Profitable Businesses Ideas : To achieve the success of your brand
If you are thinking of starting a business, you are surely wondering what are the profitable businesses in 2023 . Likewise, those who already have a business in operation are interested in knowing how they could improve their results to increase their profitability. For this reason, we put together this guide on profitable businesses: to […]
If you are thinking of starting a business, you are surely wondering what are the profitable businesses in 2023 .
Likewise, those who already have a business in operation are interested in knowing how they could improve their results to increase their profitability.
For this reason, we put together this guide on profitable businesses: to help you answer these questions (and many more) that are related to the different stages of creating, improving and consolidating a business that gives good results.
We hope you find it very useful and that it helps you enhance your success story. Shall we start?
What is a profitable business
A profitable business is one that generates more income than expenses , more profit than loss, and that is where all the people who want to set up a business aim.
As we said above, to achieve this, it is essential to first develop the business concept , that is, the different ways in which the company can create value and compete in the market. And how is it done? Starting from an idea.
This idea usually arises from a real need of consumers that today is not being satisfied . For example, buyers who want to buy clothing made from reusable fabric because they are in favor of caring for the environment and fair trade, and cannot find a brand that meets their needs on the market.
There, then, is an idea that can be turned into a business . There is, then, a niche that can be occupied by a brand.
To create a successful business concept and thus aim at a profitable venture, it is ideal to meet 4 requirements:
- There must be a group of consumers willing to buy the product at the price offered.
- Ideally, the market should be large enough to support the business and generate profit.
- The person in charge of the trade has to differentiate his business from that of the competition .
- You also have to be able to finance your business , either personally or through other sources of financing .
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How to start a profitable business
The first thing you have to do to achieve a profitable business in USA is to develop a business concept , that is, define the product you are going to sell, investigate the profile of your potential customers, detect your competition, how are you going to finance your project, among other things.
This means that planning is key to starting a profitable venture, and it is reflected through a business plan.
A business plan is a fundamental guide for all people who want to start selling products both online and offline. It provides clear direction and understands both the strengths and potential weaknesses of the proposed business, and allows analysis of various aspects of the future brand.
Profitable Business Types
There are different ways to offer what you want to sell to your potential customers, the decision will depend on the style of business you want to create and its objectives. In general terms, we can highlight 6 types of businesses that generate profitability .
We are going to explain each of them with some examples so that you can be inspired and define what style of business to undertake .
1) Craft production
This type of business is one of the oldest that exists. It consists of the transformation of raw materials into products made 100% by hand , sometimes with the help of simple tools.
These items are made one by one, which is why it is said that none is the same as the other: they are unique pieces from start to finish and bear the stamp of the author.
In general, artisan production is carried out in small quantities and is aimed at a small audience due to the level of demand and times involved in the production itself.
For example, the Elida Rosa cloudstore sells its products made of ceramics, wood and other materials produced by hand, and is in charge of telling its potential clients on the networks !
However, there are cases of brands that generate artisan products but have an important production team that can often support large amounts of orders, although it is not the most common.
2) Serial production
Unlike artisanal production, serial production involves the manufacture of homogeneous products , that is, with the same characteristics as each other, on a large scale and with the intervention of industrial machines.
In this way, the production of articles is much faster and less laborious in physical terms. In addition, times are considerably optimized and this allows us to cover a greater demand within the market.
In order to be more competitive, it is recommended that the serial product have some differential , some characteristic that stands out from the rest so that it does not get lost in the sea of available options.
This type of mass production usually occurs a lot in the field of fashion, mainly in the so-called fast fashion (fast fashion), where clothing and shoes take the lead.
It is worth noting that, in recent years, different fashion brands have joined the slow fashion movement , which, in contrast to the previous one, involves the manufacture of garments made from environmentally friendly materials, respecting delivery times. production and based on fair trade.
Finally, it is important to mention that there are cases in which businesses that manufacture their own products (both artisanally and industrially) and sell directly to the final consumer, generate a higher profit margin than other types of businesses, being many times more profitable than the rest.
Buying and selling products represents a good option for those brands that want to market items, but not manufacture them.
Production, both artisanal and industrial, involves investments such as labor, special work spaces, machinery and another series of characteristics that, in the buying and selling business, are already resolved.
This way, the brand only has to focus on how to sell those products .
Typically, these brands buy items in bulk and therefore get wholesale prices. Then, to these values they add their profit (and other costs that we will detail in the next section) to calculate the total price at which it will be sold to the final consumer .
