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In the United States alone, more than 550,000 people start their own business each month, and the fleet is growing. Of course, starting your own business is one thing. Actually making money from it is something else entirely.
So how will you know if your next great idea is really a great idea? Remember – the following seven tips will help you be more prepared to identify business opportunities that could bring you serious money in the not too distant future.
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An easy way to assess whether your business has any marketing potential is to find out what people are already buying. Google Trends is a great resource for discovering which topics and products are generating the most interest.
Studying trends for a product category over time can provide clear insight into whether interest in your core concept is taming or declining. The more you research the market, the easier it will be to identify your target audience.
Successful and scalable businesses are trying to solve a problem that customers face every day. The more integrated (and seemingly overwhelming) the problem is in your client’s life, the faster your solution will matter. However, not all problems are created equal.
Take, for example, large-scale logistics. As Fleet’s close colleague and 22-year-old CEO Max Lock told me in a recent email, focusing on needs is always more sustainable than demand.
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“Key industries like logistics continue to face challenges globally due to documentation difficulties and other solvable problems — I’ve seen that everywhere. Creating solutions to the problems that these key industries actually face is much more rewarding than trying to solve most things. People don’t see it as a problem, dealing with the latter can be little more than a waste of time.
Logistics is one thing, but there are real problems from all kinds of industries that people face on a regular basis. If you’re struggling to find your own money-making opportunity, talk to people you know and trust. They will give you a starting point from which you can work towards a marketable solution.
It’s hard to judge whether your product or service will be successful while working a 9 to 5 job. But that doesn’t mean you can’t test your idea on the side. Offering freelancing through Upwork will help you determine if there is real demand for your business services.
Selling homemade products through an Etsy shop can help you find a market for your products. Trying to make a real sales pitch before you go into your business will give you a clearer direction.
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It goes without saying that some business ideas require a lot more financial effort to get off the ground than others. A freelance blogger who works from home doesn’t have the same overhead costs as a custom furniture maker. Before launching your product or service, it is essential to understand the costs of your business.
Your costs should directly affect your pricing and growth plans. If you don’t have a clear strategy for making more money than it costs to run your business, you should put your idea on the back burner.
Not all industries are created equal. Advances in technology have made travel agencies and video rentals obsolete. No matter how much you love your idea – the cards are stacked against you.
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Research the market. There’s not a lot of room for growth when you’re trying to get into a dying industry. Looking at overall trends can help you determine whether an idea offers long-term opportunities for growth and financial success.
Money making business opportunities have key points that set them apart from other businesses. This doesn’t mean you have to completely reinvent the wheel with your product or service. Instead, you need to figure out what you do better than the competition.
While a truly unique product will certainly stand out, so will a very low price or high quality of workmanship. A unique selling proposition should emphasize your brand’s personality while attracting your ideal customer. If you can easily identify what makes you unique, your business is more likely to succeed.
Although all of the above factors are critical to the success of your business idea, you won’t get very far if you don’t love your idea.
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“Every successful small business owner must have a passion that drives them — a core belief that drives them, even if others don’t have the same vision,” Clate Musk, co-founder and CEO of Infusionsoft, wrote in a piece. “The difference between those who make it through hard times and those who don’t is passion.”
But that doesn’t mean you have to go in completely blind. No matter where you are in life, you can be successful and achieve the financial freedom you desire. When you put in the time and effort to make sure you find a quality opportunity, you’ll be better equipped to get the right results.
Nathan Resnick is a serial who currently serves as the CEO of Sourceify, a platform that facilitates creation. He also revived dozens of products in his career.
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Mason Stonehouse of Chesterfield, Michigan grabbed his dad’s phone and ate a chicken sandwich, ice cream and more.
Business News estimates that 100,000 chickens perished in a massive fire at an egg farm. What does this mean for egg prices?
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Hillandale Farms in Bozra, Connecticut, is still under investigation after Saturday’s fire.
Money and Finance Americans Are Not Ready for Retirement Here’s how small businesses can help close the savings gap.
Half of American workers don’t have access to an employer-sponsored retirement plan, but we’re 15 times more likely to save for retirement if we can do so at work — and small businesses can help. Here’s how.
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