Do you have a business you can’t figure out why it is not profitable?

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Here are the initial questions you should ask
1) Does my product or service solve a real problem in the society?
 There is a difference between a hobby and a real business. A real business solves a problem the society agrees to exist, while a hobby is sharing a service you think is important based on yourperspective. Mostly, a successful business isn’t a hobby but a true problem solver. If your service or product isn’t a problem solver, you’ll have tough time succeeding.

2) How do people use my service or product? Am I meeting their need?
 When you start a business, the way you design it should be a custom fit to your prospects. You need to do lots of surveys and interviews to find out how people want to use your service or product. For example, you might open a cafe that sells pastry and tea. If the area is a heavy construction area where lots of workers need a place to have lunch, then your business is irrelevant. You need to pivot to selling lunch that solves the real problem to your customers.

3) Do i have a clear and concise goal?
 When you get into your car you know where you’re going but the route you take might be different from person to person. (Hopefully you choose the shortest route). Same thing with business. You should know where you’re going but how you maneuver to make it successful will be based on point number 2 above.

By: Gedi Yitbarek