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Business Ideas Forum
Funding a business
How to determine if you have a profitable business idea.
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[QUOTE="Jasz, post: 211859, member: 61772"] Certainly, the first step to determining profitability is to have a profitable business idea. Because without that, no matter how well you execute, you'll just be running in circles. How do you figure out if your idea is profitable? The easiest way is to ask yourself: 1. Is there a market for this? If not, then why would that market buy your product or service? What specific factors are they looking for and how can you attract them? Can you create a niche? 2. Is it scalable? Can you scale up to reach the level of demand that exists in the market? Will it be difficult to reach the target audience or will it be very easy? If the latter, then it's likely an easy sell. 3. How much does it cost to produce your product or service compared to what you're selling it for? Your profit margin should be high enough that you're making money on every single unit sold. 4. How many competitors are already in the space? Are there so many that your business is doomed from day one or can you carve out a piece of the market for yourself? Look at your competitors' strengths and weaknesses and try to pinpoint where they fall short of your abilities and where you might be stronger than. [/QUOTE]
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