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About Everything Wiki » Business » How to find a profitable business idea

How to find a profitable business idea

02 May 2023, 11:31, parser
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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, an entrepreneur and author of books and articles about self-development, has his own thoughts on this. I don't really trust such people, because their main goal is to sell themselves and their seminars. But these tips are really very simple, and that's why they work.

In addition, we have a wonderful opportunity to get them for free. ;)

Profitable does not mean perfect

The idea should not be brilliant or new, one that no one has tried to implement yet. Firstly, it is very difficult to find such an idea. To do this, you need to be really brilliant. Secondly, while you are thinking about everything, someone else will just take it and do it, so that it will cease to be new.

An idea doesn't have to be your life's work, your passion. Because it is at such moments that a person becomes a perfectionist and gets stuck at the development stage, constantly changing everything in an effort to get closer to the ideal.

And if you are still in a painful search for your business? Does this mean that you will never start doing something?

Be specific

Before you start doing anything, set boundaries for yourself, choose a specific type of activity.

Who do you think the least customers will turn to? To a professional photographer, a wedding photographer or a children's photographer?

Couples who are looking for a wedding photographer will most likely turn to a wedding photographer. Parents who want to capture a child will find a child photographer. Let it be professional, but it is for children.

Be specific. Decide what exactly you want to do. A bigger field for activity does not guarantee you a bigger income at all.

Decide on supply and demand

In order to understand whether your idea will fly, it is enough to answer two simple questions:

  1. Will customers want to pay for the product?
  2. Will they be able to pay for it?

For example, you decided to become a children's photographer. Will parents pay for beautiful photos 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 how much exactly? Will the average family give $1,000 for a photo shoot of their child? I think not. And 100? Most likely, yes.

No castles in the air and pink glasses. You should draw portraits of your clients. Who are they? What do they do? What is their average income?

No "what if" and "if". You work with real people, not fictional characters. And real people are extremely reluctant to try something new. While you will reinvent the wheel, others will earn on the simplest ideas wrapped in a beautiful package.

So, soberly evaluate the idea, look around and do a trial swim. And if it doesn't work, then you're looking for something new. If you cut off everything superfluous, push your perfectionism into the background, your swallow will fly. Yes, it may not be from the first, not from the fifth, and sometimes not even from the tenth time. But it's still better than not trying.

I know what I'm talking about. I had a thousand ideas. Something worked (but eventually bent due to banal inexperience), something didn't fly right away, but I'm still just thinking about something. Maybe one of these thousands, the simplest and most inconspicuous, will someday learn to fly. But until I try, I won't know. Really?

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