If you are ready to take risks and possess such skills as good strategic thinking, quick adaptability, effective time management, and high psychological resilience, you should think about launching your own business, even if you do not have business ideas at this stage.
But first, you need a plan that will make your company profitable and bring you more revenue with less effort. This article will help you to learn how to launch a successful startup.
Coming up with lucrative business ideas
This is probably one of the most difficult steps to make at the beginning. However, the recommendations given below will help you to make it easier.
Conduct a competitor analysis
Before taking any big decisions, it’s critical to research your competitors. You should find out what other companies do well, so you can do it even better. Analysis can also reveal common weak points and help you avoid some business flaws.
Read more about the reasons why Startups Fail.
Once you’ve created a list of your competitors, scrutinize their websites, order some products, and use their services. You should also pay special attention to customer reviews and check if people are generally satisfied with what they get.
Recognise pain points
The main aim of any business is to solve specific problems. If you want to build a thriving company, you need to address people’s issues. It’s a well-known fact that we always try to move away from pain towards pleasure, so you focus on helping others with this.
To tackle someone’s problems, you first need to identify them precisely. This can be done by asking questions in industry-related Facebook groups or reading forum discussions. Another way to detect pain points is using Google’s search keyword tool that shows how many people search for particular solutions on the internet.
Resort to effectual thinking
While devising a business idea, people typically use causal thinking, which means that they follow the pattern of cause and effect. In other words, they first think of the problem and then decide how to tackle the challenge. On the contrary, effectual thinking means that one check existing assets at the beginning and after that decides what to do.
Business assets may include knowledge, networks, qualifications, and extraordinary strengths. Note that even those things that seem insanely obvious to you can bring a huge value to others.
Create unique combinations
Combining a few different niches is an effective way of generating original business ideas. Profitable start-ups can be born from mixing two or more different practices. When Justin Woolverton, fitness enthusiast and founder of HALO Top ice cream, wanted to eat ice cream without feeling guilty, he decided to combine two contradictory approaches. Woolverton used healthy food technologies in ice cream production and created low-calorie desserts with high protein levels. As a result, this unique product gained popularity and generated big profits for its creator.
Change your setting
Famous entrepreneurs say that the best business ideas popped into their minds while they were away from home. You would probably agree that changing your scenery can change the way you think. When we are in unusual settings, the brain needs to come out of autopilot and work more efficiently. This can help you stay alert, look deeper into ordinary things, and notice novel perspectives.
Therefore, it would be good to diversify your routine, do something extraordinary, and become more spontaneous. As you start processing new information, you will widen your sphere of consciousness and get more inspiration for your business.
The best options for Entrepreneurship
Life science entrepreneurship is thriving nowadays. There are a lot of flourishing hubs with outstanding innovations that revolutionize the world.
According to some estimates, the biotechnology industry has attracted more than $300 billion in capital over the last 30 years. The biotechnology business usually generates vast profits so its investors are greatly rewarded.
You should consider this emerging sector for entrepreneurship, as you can both contribute to society and reach great commercial success, like Amgen and Genentech.
The telecommunication industry provides a wide range of services related to wireless communications, fibre optics, and satellites, touching many technology-related business sectors. This market grows very rapidly and will continue to expand, which is a great advantage for entrepreneurs.
Although this industry typically requires large capital investments due to high research and development costs, small businesses still have some opportunities. If you invest wisely and properly establish a brand identity, you can launch a profitable start-up.
It’s important to note that companies in the telecommunications sector have a high net profit margin, namely 17% on average.
In today’s rapidly evolving digital era, online counselling can be a lucrative business option. Currently, a lot of people using mental health services find it difficult to travel all the way to the therapist’s office.
Also, online therapy is more convenient for millennials who prefer to have an appointment from the comfort of their own home. Therefore, a digital counselling platform is one of the best start-up ideas to consider in the healthcare domain. Besides, as there is no location restriction, it enables increased access to new clients and creates incremental revenues.
The world is undergoing dramatic transformations after the COVID-19 pandemic breakout. Employees have been forced to change their working environment and move to home offices. However, this format is inconvenient for many of them because of the psychological difficulties they face while staying at home all day long. Since a lot of people are looking for alternatives to a home office, space rental services are in high demand now.
Entrepreneurs can take advantage of the current situation and create a special space that can be rented for different amounts of time. Implementing this idea will provide remote workers with solutions and generate vast profits for business owners.
3D design and printing
Business experts state that the global 3D printing market was valued at approximately 8 billion dollars in 2021, and it’s expected to grow by $35 billion over the year. As this industry is driven by technological advancements, it is projected to grow rapidly. Manufacturers realizing the advantages offered by 3D printing, use this service more and more every day.
A 3D printing business doesn’t require a large budget since all you need to start is a decent 3D printer and printing materials. What’s more, there is no need to invest in software because there are some professional 3D modelling suites available for free. As you see, you can do business without raising large start-up capital.
Original solutions for e-commerce
No doubt, starting an online business is worth trying because of its numerous advantages. Probably, the most important is that web-based companies allow their owners to eliminate some of the considerable costs. Also, this kind of business can be more lucrative thanks to easier access to a worldwide market. What’s more, entrepreneurs have more freedom while running an online startup because they can operate it from any location.
If you feel inspired by the e-commerce benefits mentioned above, consider some business options offered below.
- Monetize your blog
- Do affiliate marketing
- Sell stock photos
- Publish your own ebook
- Launch a website
- Provide VA services
- Become an influencer
- Offer web-development services
- Build an app
- Record a podcast
- Sell hand-made goods
- Create web-designs
- Open a dropshipping store
- Teach online
- Start your own subscription box
- Become a freelance writer
How to make a digital business profitable?
There are various ways to boost your e-commerce sales and increase business revenues. Below, you can find some of the most effective tactics that make an online business highly profitable.
Take advantage of cross-promotion
Cross-promotional activities with related businesses can open up new opportunities to generate income. By running co-branded campaigns, partnership giveaways, or event sponsorships, you can gain access to another audience and get more exposure. But before partnering with anyone, think carefully if it will look like a natural fit and will enhance your credibility.
Manage shipping costs effectively
The study conducted by Business Insider has revealed that nearly 58% of online shoppers leave the website once they learn about the shipping costs. Hence, consider offering free shipping services when buyers reach a certain purchase limit. Also, make sure that this offer is visible on most parts of your website, so you won’t lose potential customers.
Add product descriptions that sell
To create a brilliant product description, think of your buyer’s persona. Analyze the interests and hobbies of people visiting your website and use the tone of writing that matches them. Once you’ve identified whether to write in a conversational or business-like manner, focus on format. Most importantly, make your content easy to read by using subheadings, bullet points, and large readable fonts.
The statistics show that videos can increase conversion on landing pages by 800% and drive 6 times more sales than print and online ads. It would be effective to create different types of videos, such as those that highlight a product and provide entertainment, as well as educational videos explaining the value of your product. Videos that combine storytelling and product showcase are also very engaging, so they can be used to attract more customers.