How to Turn Your Idea into a Profitable Business

[Mika]

The product needs to solve a problem: It does not matter whether the product should actually solve people’s problems or not, what matters is that people should believe that the product actually solves their problem. You as a business can achieve that only through aggressive marketing.

Define the market clearly: You cannot sell the same product to all sorts of people, different people are interested in different kinds of products, in terms of quality, price, usability, etc. You should know who is buying the product. Once you know your audience, you will be able to develop the product accordingly.

Start marketing and sales from day one: Don’t wait to start selling, start sending your products to the market once they are manufactured or once they are sourced and arrive in your warehouse. marketing and selling should go hand-in-hand. You need to start selling even during your business/product launch.

Sell multiple products: Never start with a single product, create multiple products. If you can’t, start merchandising your main product.

 

[Shaf]

I've recently started a new pharmacy outlet. I noticed that the manager announced that the place is opening to a lot of people and even before the opening day, people were purchasing from us.

A lot of things done in the initial early stages of a new business position it for success. One I've noticed is doing market research especially concerning the complaint that customers have about the products and services that are available. One can build a whole business around these problems especially if the solution is cheap and innovative. With this and proper marketing techniques in place, you have a product that will surely sell.

Another thing is the dedication and effort one puts in. While a well established business can work for a few hours daily, a new business owner must be willing to sacrifice spare time to ensure that things run smoothly. This means running on weekends and even holidays if possible.