It is very common for companies that start buying and selling products at retail to decide, at some point in their growth, to offer the option of selling wholesale. Such is the case of the Unibow Cloudstore .
Another interesting business to undertake is the consignment business, that is, delivering your product to a third party (another brand, for example) so that it is in charge of selling it (in its online store, its physical location, a showroom, etc.) and receive a payment once the transaction is completed.
This type of business is ideal for those brands whose interest is not in the final consumer but in the product’s marketing chain. Examples of consignment business are clothing, books, fashion accessories, among many others.
Dropshipping is a type of profitable business exclusive to electronic commerce that consists of selling products to the final consumer without having their own physical stock .
Let’s use an example: suppose a potential customer is browsing your online store, sees an item that interests them, the price seems fair to them, and decides to buy it. Leave your physical address to send the product and know that you will receive it in 3 days.
You immediately receive a notification of this request and the notice that the money is already in your account. Immediately afterwards, you ask your dropshipping store in America for that item and you detail the address where it has to be sent (before you agree with him if you pay everything together at the end of the month or on order).
This means that you outsource the stock and deliveries of the orders . In this way, you become the intermediary between the supplier and the client.
One of the main advantages is that you save the rent or purchase of a warehouse to store the merchandise, also you do not have to carry out inventory management.
As important disadvantages of this modality, you do not always have the guarantee that the product arrives in a timely manner at your client’s address (it may take more days), and the packaging you receive is generic and does not reflect the identity of your brand.
💡Tip : keep in mind that this type of business works best with brands that sell more commercial and less handmade products.
6) Sale of online services
If you are a translator, financial advisor, personal trainer, etc., you can sell your services over the Internet.
Create a website that conveys confidence and professionalism, to attract your potential customers.
To sell services online you have to:
- create your brand
- Define what type of service you are going to offer
- Identify your target audience
- Choosing a sales platform
After completing these tasks, it is time to promote your service through these actions:
- Create content related to your digital product
- Stay active on social media
- Diversify your marketing strategy
- Offer excellent customer service
💡 Tip : read our Guide to promote and sell services online and start your digital business.
So, do you already know what kind of business you are going to start?
How to create a business plan
Surely different business ideas have already come to mind that can be turned into profitable ventures. Once you define which one you prefer, and conceptualize it as a business, it is time to plan how to carry it out.
Putting together a profitable business plan may seem like a very complex task, but using the so-called Business Model Canvas , everything becomes easier! Shall we meet him?
The Canvas Model
The Business Model Canvas is a methodology that allows you to create a business plan in a few minutes and achieve a global vision of your idea .
To do this, it takes into account nine fundamental pieces in the development of a venture and relates them to each other in a strategic way.
The same creator of this model, assures that the best way to describe a business is to divide it into those nine basic pieces that reflect the logic that a company follows to generate income .
These pieces cover the four main areas of a business: clients, offer, infrastructures and economic viability.
So, through the Business Model Canvas , you will be able to discover in a few minutes if your business idea is sustainable when it comes to putting it into action. We tell you what are those nine essential elements or pieces that you have to analyze:
- customer segments . Who is your target audience? Where do you live? How old are you? What are your consumption habits? Why are these people going to buy from you and not from your competition? This information will help you better develop your messages.
- Value proposition . At this point it is key to detail the characteristics that make your product unique . In other words, why are you innovative? What sets your idea apart from the competition? Maybe the product is the only one of its kind on the market? Maybe you have an eco-friendly shoe brand and that is going to be your hallmark: alternative materials to leather for consumers who want to take care of animals and the environment.
- channels . Here you have to define which communication channels and advertising strategies you are going to implement to spread your business. In short, how are you going to present your value proposition and develop the branding of your brand.
- Relations with clients . What kind of relationship are you going to establish with your brand’s audience? This can help you convert your followers into potential buyer customers. It is also important that you specify what effect your business will cause among your customers.
- sources of income . How are your clients going to pay you? What forms of payment will be the most used by your target audience? Define in advance how to charge for your online sales safely.
- Key Resources . You have to identify the most important resources that you will need to develop your business idea: from the amount of money needed for your marketing campaigns, the salaries of the people who will participate in your business, to the computers for each member of your work team.
- Key Activities . They are the actions you have to do to offer your product, the necessary strategies that will add value to your brand. This is where marketing campaigns come in (organic or paid, exchanges, co-branding, raffles , email marketing , etc.).
