Dear friends,
I am planning to start a new business. Kindly suggest new business ideas that will be profitable. I am totally new to business, so please provide me with links or detailed ideas about the business.
Regards,
Nimita Shah
From India, Bangalore
I am planning to start a new business. Kindly suggest new business ideas that will be profitable. I am totally new to business, so please provide me with links or detailed ideas about the business.
Regards,
Nimita Shah
From India, Bangalore
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Subject: Develop a Profitable Business
I recently saw a presentation from Eben Pagan on 7 steps you must get right in order to develop a profitable business from scratch, and I must say, I completely agree with his thinking on this one. Here they are:
1. The Right Mindset
Understanding the why you want to do business is as important as the what you do in business. If you don't have a compelling "why," then the first time you hit troubled waters, it will be too easy to give up. Having a compelling why will force you to look for solutions. It is not enough just to say "I want to be rich in my own business." It is not clear or compelling enough to cut it when the inevitable testing times of trouble appear.
2. The Right Niche
Are there enough people in the niche you have selected that would be prepared to buy what you have to offer? If not, then pick another niche. This is simple but very profound. Too many people have great business ideas, but they have forgotten that nobody wants what they have to sell.
3. The Right Product / Service
Does your product or service deliver a desired result for your customer? At the end of the day, we are selling an outcome, a benefit, or some sort of relief from pain, not a product or feature. It's about that quarter-inch hole in the wall the customer wants, not a power drill. You are selling a value solution to your customer – forget that at your own peril.
4. The Right Marketing
Only invest your marketing spend into results/response-based marketing. That is, as an SME, whatever you spend in marketing, you have got to be able to assess a quantifiable result – how else will we know what is working if we can't measure it?
5. The Right Focus
You need to distraction-proof your environment. Our days are full of legitimate distractions. It is how we change our environment to reduce or eliminate these distractions that will determine how profitable our business becomes. It's about keeping the main thing the main thing.
6. The Right Actions
The truth is that there are but a few things in our daily tasks that actually make money – all the others are distractions. Taking action on the 20% of activity that brings 80% profitability is what will separate you from everybody else.
7. The Right People
Your ability to mobilize, calibrate, and align your team is what will enable you to scale. Otherwise, it all depends on you, and your business will grow to the limit of your own activity.
There you go – 7 simple steps to write about, but 7 difficult steps to do unless you have the discipline to set yourself apart from the pack and do things differently. Start implementing them into your business today.
To your success!
From India, Madras
1I recently saw a presentation from Eben Pagan on 7 steps you must get right in order to develop a profitable business from scratch, and I must say, I completely agree with his thinking on this one. Here they are:
1. The Right Mindset
Understanding the why you want to do business is as important as the what you do in business. If you don't have a compelling "why," then the first time you hit troubled waters, it will be too easy to give up. Having a compelling why will force you to look for solutions. It is not enough just to say "I want to be rich in my own business." It is not clear or compelling enough to cut it when the inevitable testing times of trouble appear.
2. The Right Niche
Are there enough people in the niche you have selected that would be prepared to buy what you have to offer? If not, then pick another niche. This is simple but very profound. Too many people have great business ideas, but they have forgotten that nobody wants what they have to sell.
3. The Right Product / Service
Does your product or service deliver a desired result for your customer? At the end of the day, we are selling an outcome, a benefit, or some sort of relief from pain, not a product or feature. It's about that quarter-inch hole in the wall the customer wants, not a power drill. You are selling a value solution to your customer – forget that at your own peril.
4. The Right Marketing
Only invest your marketing spend into results/response-based marketing. That is, as an SME, whatever you spend in marketing, you have got to be able to assess a quantifiable result – how else will we know what is working if we can't measure it?
5. The Right Focus
You need to distraction-proof your environment. Our days are full of legitimate distractions. It is how we change our environment to reduce or eliminate these distractions that will determine how profitable our business becomes. It's about keeping the main thing the main thing.
6. The Right Actions
The truth is that there are but a few things in our daily tasks that actually make money – all the others are distractions. Taking action on the 20% of activity that brings 80% profitability is what will separate you from everybody else.
7. The Right People
Your ability to mobilize, calibrate, and align your team is what will enable you to scale. Otherwise, it all depends on you, and your business will grow to the limit of your own activity.
There you go – 7 simple steps to write about, but 7 difficult steps to do unless you have the discipline to set yourself apart from the pack and do things differently. Start implementing them into your business today.
To your success!
From India, Madras
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