Ideas are things. Ideas rule the world. Ideas are the foundations for successful businesses. But, Are these business ideas profitable? 5 ways to know.
In my best-selling e-book, “Secrets Of Business Breakthrough”, I talked about “Five Steps To Test Your Business Idea”
Defining the term, “Business” and talking about the benefits of going into business in that book, “Secrets Of Business Breakthrough”, I wrote the following benefits and definitions among others:
Business provides money to the owner in the form of profit: When you solve the problem of people, money and other benefits cheaply gravitate to you.
Business makes you become a good leader because leadership is all about service. Anybody who wants to lead must serve.
Business provides employment to the unemployed. For instance, one of the statistical revelations in USA revealed that over 23 million small businesses employ more than 50% of the private work force.
Business increases the standard of living of the people. This is because those who are self-employed today are helping to boast the economy of this nation.
Business teaches you how to be more rational in thinking.
Business makes you see opportunities fast and utilize them for your good.
Business supplies a rational and humane system of rewards in exchange for individuals’ productive efforts.
Business provides earthly well-being.
But, every business that must be sustained must start from a seed (An idea).
Nevertheless, it takes responsibilities to enjoy benefits. These ideas must be tested for maximum productivity, profitability and sustainability.
Fortunately, Caleb McAfee in his book, itemized and explained five (5) steps to test any idea and consequent transformation into a business venture.
Here are some steps to help determine the viability of your proposed venture:
Talk To Your Prospective Customers
Ask them if they would buy your product or your service. This is called test marketing. If you are dealing with your friends, tell them to be brutally honest because you have a lot at stake. You may have to remind them of this Proverb:
Faithful are the wounds of a friend. Proverbs 27:6
Talk To Prospective Sales People
If your product will require the service of outside sales people, ask prospective salespersons if they feel they can sell your product and what they think a customer or client will pay for it.
Many small business operators are surprised and disconcerted to discover that national discount chain stores can sometimes retail a product for less than the small business operator has to pay for it wholesale. They are rudely awakened to a fact known as the “Economy of Scale.” Chain discount stores can buy products by the trainload at deep discounts.
Regrettably, most customers are disloyal, selfish and greedy. If they can buy a product or service cheaper elsewhere, they will. Most will not buy from you just because they like you.
Talk To People Presently In Your Intended Field
Seek out people who are already if your selected business. Ask them, “If you weren’t already in this business, would you go into it?” If the answer is no shouldn’t that tell you something?
Talk To Your Banker
Even though you may be seeking a loan, talk to a commercial banker. He or she looks at business plans daily and are familiar with the market
Talk to the Lord
Regardless of what your prospective customers, prospective sales people in your intended field or bankers say, it is essential for you to clearly settle that it is God’s will for you to make this step.
A person whose spirit is sensitive to God’s leading can take comfort in this verse.
In his heart a man plans his course, but the
Lord determines his steps; Proverbs 16:9
Jesus delighted to always do the will of the Father and so should we.
Then I said, “Here I am…I desire to do your will, O my God; your law is within my heart. Psalm 40:7-8
If, after following the steps listed…, you determine that your desire to be in a certain business is not God’s best for you, seek the grace to pray the same prayer Jesus preyed.
Yet not as I will, but as you. Matthew 26:39
Business is thus an ideation tool. It spurs ideation. It transforms ideas into untold and unending wealth.
Therefore, you are not in business until you discover that hidden seed (idea) in you, package it for others to enjoy, and in turn be blessed by your magnanimity and benevolence.
Business is thus a selfless discovery and pursuit of a profitable idea. It is an ideation tool. Ideas are in totality beneficial to human existence but you always need to test-run them before commercializing them for profitability and sustainability.