- Key partners . Here you have to describe those strategic contacts: the trusted suppliers that you chose, a business mentor that they recommended to you and who will accompany you during the development of the company, your possible partners or an expert for the branding of your brand .
- Cost structure . To describe all the expenses involved in developing your business idea, it is essential to plan a cost structure (both fixed and variable). In this way you will be able to optimize and minimize all that you can to create an efficient and scalable business model over time.
Talking about pricing or pricing strategy implies talking about the pricing method that your business is going to adopt to put a final value on your product . There are different strategies to carry out this task, but the most common are:
- Prices based on demand : in this case, the price is set in relation to the perception of the final consumer, taking into account how much they are willing to pay for your product.
- Prices based on the competition : here you have to ask yourself some questions such as “within the sector, am I a price fixer or a taker?”, “if brand X raises the price, will I raise it too?”, “if it lowers, I do the same?”
- Cost-Based Pricing – In this case, you set a specific markup that is added to the cost of the item. For example, if your total cost is $500, and your policy is to sell at 100%, your product will be worth $1,000.
Our recommendation is that you analyze each individual item that you have for sale, since perhaps, for some of them, a pricing strategy is appropriate and, for others, a completely different method.
In addition to the Canvas Model, within your business plan you can also apply the SWOT analysis . In this way you will identify the strengths and weaknesses of your brand , at the same time that it will allow you to detect the opportunities and threats that the market where it is located can bring.
We suggest you carry out this exercise in your business based on the following trigger questions:
Strengths of your brand
What are the skills that set you apart as a business owner? In what kind of activities are you most efficient? How is your brand different from its competitors?
Opportunities in the environment
What is that need that the competition is not meeting? What real or potential situation in the environment is favorable for the development of your brand? What factor is more accessible in the market for the development of your brand?
Weaknesses of your brand
In what activities do you consider that you are less efficient? In what aspects do you relinquish resources for the development of your brand? In what attributes that your competition has you can not be competitive?
What real or potential situation in the environment would harm the development of your business? What market characteristics are unfavorable for the positioning of your brand? What production factors would affect your profitability in the event of a price change?
After you have answered these questions, you are ready to:
- Use Strengths to take advantage of Opportunities.
- Use Strengths to reduce the impact of Threats.
- Minimize Weaknesses taking advantage of Opportunities.
- Minimize Weaknesses and avoid Threats.
Where do I sell my products?
To finish planning your business strategy , it is key that you define where you are going to offer your products. For this reason, we share with you the different sales channel options so that you can decide which one is best for you and your audience:
– Canal online
We recommend creating your own online store with the identity of your brand. This will provide greater security and confidence to your potential client when making the purchase.
After you have your e-commerce working, the ideal is to integrate it with other online sales channels, such as Instagram Shopping , Facebook Shops and WhatsApp for Business .
This will help you increase business turnover and improve the positioning of your brand in the online world.
Learn about all the advantages you can have by opening an online store:
– Canal offline
This business strategy is the most classic and you can carry it out in different ways. Through a store on the street, a showroom (exclusive to your brand or shared with others – this can help you lower costs-), or some fairs that share the same values as your brand.
Keep in mind that one sales channel does not exclude the other, on the contrary, the two together can further enhance your business. For example, you can integrate them and offer your customers the possibility of buying online and picking up their order in the physical store.
Undoubtedly, this will represent a great differential for your brand.
profitable business ideas
In the first part of this guide we tell you what are the initial steps you have to take to create a profitable business from scratch.
Now, if you are in the phase of defining which business to invest in or you are among several options, we recommend that you take advantage of these 10 profitable business ideas that we present below:
- Resell products . This model tends to be very profitable, since by negotiating with good suppliers, you can buy the products at lower prices and make a good profit on resale .
- Pastry, gastronomy, catering . The gastronomic industry has grown a lot in the last two years and creating a business from a passion can be very satisfying!
- Sell courses online . Sharing your knowledge through online workshops is an excellent way to work generating businesses from home. Access this complete guide with the steps to sell courses online .
- Work with affiliate programs . It is a model that works as follows: a seller associated with your brand starts promoting and selling items from your catalog and, if he makes a sale, you pay him a previously agreed commission. In this way, you will expand the reach of your business and, consequently, your average ticket will increase.
- Plan events . This is a profitable business, especially because of the 2022 Soccer World Cup , a key event for QATAR. Offer your services to plan both business and personal events.
