HOW TO FIND PROFITABLE BUSINESS: IMPORTANT SEARCH FEATURES
For different people, the concept of “profitable business” has features. For some, several thousand will be enough, and the other by profitable business means a profit of one million.
To begin, consider the concept of profit. Under the profit understand the difference between the income of the economic entity and total costs. In other words, these are revenues less expenses for taxation, wages, production costs, etc.
Thus, the most profitable business is such a business where revenues far exceed expenses. At the same time, the overwhelming majority of people believe that you can make huge money only in two cases:
born a real genius, for example, Bill Gates.
engage in illegal business: steal, deceive, sell prohibited goods and so on.
As a result, another logical question appears: “Is it possible to open a profitable enterprise, which at the same time will be legal and ethical?”. Of course, this is possible, but you will have to think very well, make calculations, make more than one business plan. Most likely, the first and second enterprise will go bankrupt, but if you try hard and start everything from the beginning, given your mistakes, you will be successful.
How to find which business is the most profitable and suitable for you? To do this, you should do the following:
Generate about a hundred of the most interesting and suitable ideas from your point of view. From this hundred, see which ideas for you are the most interesting, which have already been able to bring huge profits to other entrepreneurs.
Think first of all, what exactly would you like to devote all your life? Do you want to change the world for the better or are you ready to spend your whole life selling carbonated water? From this hundred choose the best 10-15 ideas that seem to you as suitable as possible.
Calculate as accurately as possible what expenses you will need to incur for the development of your business, and what income it will bring to you. Try to learn as much as possible about the features of those 10-15 activities that you chose in the first step.
Now you need to choose the best two or three ideas that best suit you. However, they should not only have the maximum profit, but also be interesting directly to you. To achieve great success is possible only in the case to which you give yourself completely.
Remember that your business will become your life. After that, make business plans for these three activities. Carefully examine the competition, fill all the gaps in knowledge that exist on certain issues, try to understand your potential customers.
The choice of the final plan is likely to happen by itself. In the process of deeper immersion in the topic, you will be able to understand all the features of doing business, its strengths and weaknesses, and also be able to determine what you are really more passionate about.
TOP 10 MOST PERSPECTIVE ENTERPRISES IN THE SMALL BUSINESS SEGMENT
The magazine “Forbs” tried to find the most profitable business based on the analysis of more than 300 enterprises and entrepreneurs in the period from 2003 to 2011. As noted by the authors, in most cases, excellent professional training is required to achieve great success. At the same time, many of these specialties allow you to work for yourself and at the same time not to rent an expensive office and not to hire a large staff.
However, the peculiarity of such an enterprise will be very fierce competition and difficulties in entering the market: customers of such specialists from year to year seek the services of the same people, so it will be very difficult for a newcomer to take a decent position in the market.
Private auditor. Net profit is about 16.5%. Such services are in constant demand, so they are not affected by the effects of financial crises, unstable economic situations and other problems. The cost of promotion over time is reduced to a minimum, since most of the clients will constantly contact the same specialist.
Chiropractor. Profit – 15.3%. Despite the fact that official medicine does not recognize these specialists, this does not prevent them from helping people and earning significant funds.
Specialized clinics. Profit – 15%. Cosmetic procedures, small surgeries, and examinations are very popular among clients. Many people prefer private hospitals to public hospitals due to the friendly attitude of doctors, good conditions and the absence of queues.
Accounting services. Profit – 14.9%. In this area, competition is quite high, but accountants, like auditors, are in great demand. And the prices for their services remain at a fairly high level.
Private Dentistry. Profit – 14.7%. This category of doctors always has a lot of clients. To open a clinic you will need to purchase expensive equipment and medicines, but such a business is very profitable.
Tax calculations. Profit – 14.7%.