Whether you’re setting up your business from scratch or looking to expand bravely into unchartered new business territory – you’ll need a winning business idea. Good thing then that Entrepreneur has laid out a comprehensive article on how to create a profitable business idea.
The key ingredients of a profitable business idea are dissected in detail. Briefly, they include:
- A firm understanding of production cost – what will it take to bring your idea to market?
- Customer utility & price – what dollar value in your clients mind is your proposed product worth?
Setting efficient pricing is one area that trips up many entrepreneurs, who often price their products or services either too high or too low.