- Become an influencer . That is, in an opinion leader who has great credibility on a particular topic. I discovered in this guide what it means to be an influencer and how to be one.
- Create a YouTube channel . Pick a niche, learn the basics of video editing, and be encouraged to speak on camera. If you still have doubts, find out in this article how much YouTube pays in UK.
- Ghostwriting . Through ghostwriting you will create texts using the name of another person. You can write from books toblog.
- Develop applications . If you have an idea and you think it can make life easier for people in some way, this could be your great opportunity. If you can’t develop the app yourself, hire developers who are in charge of making your project a reality.
- Sell imported products . If you want to undertake the sale of imported products, learn about the success story of the Binah Deco cloud store and learn from their experience to develop this online business model.
Categories that sold the most in the World in 2022
We share with you the 5 items that billed the most in Australia e-commerce during 2022, so that you have more quality data that allows you to make the important decision of defining which profitable business to start in 2023:
- Audio equipment, image, consoles, IT and telephony: $247,085 (grew 61% vs. the previous year)
- Food, beverages and cleaning supplies: $226,088 (51% growth vs. the previous year)
- Household items (furniture, decoration): $197,251 (grew 66% vs. the previous year)
- Tickets and Tourism: $177,041 (grew 293% vs. the previous year)
- Appliances (white and brown lines): $112,102 (66% growth vs. the previous year)
I already have a business, how can I make it more profitable?
On some occasions, and despite the efforts invested, it may happen that businesses are not as profitable as planned from the beginning.
At this point it is necessary to stop and make a thorough analysis of what has been done so far. Therefore, the proposal of this section consists of thinking:
- What was the initial goal of the business and where is it now?
- What are the total costs of the business? How to make them more efficient?
- What is the current profit margin? How to improve it?
- How can I optimize business management?
Profitable businesses grow based on deep analysis and subsequent adjustments they make on their path to growth. For this reason, we invite you to see the 3 tips that Belén Estévez, one of the creators of Casa Rincón , shares with you, so that you can achieve a successful business:
Next, we are going to tell you how to carry out a study of the performance of your e-commerce so that you too can achieve a successful business.
Study the performance of e-commerce
Peter Drucker, renowned business consultant and professor, already said it: “ what is not measured, cannot be improved ”. Therefore, to calculate the profitability of your venture and discover where to focus for better results, in this section we are going to tell you step by step how to analyze the current state of your business on the Internet. Let us begin.
The first thing we recommend you do is measure the number of visitors your e-commerce receives since it is the fundamental metric of electronic commerce (without visitors, there are no sales!).
At this point it is important that you take into account the difference between a visitor and a visit : a visitor is a natural person who enters your store through any device. The first time they access your page, a unique cookie (a kind of mini file with data) is generated that serves to identify that visitor. On the other hand, a visit is the number of users who arrive at your web page (individuals or automated programs).
This means that the same visitor can access your page several times and, each time they do so, it counts as a different visit .
Now yes, we share the best tools so that you can measure the number of visitors (or, that is, unique visits) that your store receives.
This is the best known and favorite tool to analyze the metrics of any online business. It is a Google product and today it is essential to have its help to optimize a store.
At first it may seem somewhat complicated, but as you investigate how it works, you will realize that the Google Analytics platform is very intuitive.
In addition, Google offers free online courses in Spanish for beginners, intermediate and advanced.
Apart from measuring the traffic of your store, this tool provides you with relevant information about your audience : unique and total visits, duration of those visits, geographic location and behaviors of the users within your page (such as, for example, which product pages visited more).
This helps you to know which item is the most sought after by your potential customers and generate some promotion with it.
And so that you can have a neat follow-up of the metrics, Analytics gives you the possibility of obtaining your own reports , either default or custom.
Keep in mind that, although it is a free tool, you can opt for a paid plan with greater benefits for your e-commerce.
I know more:
Alexa is a very powerful measurement tool created by the giant Amazon. In addition to providing the same information as Analytics, measuring the traffic of your web page, analyzing the characteristics and behavior of your visitors, it has a strong point that sets it apart and that is the ranking system.
Alexa makes a ranking of websites that allows you to know in what position a page is with respect to the competition . This plus will help you have a clearer vision of where your page is within a broader context.
Another (big) advantage of this tool is that it can suggest recommendations based on the history of web traffic and the statistics of your online store. These recommendations are very valuable to help you improve the reach of your page and increase your traffic.
The only downside? It does not have a free version, but it offers you a free trial for 14 or 30 days, depending on the plan you choose.
