How do I find a profitable project idea? The correct and practical way
Profitable project ideas are among the most difficult steps in starting your own business, but they are certainly not everything because the idea may have already been circulated, but there is still a lack of implementation in the target market, and all you have to do is know how to find a project idea that suits you based on what I will mention in this the article.
You must clean up the preconceived notions that you may have gathered through your online research:
Do not read the articles of 100 successful projects!
Focus on building new and innovative project ideas and unconventional or outdated project ideas. Even if there are ideas close to your idea, but you certainly have an easier solution to it or an advantage that a segment of people would like that does not prefer the method of your competitor, such as:
- The American Amazon company has solved the problem of online shopping and made e-commerce in the world better, cheaper, and accessible to everyone. But it did not go into selling dental supplies, for example.
- Uber, the transportation company, provided a unique phone application that solved the problems of difficulty in moving within cities at cheap and competitive prices and broke the monopoly of traditional taxis in the field of transportation. At the same time, Careem imitated it, but targeted an area where it was an expert and knew how to seize a large share of the market, forcing Uber to buy it for a ridiculous amount.
One thoughtful idea is enough
In the beginning, do not get distracted, and keep the list of your other ideas on a piece of paper and hide it until you finish your first idea, as you may need it as a backup plan (B). The biggest mistake an entrepreneur makes is crowding with ideas and projects, you will surely lose everything. So focus on one idea, and let it be closest to your experience, and I am sure that, God willing, you will not leave the project until it achieves the success you expect.
Nothing small in the world of business and finance
Therefore, do not ignore any project idea to solve a problem, no matter how small, as long as it generates profits, even in the future and not soon. But your early presence in the arena is enough to be a success factor.
How do I find a profitable business idea?
The right way to find a profitable project idea includes several steps:
Start with your area of specialization or expertise
If you have a specialty, a specific skill, or experience in something, no matter how small, this may be the starting point for your profitable project. If you work in any field and provide a service, why not take advantage of your experience and establish your own company. The examples are many and include everything, and there are no limits here to what you can exploit, just limit your ideas within this field and do not think about other projects that you are not completely aware of.
Develop a product or improve an existing service in the market
Your idea does not have to be 100% creative. Perhaps there is a company that offers a service similar to the idea you chose in the previous step, but it has weaknesses that you can rectify, develop the idea, and improve the service provided. What service can a small company provide to a large company that competes with it? Small business owners are very successful at building relationships with their customers, and a personal touch can make all the difference, especially when you work in your local community. Do not think that if the idea already exists that you will not succeed, on the contrary, start from where others have arrived.
Look for unconventional business ideas
If you insist on adopting your own creative idea, which is certainly not easy, then I must advise you and let the idea not be rigid, but rather capable of development and expansion in the future, and start with the smallest circle of the target audience and then expand, so that you can try it at the lowest possible costs before taking risks because you are the first in The implementation of this idea and there is no data to benefit from the experiences of other companies.
Find a problem within your field
You may be a little surprised, but believe me, finding a project idea to solve a problem is the most important thing today in the world of entrepreneurship. Find a solution to a problem facing people more than searching for an idea from scratch because the problem and its solution is the idea (methodology of thinking). Take, for example, taxi applications that solved the problem of waiting on the road and feelings of anxiety about riding with strangers without anyone knowing who you are with and where you are.
Research the possibility of opening new markets geographically
Ensure that the idea is geographically expandable to other countries and regions by selling franchises and using your own brand. This is done by conducting an informational survey on the target market during the work of the business model of the company or project.
Stay up-to-date with what’s going on in your field or industry
Subscribe to news sites specialized in this field to catch opportunities as laws and regulations change. This is simple by searching on Google for words related to your field, adding the word news to it, and when accessing these sites, subscribe to its periodic newsletter. And I advise you to diversify foreign and Arab news sources that may help you to draw ideas for your region from other regions.
This was all the information I had on how to find a profitable business idea. I wish you to expand your research and know all your competitors and their experience as well to study their weaknesses.
Also read: Steps to turn ideas into projects