How to start a business that will deliver profit monthly

How to start a business that will deliver profit monthly

Looking to start the perfect business that will deliver sound profit monthly for you? I've got you. You need only 3 things:

1. A large addressable market

2. Clear value proposition

3. Effective distribution channel

Today, we'll cover the first one. Lets go!

A large addressable market

Playing in a niche market is good but if you want to build a big business, you’ll need to solve a big problem and big problems are problems that a lot of people have. This means there is a large market for it. Build products for the majority. Can you make money selling or renting out just bouquet flowers? Yes you can. There is a wedding every single weekend and those people are going to need bouquet flowers and roses. But it’s a limited market when compared to providing food for the wedding guests. Both services are providing solution to the wedding industry but one is significantly larger than the other. Renting or selling bouquet flowers will cost just a few bucks as off posed to some good thousands being spent on food. I’ve broken down examples of large market so you don’t have to, these are areas people need solutions for every single day

• Food People will definitely eat every single day to stay alive. You don’t necessarily have to start a farm but you could come up with a better distribution strategy for farm produce. You can also come up with better storage facilities for farm product. Lets leave the farm out for a moment, how about delivering already cooked food to areas with high population? You don’t need a shop to rack up overhead cost. Once you figure out a way to send food down, you are good to go. There is also the big problem of taste in food, there might be some advise there for someone. Bankers often need food, office people need lunch delivered to them. When there is an event, food is needed, people need food in their homes, people eat while in transit. Big market. Build for big markets before niching down.

• Transportation This one is important, our previous example was food and I want to show you how transportation could even solve food problems. Did you know most farms are located in villages with poor road network? A big market for transport providers could be going to these farms and bringing produce out to the markets or direct to large shops like shop rite for example. But away from food, people need to move from place to place everyday. Now I’m not saying you should go start a transport line solving interstate movement…buttes, thats a thing also. People need to get to work everyday and not everyone has cars and bikes. Find a market where to operate in where even if people want to save money, they can’t tick that expense off their list and one such market is transportation.People must get to work daily, go to meetings, attend events, visit friends and family. Its a human habit that can’t be changed.

• Communication How do you reach out to others? Via phone calls, sms, instant messaging tools like WhatsApp and the rest right? What value do you provide to everyday people who needs to communicate so they can give you their money? For one thing, selling internet data bundles as a reseller is a fine idea…I’m not going to ask you to build your own telecom network. But there are often reseller plans. If you live in an area where people have not fully digitised airtime recharge, then you could also take advantage of this by selling airtime vouchers. But communication goes way beyond talking, it is also the need for brands to clearly articulate their message so they need content producers in the form of copywriters, bloggers, vloggers and the rest. Helping brands communicate better is a big deal and this does not apply only to writing, it’s scope also extends to graphic designers and video editors helping brands create designs, banners, bill boards, videos, reels and things in that category. People need to communicate everyday, find a way to build a service around this vital human need.

• Housing People must stay in houses. Shelter is one of the primary needs of man. You don’t have to go into real estate but startups like airbnb efficiently solves the housing challenge without owning a house. Tech can be leveraged here to solve this massive problem which governments around the world are still unable to solve. I want to point out that if you develop a way of vetting people, maybe through the basics like identifying people through social media and guarantors plus publicly available information, you could literally start a short letting business from your home. There is also a major opportunity to service the expats industry with fully furnished apartments. Expats in its easiest definition are, expatriates sort of who come into a new country for gigs maybe around a week to over 6 months in some cases and most don’t want to stay in hotels, they prefer to have a fully furnished house and cook their own food, they are looking to replicate a home experience away from home. Big industry here you can play in and attract customers using the internet. Yes, the hotel industry provides shelter also.

• Affection People want affection, marriage and the dating industry shows you that clearly. Love packages and services offered around festive seasons like valentine, fathers or mothers day, Christmas and even weekend gets a lot of patronage. It’s not an everyday habit of humans but it has a large addressable market. I won’t go deeper on this for obvious reasons but the goal is to get you to think about services you can provide around this market which users can capture value from then pay you money in return.

• Payment Mobile money is big and going to increase. Around the world, not just in developing nations, the percentage of adults who own bank accounts are usually way less then those who are qualified to own. For some weird reasons, not everyone has a bank account but almost everyone has a mobile phone. If you are solving the problem of payment and sending money locally, everyone will love you. There is also a massive opportunity in solving cross border remittance. Its 2022 but in my country, we can’t send money abroad using our local currency, we often need to sort the desired currency from the open market at remarkably high rates before being able to send and it takes forever. I get that cryptocurrency solves this but, yes you are already aware, some governments around the world have put restrictions in place to stop this from happening smoothly.

I’ll end this here. We’ll have 2 more sessions where we talk about the other 2 factors in-depth. We’ve just talked about addressing a large market, we still need to talk about developing a clear value proposition and effective distribution channels for different types of businesses.

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See ya!

THE END

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