What is your strategy for determining a profitable online business

[Xtynehappy]

So before one starts any business they should make sure that, there is sufficient market that guarantees profit optimization. So how do you deduce that before the start of the business?

 

[Springtime]

Before starting a business, the entrepreneur should do market research on the demands of the products s(he) intends to sell.

 

[Nomad]

I look for demand and supply. The product needs to have a great demand and short supply for the business to be profitable

 

[Xtynehappy]

You are very right for sure. That's why l always figure out the milk business. Milk is very demanded with a lot of shortage on its supply

 

[eLdavis]

Knowing your target audience is also a very important strategy. If you do not know your target audience it would be hard to make sales, even when there is demand for it.

 

[SilverLance]

Start by researching industry trends, identifying your target audience, and analyzing competitors.

 

[Augusta]

Analyze existing businesses in your chosen area to understand the level of competition. Consider factors like pricing, cost of goods sold, and potential profit margins.