Business must be profitable; otherwise, there's no point being in business and you'll be better off keeping your capital in the bank. However, the profitability of your business largely depends on the quality of your business idea. If you idea is not profitable at the start, you might need to pivot the business into something more profitable if you don't want to lose all of your startup capital.
Many people often shy away from exploring their entrepreneurial side because they lack the capital to pursue their dreams. However, if you generate a strong enough business idea, you won't be comfortable watching idea waste away. Interestingly, raising business funding tends to be easier if your business proposition is sound and you can show the lender irrefutable proof of the viability and sustainability of the business. Read on to uncover four strategies for generating profitable business ideas.
Find Solutions to problems
Businesses that record sustainable profitable trends over the long term are usually businesses that provide viable solutions to existing problems. From Walmart to Facebook and Tesla among countless millions, the only way to stay in business profitably is to provide solutions to problems. Hence, you can generate business ideas by making conscious effort to look for solutions to problems. You can provide solutions in the form of goods and services – you don't really need to start out with an idea to change the world. In fact, you might find it easier to find ways to solve some of the pressing problems in your immediate environment.
Travel the world
Travelling is an indisputable method of education that opens your mind up to new cultures, languages, and belief systems. Traveling the world is another valuable way of generating business ideas because it helps you to think outside the box and it provides you with a differently unique perspective. The story of Blake Mycoskie, the founder of TOMS shoes is a perfect example of how travelling can help you generate blockbuster business ideas. If you travel to Spain, you'll find a number of TelePizza outlets. TelePizza is like the Spanish version of Domino's Pizza founded by Leopoldo Fernandez Pujals after his trip to the U.S.
Attend trade fairs and exhibitions
You can also generate business ideas by attending trade fairs and exhibitions – you can find information on trade fairs and exhibitions online, in radio and TV ads, and in the pages of newspapers and magazines. Trade fairs and exhibitions can open up the eyes of your mind to new products and services. You'll also get an opportunity to meet manufacturers, distributors, franchisers, and sales representatives. You can leverage new products and services on display to solve some market needs and you can use your knowledge to get a first-mover advantage on an emerging trend. The best part is that many of the firms present in trade fairs and exhibitions are always interested in forming strategic alliances with budding entrepreneurs.
Find ways to monetize your skills and passions
Many people often ignore their skills and passions when brainstorming for business ideas. Of a truth, not all skills and passions will help you build a profitable business venture; nonetheless, you should seriously consider the possibilities of monetizing your skills and passions. You can find ways to build a profitable business out of your skills with the following exercise. Ideally, a skill or passion that you can monetize is a one that you love to do, that you can do excellently, and that you can consistently find people willing to pay you to do it.