Everyone in business should agree that the primary reason of starting any business is to make profits, which means in order to make profits, you must engage in a profitable business. To my biggest amazement I discovered that lots of those who fail in business followed their passion only without considering the profitability of such passions.
It is very good to have passion for something but is your passion profitable? Are people interested in your passion? It is a big mistake to use passion as the only reason for starting a business and that it is important to do some research before making up one’s mind.
Before you start any business, it is important to use the law of demand and supply to discover what people are ready to buy but few people are selling. A product with high demand and low supply will bring you more profit than just a passion.
You might ask, how can anyone know whether a product is having a high demand and a low supply? For example, in online business, there is a tool used in knowing the demand and supply of people’s needs called the Google keyword tool. There are many ways of using this tool. However, I may not be able to explain how this tool works in this same article. You can read about how to use the use of Google Keyword Tool in my previous post.
Google keyword tool allows you to know the most profitable businesses based on country, language and devices. The interesting part of this tool is that it is completely free to use.
In offline business you can discover profitable businesses by engaging in a market survey, you can conduct a market survey based on your metropolis or you can conduct a wide range market survey, covering many states. You also need to understand how to conduct an effective market survey. Surveys make you understand the needs of your potential customers. By knowing what your potential customers are looking for, you will be able to provide the appropriate service they need.
Every skill is learnable if you can create the time.
Wishing you success in your business
Ademola Oladoja