How Valve works as a game developer
Valve Corporation is the company behind legendary games such as Half-Life, Counter Strike, Dota 2, Portal and more. The company was founded by Gabe Newell, whose biography also includes working…

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How Great Brands Came to Be
Speaking now of world-famous companies and brands, it is sometimes difficult to imagine that once their founders were inexperienced start-up entrepreneurs, global retail chains started from a single small shop,…

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10 Apple Presentation Secrets Apple is a brand that needs no introduction. They achieved a stunning success not only thanks to their quality products, but also their presentations. After all,…

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How to start a profitable business – proven technology

To start a profitable business in modern conditions, you need to know some important points. The bottom line is that times have changed and now business starts differently than it did before. In the old days, it all started with the construction of a factory, if it was about production, or from the construction of retail space, if it was about trade.

How to start a profitable business

It was right to start a business like this in the old days, because there was a widespread shortage of goods and services. You build a factory, you produce anything, and it sells well. Or you build a shopping center, you bring goods into it and they go like hot cakes. Now, to start a profitable business, you need to act in a completely different way.

The inertia of the past remains. Now many people continue to apply the outdated approach – first they open a company or build a factory, they start producing something, but very often things don’t go well and the product is not sold. At present, this approach does not work, because so many capacities have been set up that it is possible to produce more than sell, and several times more.

Start a profitable business in a new environment
Start a profitable business in a new environment

In the modern world, consumers are in short supply, no one has enough of them. If so, it means that at present it is necessary to start a business with the production of consumers. If you know how to do this, then it makes sense to open a business. If you don’t know how to do it, then either you need to learn how to create consumers, or you can come up with another occupation for yourself.

It is necessary to realize one simple fact – now the answer to the question of how to start a profitable business does not sound like it was 10-20 years ago. These are the realities of the modern world and you need to adapt to them if you want to make money. First of all, it is necessary to radically rearrange all business processes, because a different business algorithm is now used. It looks something like this:

choice of market space
study of the “population” of the market space
creating a product sample
creating needs
creating consumers
creation of capacities for the production of goods
creation of a distribution network
product release and distribution
How to start a profitable business
How to start a profitable business

To start a profitable business, first of all, you need to find a promising market space. Yes, it is the market space, i.e. a certain territory where there are potential consumers of your products, because the market is not yet discussed, because the market is a set of consumers that we do not yet have and we have yet to create them.

After the market space is chosen, it is necessary to study its “population”

The choice of market space can be carried out according to different criteria. For example, it could be the distance from the place where we plan to produce the product to the place where it will be sold. Or it can be a space where potential consumers have a certain level of income, in general, any convenient variable can be taken as a criterion.

After the market space is chosen, it is necessary to study its “population”. It is very important to carefully study the “population” of the market space, i.e. potential consumers. If you ignore its characteristics, then you can pay a very cool price. Having information about potential consumers, you can create a product that suits them the most.

It is possible, but rather difficult, to explain on the fingers that we have some kind of superfood product. It is much more effective to have a pattern and use it to seduce those whom we see as consumers. The trick is that it doesn’t always have to be some kind of ready-made material sample, very often it is enough to build a virtual sample and promote it.

Creating a virtual product is much cheaper than a real one

For example, if we are going to produce mobile phones, we can create a virtual device, endowing it with different characteristics, and start promoting it in this form. Creating a virtual product is much cheaper than a real one, which is why many companies first create a virtual sample of the future product and work with it.

After there is at least a virtual sample, the need for a product or service must be created among the population of the market space. As a rule, any potential consumer initially cares little about our products. He has his own rhythm of life, his own habits and established needs. He does not pay attention to goods that go beyond them.

If you offer a person a product that he does not need, he is likely to hold it in his hands with great curiosity. He will show with all his appearance that he is interested and we will begin to think that he wants to buy it. However, in 99% of cases, a potential customer will turn, turn and return the product. In a couple of minutes, he will generally forget that he saw him and hardly ever remember him.

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