Socio-Economic Issues

How To Identify A Very Profitable Business Idea

Here are the Steps to Find a Profitable Business;

No.1: Is there a targeted market or buyers for the business you are about to start? 
Are
there people willing and ready to buy the idea, service or products?
The inside answer you get will determine your fate either to start the
business or not. The answer here must be yes and if it yes then you have
a business idea but if it’s not then don’t go for the business idea.

If
you have a target market for your business, then you also have to
identify where to find them. Your buyers are the ones to make you money,
so you need to have a clear demographics of whom your buyers are and
where to find them before you start launching any business.


No.2. Is the business capable of making you daily income?  
Can
your intended business bring in daily money into your pocket and can
you sell to hundreds and thousand people? Is it be a problem-solving
business that can make people desperate to buy from you? if the answer
is yes then you have a business. If the answer is No, then you should
think again, especially if it’s your main source of income.

One
of the reasons why a business fails is because of the fact that people
open businesses that sells just within a specific period. If that is
your type of business, then you need to reconsider.

No.3. What is the ROI?
If
there is something to consider in any business, it should be your ROI
(Return of Investment). Once you are guaranteed a good ROI within the
first few months to a year, then the business is a good one. Your ROI is
dependent on the calibre of people that you are going to sell to.

Source: AJ

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Tony Orji

Dr. Tony Orji is the founder and owner of Success Tonics Blog. He is a Senior Lecturer at the Department of Economics, University of Nigeria, Nsukka.

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