How to build a profitable business

Learn How to build a profitable business in this post
Photo by CC user geralt on Pixabay

There are many people out there that are sick of their 9-5 routine, a sentiment that is only magnified around this time of year.

Going to work in the dark and coming back in the dark is enough to put many of these folks over the threshold that has been holding them back from seriously pursuing their entrepreneurial dreams.

Nathan Mumme knows all about this, as he is the successful entrepreneur behind My Choice Software. After running this enterprise for several years, he knows a thing or two about the process of building a profitable business.

If you want to follow in his footsteps, follow the tips below so you can create your first product or service today.

1) Choose your target market

If everyone is your customer, nobody is your customer. Think of the interests and professional associations that you have, and then think about the body of people that share these commonalities with you.

This is your target market. Because you have experienced the same problems and issues that others have in these groups, you will be uniquely positioned to help them.

2) Find the pain of your customers

However, it is not enough to merely understand the intricacies of dog grooming, bodybuilding, or antique car restoration. You need to dig deep into what the community needs and wants at this point in time.

Go on online forums and read what people are complaining about. Commission a survey that will shed light into what your target market is lacking.

Once you have more concrete answers on what your tribe is craving, you can then put your head down and get to work on a product that they will love.

3) Create a product that relieves that pain

When you begin the product creation process, do what you can to shut out distractions that will get in the way of production.

Do not be afraid to put in 14 hour days and 80 hour weeks between your garage and your day job. Focus hard on shipping the first iteration of your product as quickly as possible.

The reason for this is that the quick feedback that you’ll get will best ensure the long-term viability of your idea.

Don’t fall into the trap of tinkering endlessly with your product in an attempt to get it perfect the first go-around. Build it out so that it meets base guidelines for an acceptable product, and then release it out into the wild and see what happens.

4) Get the word out about your business

You can have the most irresistible gadget in your niche, but it won’t make a difference if nobody knows that you exist. As such, pour some of your attention into marketing as soon as the essential steps of product creation have been completed.

Build a blog on your product’s website, and create posts that contain keywords that you want your brand to rank for. Place your product in the hands of established bloggers that have the influence to get your creation out in front of impressionable eyes. Start a Youtube channel.

There are many ways to get the word out about your project in today’s digital world, so take advantage of them.

5) Collect and incorporate client feedback

Finally, once your product has been on virtual store shelves for a few weeks or months, you’ll have a body of quantitative and qualitative data that you can use to drive improvements.

Your creation process, your marketing, and other aspects of how your business runs are all areas that can be enhanced through this feedback process.

Take steps to fix weaknesses and double down on strategies that have yielded results in the past, but most importantly, keep your ear to the ground for signals that can help you build a more profitable business going forward into the future.