If you look anywhere on the net for advice on how to start a business, a lot of time and energy is spent looking at how to innovate, how to revolutionize, and how brand new ideas that change the market are the most profitable. There’s no denying that, to some degree. However, if you’re looking to start a business with a savvy exit strategy to make you some money, there’s no need to always make it a brand new idea. Sometimes, working with what’s already there can be the most profitable answer.
Find an underserved market
Finding a business model that already works and aiming it a market that currently isn’t being targeted by other providers is an easy way to offer some real competition. This might mean finding a different location or aiming your services at a different kind of client. For instance, offering a B2B service that’s usually for enterprise-sized companies at small and medium-sized businesses, instead. Look at businesses that you think you could potentially run well, and how you can adjust which kind of market they’re reaching.
Narrow down on a niche
The idea of targeting a new market, as mentioned above, is just one example of how you can build an old business idea in a new direction by finding a profitable niche. It’s not always about what market you go after, however. The niche can exist in the products and services, as well. For instance, you can take an existing business idea and find a way to turn it into a green business. It will set you apart from other businesses because you have a product or service that has a value proposition that they don’t.
Piggyback off some success
You don’t always need your own brand or your own identity, either. Some people are very much invested in the idea of owning something that is their original idea but if you’re looking to profit, then working with what already works might be the more reliable option. Look at some of the best franchises to buy and see what might be missing in your area. If there’s a beloved franchise store or business that’s missing, then bringing it to your local area could generate some real excitement that turns into even more-real profits.
Bring a business online for the first time
Look at local businesses around you and ask yourself how many of them are still relying on brick-and-mortar establishments alone. A closer look would probably reveal they’re not doing as well as they used, either, in most cases. That’s because more and more people look online when shopping. Taking your business idea online-only could help you cut the costs, making it a lot more viable, while also making it easier to target a wider market.
Finding a niche or find a business model to build upon and profit from can sometimes be more reliable than coming up with a brand new business idea yourself. Consider the tips above and think about which is really the most realistic way to make some money.