One of the main features of this third tool to measure the traffic of your online store is that it offers you statistics in real time . StatCounter gives you traffic summary, location calculations (country, city, region), system statistics (OS, browser) and search engine keyword analysis, among other things.
You can use its free version or opt for one of the different paid plans, depending on the needs of your brand.
Measuring, understanding and analyzing the data extracted from different tools like the ones we just saw will help you make better business decisions.
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Analyze e-commerce conversions and revenue
In electronic commerce, we call conversions those visitors to a store that actually became customers and, consequently, increase the income of the business.
Measuring this conversion rate is key to understanding the success of an online store, and we recommend doing it through this formula:
Conversion Rate = (Number of conversions x 100%) / (Number of unique visits – visitors-)
To perform this calculation, a certain moment of time is selected (for example, Hot Sale dates) and only one conversion of unique visits is calculated for that period. This is the option we recommend to have a more accurate measurement.
For example, an online store that sells women’s clothing got 10,000 unique views during the Hot Sale and sold 150 items.
Therefore, your calculation will be: Conversion Rate = (150 x 100) / 10,000 = 1.5%.
We invite you to deepen on this topic:
Conversion rate: what it is, how to calculate it and increase it
Assess the effectiveness of communications
Just as it is important to measure the traffic of your online store and its conversions to detect opportunities for improvement, it is also relevant to consider the effectiveness of your e-commerce communications as an essential metric within your profitable business strategy.
This means that calculating only the number of conversations that you or your team have with your consumers, or the time it takes them to respond to inquiries, provides an idea of service productivity, but no data on the quality of the work you are doing. doing.
The only metric that assures you of this is the degree of satisfaction of your client with your product and with the attention received in their purchase process.
To calculate this metric, we recommend applying one or more of the following strategies:
- Ask your customers for their opinion: take advantage of the post-sale stage to ask your consumers by email what they thought of the product, how they felt in the purchase process (for example, were their queries answered in a timely manner?) . Let them know that their comments are very valuable to continue improving your customer service.
- Get the most out of your social networks: another good idea to find out the degree of satisfaction of your customers is to use the networks to post questions, for example, in Instagram stories , asking for feedback about your product and your service.
- Review the comments within your online store: if you haven’t already done so, we recommend creating a section within your e-commerce where customers can leave comments about your product and the service received. There you will be able to collect a lot of information that will help you to evaluate these 2 points.
- Get together with some of your clients: getting together with some of your most recurring clients for a coffee and asking them for feedback face to face can be a good practice to improve some issues of your business, such as the attention of your online store.
It is also important that you pay attention to the communications you make within your online store, such as in your email marketing campaigns and social networks, and ask yourself:
- “Am I communicating my message well?”
- “Does the public ask me a lot of questions about what I communicate?”
- “How could I improve/simplify what I want to communicate?”
Remember that listening to your consumers is the best tool you have to optimize your business and, in addition, it can help you get new ideas and evolve your product and your customer service.
Observe abandoned carts
No store likes to see that there are abandoned carts on its page since it is synonymous with “a sale that was not”. However, it is important to pay attention to this metric as it can give you clues as to why a visitor was about to buy and didn’t .
So let’s review the top 3 reasons people tend to abandon their shopping cart (and how to avoid them!):
High shipping costs
This is one of the most common reasons for abandoned carts: the potential customer is about to complete their purchase, but before doing so, they realize that the shipping costs are higher than they expected.
Generally, you are not willing to pay that value for the delivery of your purchase, or you prefer to have been informed about it in advance (and not be surprised at the end of the process). So, without a second thought, he abandons the cart.
To prevent this from happening, we recommend including a shipping cost calculator on the product page to give your customer visibility on how much shipping their purchase will cost.
Lack of product information
In order for your potential customer to be satisfied and secure with the product they are about to buy, it is essential that you detail all the relevant information (colors, measurements, material, etc.).
Put yourself in their shoes: imagine that you are browsing a store and you want to buy a t-shirt, but you don’t know what size you are. Perhaps the first thing you do is look for the size chart on the page. But what if you don’t have one? You will probably give up on the purchase since you will not be sure that you are buying well.
So that this does not happen, make sure to include a size chart in your online store that clears up all kinds of doubts and the relevant details of the product to help make more sales.
Unfriendly checkout process with many steps
The steps to complete the purchase in your e-commerce have to be few and, above all, clear: the fewer information fields the customer has to fill in, the better (some people give up buying when they realize that they have to fill in a lot of information ).
