A profitable business idea is an idea that has the ability to make you wealthy. Wealth and freedom are the two most important goals in life. When you want to create wealth or achieve financial freedom. One of the things you must never do is depend on a vanishing income. A vanishing income is any income that has an expiry date. Especially a date that is not determined by you. It is also the income that is absent at the most critical stage of your life. To achieve true financial freedom. A person must find another source of income. That is durable and dependable. A dependable source of income is any income that remains consistent throughout life. It is also income a person can expand to match their growing needs and aspirations. The only type of income that matches this description is business income. Business income is the only type of income that can make you wealthy. But not all businesses can make you rich. Certain businesses can actually make you poor. To create wealth from a business. You need to start with a profitable business idea. Profitable business ideas are ideas that command large amounts of money. And can fund your lifestyle and aspirations. To know if you have a profitable idea. You need to test your idea to be sure it works. Before investing money in it.
So, how then can you test your business idea?
You can test your business idea by first finding out on paper how your idea will make money. Testing your idea is confirming upfront that there is a need for your products and services. Before you enter the market. It is also verifying that the target market you choose, will pay for your products and services. When you test your business ideas. You prove your idea work. Only proven business ideas will save you years of regret. Proving your business idea is reducing your risk of failure. According to global research, over 70 percent of businesses fail within the first ten years. These businesses fail partly because they ride on poor business ideas. Poor business ideas are ideas that are set up to fail. Rich business ideas are ideas that are set up to succeed. To know if your idea is a rich idea or a poor idea. You need to prove it. Proving ideas reveal ideas that are a cash cow and those that are just a labour of love.
So how do you prove a business idea?
You can prove a business idea by doing three things.
First, you must target a starving crowd. A starving crowd is any group of people within an industry. That has a burning desire or pain. They are the groups of people that are underserved in a particular market. They are also those people with a need no one is attending to. Every industry has them. But it takes deep research to find them. They include all the people complaining about certain things in your industry. Or those asking for certain things that are not yet available. To find these kinds of people you need to answer certain questions. Questions like who are the underserved people in my industry? What are they looking for? What if available will make their lives better? What will make them pay a high price for my product or service? And so on. Answering these questions helps you narrow down to a profitable niche. It helps you stand out from the crowd. And it also increases your chances of success. Doing what everyone else is doing in business is setting yourself up to fail. You will not only extend your years of struggle. You will crawl back to the corporate world begging for monthly bread. To succeed in the business world. You need to stand out from the crowd. Standing out from the crowd means finding a profitable niche that can pay you. When you discover this niche. You achieve the first critical step to succeeding in business.
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The second thing you must do is develop the capacity. To solve the problem of your chosen starving crowd. The starving crowd you choose. Will only pay you when you solve their problems. Solving the problem of the starving crowd means developing three things. The first is knowledge. The second is understanding through experience. And the third is the right skills. Without knowledge, understanding and the right skills. You cannot solve the customer’s problem. When knowledge understanding and the right skills are missing. A person lacks confidence. The absence of confidence breeds self-doubt. And when self-doubt is present, customers can sense it. When customers sense a lack of confidence, they take their money away. Without money, it is hard to succeed in business.
The third thing you must do is choose only a profitable starving crowd. Not all starving crowds are profitable. Profitable starving crowds are crowds that recognize the value of your product. See your product as a perfect match for their problems. And are able to exchange cash for it. When customers give you money in exchange for your products and services. It is because they see value in it. Knowing who these customers are upfront is critical for success in business. It also helps you position your business in ways that appeal to your target market. Wealth in business can only be created when customers pay you.
To create wealth and achieve the financial freedom you need to enter the business world. The way you enter the business world. Determines how much time you spend struggling in it. Business wealth will not be bestowed on you just because you start a business. Wealth will only come when you build businesses that stand on the strength of a proven and validated business idea. When you enter the business world with the security of a proven business idea. You increase your chances of success.
Perhaps you have a business idea or have already started your own business. It is time to prove and validate it. Proving your business idea is having an expert look into your business. To verify its long-term profitability. As a wealth advisor and business longevity expert. My goal is to help you build businesses that are wealthy from scratch. Resilient over time and relevant across many generations. To see how we can help you validate your business idea. I have put together a special report called- “The Idea Validation Blueprint” that I can send to you. Send an email to email@example.com. To see if you qualify for a copy.
• Grace Agada is a Planned Job Exit Expert, Wealth Advisor and author of the popular Solid Wealth Book. She Consults and Coaches a private group of clienteles comprising Working-Class Professionals. C-Suite Executives and CEOs. Her goal is to help working Class Professions who want a sense of direction and financial confidence to achieve three goals. The first is to overcome the Fear of The Unknown by creating a predictable financial future. The Second is helping them develop financial confidence by creating a consistent and reliable paycheck for Life. And the third is to help them Escape a restricted, fragile and temporary income to the freedom of a boundless and greater income opportunity in the business world. Through the Planned Exit Programme, these dreams become a reality.