Tips for Choosing a Profitable Business Venture

July 23rd, 2018 | Comments Off on Tips for Choosing a Profitable Business Venture |

business, choose wiselyLooking to start a business and having a tough time choosing which business to start? You’re not alone and I can absolutely relate because I’ve been there. In fact, choosing a business is more than half the battle, and sure, succeeding in any business venture takes hard work and dedication, but unless you choose the right business for your area, no amount of hard work or dedication will make it work.

So in the words of the guardian of the Holy Grail in Indiana Jones, “Choose Wisely!” To help you do this, here are a few important things to consider when choosing your future money making machine:

Discover a Need

One of the best ways to determine the type of business you might want to start is by finding a need in your area, and forming a business model to fulfill that need. However, that need should be something that has the potential to pay well. Some questions to ask would be:

  1. Is the need recurring or a one time purchase for your future customers. Recurring would be ideal for continuing cash flow.
  2. Does this need have enough demand?
  3. If it does have demand, would enough people in your area be willing to pay for it?

Remember, just because “you” need it doesn’t necessarily mean that others need it. So take surveys, ask questions and find out some solid numbers and plug that into a business plan.

I’ve also realized that some of the best business ideas you’ll have should be able to be sustained from customers within your local area, but have the ability to service customers abroad through social media and online stores.

Sites like https://www.pointfranchise.co.uk/ are an excellent way to browse through different franchise opportunities that might be able to fulfill a need in your area.

Make Your Business Difficult for Others to Compete With or Enter Into

This is something called, “Barrier to Entry.” I used to design websites for businesses, but got out of it because there is no barrier to entry, meaning, it costs next to nothing to start a web design business. Anyone with a computer, access to the internet and basic website design knowledge can become a competitor.

I know that sometimes you won’t always have a lump some of money to invest in a business, but if you can save enough to start a business, it makes it difficult for others who don’t have that up front investment to become a competitor.

Other barriers to entry would be certain specialized skills you might have which most people wouldn’t have, machinery, equipment, connections, etc. Any sort of an asset that puts you above the competition, making it difficult for them to duplicate you is considered a barrier to entry.

Work Harder than Your Competition

My wife runs a very successful home decor and sign business called Freckle Barn, yet, in our local area, there are 10 to 20 other sign makers who are almost as talented as my wife (Yes, I am biased!). Yet, Freckle Barn stands out above the rest mainly because of her work ethic. She is willing to put in the hours and do what it takes to make her business succeed. There aren’t many people in our valley that will “out work” my wife.

Hard work and dedication can make the difference.

I hope this information has been helpful. Good luck in your future venture!

David Allred is the author and creator of CFW. David has been teaching entrepreneur minded people how to earn a full time income working from the comfort of home for nearly a decade.

Think about it. Never miss your kids’ events, set your own schedule, choose your own income and enjoy a lifestyle and income which most people only drool over!

Be sure to connect with David Allred on Google+, Facebook and everywhere else!

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