Also, usability is a key concept at this point: the customer has to easily find what they are looking for and receive messages about what they are doing (so they can keep moving forward with confidence).
For example, if you add a product to the cart, you’ll expect to receive a signal that the product was added successfully, and so on with each successive step you take in the store.
As you can see, by understanding the reasons why your customers may be abandoning the shopping cart, you can apply certain adjustments to your e-commerce and guarantee a better shopping experience, and more sales!
In addition, if your store is integrated with WhatsApp for Business (or WhatsApp Business ) and you receive inquiries through that means, you can also take advantage of it to contact people who were about to buy from you and did not.
This can help you not only to drive them towards the purchase but also to understand what were the obstacles they encountered to give the “final yes” , and work on them!
Pay attention to your star products
Another important point to calculate the profitability of your online business is to detect which are your star products, that is, the best sellers . This data will allow you:
- Strengthen or improve your marketing actions.
- Optimize the organization of your articles within your e-commerce (such as putting the ones that are stars on the main page, for example).
- Better plan your production.
- Plan your stock properly.
What will be the result of paying attention to your flagship products? Maximize the return on investment in your store.
But be careful, although it is important to know what your customers’ favorite products are today, we recommend that you pay attention to the trends of the different items that you offer : with seasonal changes, for example, it can happen that the star products are modified and that, immediately, you have to adjust the course of your strategy.
To recognize these trends, you can review those products that have the most “likes” on your social networks or those for which you receive the most inquiries.
Statistically, only 20% of the products of an online business generate approximately 80% of its income.
So, and as we said above, knowing which are the products that make up that 20%, you can focus your marketing campaigns and publications only on those articles , optimizing the money invested.
That is why it is important that you make sure you have enough stock of these products and, perhaps, invest less in those that do not sell as much.
Am I renewing my products?
Another key factor to calculate the profitability of a business is to check that the products are not becoming “old”.
What does this mean? People tend to get bored quickly, and if every time they enter your store they see the same items, it is likely that their interest in your brand will decline. To avoid this, we recommend:
- Offer new products constantly.
- Evaluate which ones to stop selling.
- Rethink which ones to stop producing.
For example, the Dasha cloudstore set out to present a new accessory every week and with that it manages to keep its audience expectant, who waits every Monday to learn about the new product. All of that is a key part for a business to remain profitable.
If you want to deepen the financial analysis of your store, we invite you to read this exclusive article:
How to do the financial analysis of your business online
4 successful strategies to scale a business
As a general rule, brands that want to grow their business should analyze their current state and identify which actions, areas or people generate the most impact and try to replicate that on a larger scale.
If we go to a more specific level, we could say that the best growth strategies for a business are:
1) Increase online sales channels
As we mentioned above, having your online store is essential for your potential customers to find you on the internet and, to boost this presence and increase sales, we strongly recommend integrating your e-commerce with Instagram Shopping and FacebookShops.
Are you interested in learning more about these alternative sales channels? Look:
How to activate Instagram Shopping
The Facebook store: what it is and how to activate it
WhatsApp Business: what it is and how to use it
2) From online sales to offline sales (and vice versa)
Whether you started selling with a store on the street or with an online store, creating a complementary channel can scale your business. One feeds on the other, one grows the other, and the strategies can be combined.
For example, if you have a physical location and you decide to open your online store , you can start delivering your product in a bag that has the store’s web address printed on it, or deliver a card that has the same information.
Conversely, if you only sell online and want to open your channel offline, you can offer a discount on the next purchase at your store.
Telling your customers that they have new options to purchase your products is also a loyalty and brand positioning strategy.
3) From retail to wholesale
As soon as they detect that the business asks them to grow even more, a large part of the cloud stores begin to sell their products as wholesalers.
They generally report very good results applying this growth strategy since it allows them to have more ease when negotiating their prices.
4) Import / Export
What do you think of the idea of entering new markets by importing or exporting products? Before making this decision, we recommend that you consult a professional to measure the impact (mainly economic) that this strategy may have on your business.
We hope that this guide on profitable businesses will help you strengthen your brand whatever stage it is in, and that it will help you solve any obstacle that may arise.
Remember that the analysis of your business has to be a constant task so that you can quickly discover opportunities for improvement that help you optimize your results.
Profitable businesses in Canada are those where passion and dedication are part of the solid foundation that starts the project. And they are also the characteristics that can turn a brand into a success story.