10/14/2021
Every time someone asks me how to set up a profitable business , I always answer the same thing: “Tell me what you know how to do and focus on that or at most on what is around you.”
This, which seems obvious, is not so applicable.
Look, I'm from a small town in Asturias called Grado. When iran phone number data the crisis hit in 2008, many people started to lose their jobs.
For many of these workers, finding a job similar to the one they had was very difficult, so the government thought it would be a good idea for people who lost their jobs to capitalize on their unemployment benefits and use them to start their own businesses.
Well, in my town, many of them decided to open bars . Maybe in yours too, I don't know, but in mine they were popping up like mushrooms. Many of them barely made it past a year of life and those who had started had no unemployment benefits and no business.
Well, this is one of the first mistakes… underestimating the difficulty of what needs to be done to get a business moving forward and make it sustainable over time. The market is very competitive, with sharks everywhere ready to take your clients away.
The vast majority of these people could come from other sectors such as construction or factories, people outside the hospitality industry.
Mind you, I'm not saying that having been a waiter in another business guarantees that your new business venture will be fruitful, but I probably have more knowledge of how to manage it.
I want to tell you in advance that sometimes this post can be a bit chaotic, but the thing is that I really like talking about profitability and business and as I write, new things come to mind that I want to tell you and that means that sometimes I introduce things or examples to try to get the most out of them.
1 What is a profitable business?
2 Characteristics of profitable businesses
3 Steps to Setting Up a Profitable Business
4 What business can I set up that is profitable?
4.1 · Streamer
4.2 · Offline professionals
4.3 · Social clubs
4.4 · Services for the elderly
4.5 · Car workshop
4.6 · Marketplace
5 Conclusion
What is a profitable business?
This concept is a bit tricky, and I say tricky because having a profitable business is very relative . What is profitable for one person may not be for another.
For me, as a business consultant , a profitable business is one that generates enough income to pay all the expenses associated with its activity and is also able to make shareholders feel satisfied.
In my opinion, profitability is a term that should be used almost specifically for the shareholders or partners of a business, because for there to be profitability there must be a return on an investment and those who usually invest in businesses are the partners.
And I really like talking about this, because it's one thing to be self-employed and quite another to have a business.
Self-employment is about making the most of your knowledge of a specific technique or a specific profession. The business derives profit or profitability from all the operations and processes that are carried out jointly with all the resources.
