As a serial entrepreneur and business coach for twenty-five plus years, the number one question Jay gets is “What business should I start?” On today’s Black Entrepreneur Blueprint podcast episode # 478, Jay will give you seven simple questions to help you identify a money-making business opportunity.
If you are currently an entrepreneur and looking to create multiple streams of income, or if you are a prospective entrepreneur; this episode will help you identify profitable business ideas that you may have never even thought about.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 478
Question # 1 What idea do you have that will allow you to make quick revenue?
Most entrepreneurs lose steam when they start a business that doesn’t show any monetary gain in a short period of time. Find a business opportunity that will allow you to have some modicum of success early – like low-hanging fruit. (Example: Selling scented holiday candles to your coworkers)
Question # 2 Are there any business opportunities or industries that you can think of that you have experience in?
Look at your current job or past jobs or experiences and see if there are any ideas you can come up with that may turn into a business. What is your current occupation? Do you see opportunities in that field? (Example: you work for an HVAC company, and you start a side business).
Question # 3 What problem can you solve that people will pay for?
The easiest way to start a profitable business is to help people solve a problem. The more difficult the problem, the more people are willing to pay. Write down several problems you can solve. (Example: If you’re good with a specific software program you can create an online tutorial you can sell).
Question # 4 Is there an essential business you can start that most people need?
There are certain businesses that are essential to most people like real estate agents, loan officers, car sales, HVAC technicians, auto mechanics, driveway seal coating, etc. Is there a business idea you can come up with that is an essential business?
Question # 5 Determine if the problem you can solve is profitable and worth the work.
One of the biggest reasons new businesses fail is because they are not profitable. How much are you going to make per sale and is the amount worth the effort? If you are cleaning carpets and you only make $29 per room, is it profitable for you to create this type of business? A real estate agent makes a 3% commission on a real estate transaction. That one transaction can generate thousands of dollars.
Question # 6 Is your business idea easily scalable?
To grow a profitable business, you must be able to scale your business. Does your business idea allow you to scale with relative ease? What resources will you need to scale and is it worth scaling?
Question # 7 Do you have the time and the resources to commit to your idea?
The idea will only work if you work it. Determine if you have the time and resources to give yourself an honest chance at success. Part-time work equals part-time results. Many times, our effort does not meet or exceed the requirements to be successful.