4 Actionable Tips To Find A Profitable Business Idea In 2022
These simple steps will help you start a successful business in 2022
Not all businesses are created equals.
Some businesses are made to be profitable from day one. While others struggle to pay the bills. So if you want to build a profitable business you need to find a problem worth solving then sell the solution.
In this article, I will share X actionable tips that will help you find profitable business ideas that will make finding paying customers a less painful experience.
So let’s dive in.
Look At What’s Already Working
You don’t have to come up with something completely new or reinvent the wheel from scratch. Just look at what’s already working and build something better.
If this is your first business, then it’s guaranteed that you will make a lot of mistakes during the process. And the last thing you want to deal with is building something that no one understands.
I’m not saying you should copy other products. But even those profitable businesses are not perfect. For instance, if you open their reviews page on the App Store, Play Store, or TrustPilot and filter the reviews from worst to best, you will see that their product has a lot of flaws that you can fix.
So instead of building something that never existed before or building a cheap copy of an already-existing product, try building a better version of something that’s already successful.
This is a guaranteed strategy that your business will be profitable.
Because if they’re making money, then your better product should also make money.
Build An Alternative To Your Favorite Apps
People are always looking for alternatives to products they use on a day-to-day basis.
In fact, there’s a website for alternative websites called alternativeto.net. This website will show you similar apps to any product in the world.
One smart strategy you can use here is combining two related products in one product.
What does this mean?
Look at two popular products that are closely related to each other, like YouTube and Apple Podcasts, and build a product that combines the two of them in one product: A website/app where you can watch videos and listen to podcasts in one place.
That was a silly example but you got the idea.
Notion for example did that when they combined project management + note-taking + task management in one app.
You can also combine a to-do list with a habit tracker and build an all-in-one app.
Ideas are infinite, just look around you and you will quickly get that AHA! moment.
Check Product Hunt
Product Hunt is where founders from all over the world share and discover new apps and products. The website includes an upvote system where users can vote on their favorite apps.
You can use the website to check which apps are trending to get an idea of what users are looking for.
Ask Your Friends and Family
A profitable business idea can come from the closest people in your life. You can simply ask people you know which problems are they willing to pay money to solve.
This simple question can turn into a profitable business idea. And the bigger the problem is the more money people are willing to pay for.
You can then come up with a list of business solutions to their problems. After that, contact each one of them and tell them that you’re working on XYZ which will solve their problem, and ask them if it’s something they’re willing to pay for.
If your idea is validated and you get a list of excited people who’re willing to become your early adopters, you know then that this could become a profitable business.
Conclusion
Finding a profitable business idea shouldn’t take you too much. You can use one of these 4 actionable tips:
- Look At What’s Already Working
- Build An Alternative To Your Favorite Apps
- Check Product Hunt
- Ask Your Friends and Family
This post is part of a series of stories that explore business growth strategies that actually work.1. We Need To Redefine ‘Hard Work’ To Include ‘Hard Thinking’
The mind-shifting strategy to work smart not hard.2. How To Stand Out In A Crowded World
The power of story-telling.3. The Best Marketing Doesn’t Feel Like Marketing
How to market your products like a pro.4. The One Piece Of Advice That Changed My Life
A must read before starting any project.5. How I Went From 0 To 541 Email Subscribers In One Day
Give before you get.6. 10 Things Successful Creators Do That You (Probably) Don’t
Lessons from successful creators.7. 5 Side Hustles You Can Start This Weekend
Making money online is easier than you think.8. Here’s Why You Should Go Niche Your First Year Of Business
If you want to go big, go small first.9. 4 Actionable Tips To Find A Profitable Business Idea In 2022
A practical approach to come up with a profitable business idea.10. The Unfair Advantage Of Business Success
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