If you’re looking to start a business, there are several big hurdles to overcome on the way to success, not least of all is some capital to start, and that’s probably going to require a loan. However, with money problems off the table, the single most important part of any business is its mission statement. What is your business going to do? How is it different and better than its competition? These are the big questions that must be answered in order for you to start making money. And, here are some ways you might answer that question.
Think of a business right now. An existing and successful business. Once you’ve done that, lodge a complaint (with yourself, not with the company you’re criticizing) and propose a way to fix that problem. If you can take an existing business model and improve upon it in some way, you can make a successful business out of it. For example, McDonald’s is the fast food king, despite Burger King’s claim to the throne, but both of these giants serve predominantly meat. While they offer some vegetarian and vegan options, they’re few and far between. If you could create a fast food restaurant with those demographics in mind, you’d stand to make a killing.
Another way to create a successful business is providing sought after goods at reduced prices. This can take many forms. One example is the thrift store and the consignment store. Both run on charity to stock their inventory but can offer pre-owned products at drastically reduced prices. You can also take to the internet and use a site like eBay to sell valuable products like collectibles for far more than you bought them for. It’s a simple matter of seeing value where most don’t and knowing how to market your products properly. Lastly, you could follow in the footsteps of a company like Famous Footwear (get it?) and offer products below retail price. By offering a lower price, you sell more. It’s as simple as that, and companies like this can make a ton of money.