesn’t have to be brilliant or new, something that no one has tried before. First of all, it is very difficult to find such an idea. You have to be a real genius to do this. Secondly, while you’re thinking it through, someone else will just take it and do it, so it’s no longer new. Even not the best thought-out idea can bring a good paystub. And to make it less time-consuming you can make paystubs with paystub forms.
The idea doesn’t have to be your life’s work, your passion. Because that’s when a person becomes a perfectionist and gets hung up on the design stage, constantly changing everything to get closer to the ideal.
And if you’re still in an agonizing search for your business? Does that mean you’ll never get started on something?
Be Specific
Before you start doing anything, set boundaries for yourself, choose a specific activity.
Who do you think will have the least number of clients? A professional photographer, a wedding photographer, or a child photographer?
Couples looking for a photographer for a wedding are more likely to go to a wedding photographer. Parents who want to capture their children will find a children’s photographer. Even if it’s professional, but a child photographer.
Be specific. Decide what you want to do. A larger field of activity does not guarantee you a larger income.
Determine the supply and demand
To understand whether your idea will fly, it is enough to answer two simple questions:
- Will customers want to pay for the product?
- Will they be able to pay for it?
For example, you’ve decided to become a children’s photographer. Will parents pay for beautiful pictures of their children? Of course, yes! I’m telling you as a parent with five years of experience.
Will they be able to pay for it? I think so. But exactly how much? Would the average family pay $1,000 for their child’s photoshoot? I don’t think so. А 100? Probably, yes.
No air castles or rose-colored glasses. You have to draw portraits of your clients. Who are they? What do they do? What is their average income?
No what-ifs. You are working with real people, not fictional characters. And real people are extremely reluctant to try anything new. While you are reinventing the wheel, others will make money on the simplest ideas wrapped in a beautiful package.
Conclusion
So, soberly evaluate the idea, look around, and give it a trial run. And if it doesn’t work, you look for something new. If you cut out everything unnecessary, put your perfectionism on the back burner, your swallow will fly. Yes, it may not be the first time, the fifth time, or sometimes not even the tenth time. But it’s still better than not trying.
I know what I’m talking about. I’ve had a thousand ideas. Some worked (but eventually died because of banal inexperience), some didn’t go right away, and some I still only think about. Maybe one of that thousand, the simplest and most inconspicuous one, will someday learn to fly. But until I try, I won’t know. Will you?
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