April 7, 2020
Top 5 Places to Find Profitable Business Ideas in 2020 | Small Business Ideas

Top 5 Places to Find Profitable Business Ideas in 2020 | Small Business Ideas

Hey guys, my name is Wilson. Today, you are in for a treat because we’re
going to be talking about the top five places to find the most profitable business ideas
out there. A lot of people have always been struggling,
struggling with finding the right business ideas because they don’t know where to find
them, so today I want to be sharing with you how I look for business ideas, things that
we think might work and areas where actually it inspires us to dig in further. So without further ado, here are the five
places to look for profitable business ideas in 2020. The number one place to look for profitable
business ideas is at Proctor&Gamble, Proctor&Gamble stands for P&G. P&G is a multinational huge company that owns
a lot of big consumer brands and a lot of it is actually probably brands that you use
at your own home, so brands like Gillette, brands like Pampers, brands like Oral-B. These
are big, big brands that actually sits in my home as well. So how do you actually and why would you want
to look at these brands and how do you actually find business ideas from these brands? Well, the reason why you want to be able to
do that is because you want to choose a brand or a product that has a lot of high demand
because you don’t want to go in a space that has no one in it because when the product
is not in high demand enough, then your profit is not going to be big enough as well, which
is a reason why you would want to study what is existing out there that is selling a lot,
that has a lot of demand. And that’s why we’re studying P&G. Now, for example, Dollar Shave Club does an
amazing job when they were studying, doing their case study, they were looking at Proctor&Gamble
and seeing how they can differentiate from Gillette. Gillette is a huge, huge shaving company. And so how Dollar Shave Club was able to stand
out from the crowd is because they differentiate from the mass consumer product. With Gillette, because of the fact that they’re
such a big company, is very, very difficult for them to create other products and be agile
that serves multi level of consumers. They create products that appeal to the mass
market, but nowadays consumer would like to shop for something specifically catered to
them, which is a reason why it’s such a great opportunity for us to be in the market, create
something that differentiates from the mass market, something that is tailored specifically
to a certain segment of customers. And that’s what Dollar Shave Club does an
amazing job with because they were targeting people, millennials who has disposable income
and on top of that, that values the convenience of having the product shipped directly to
the consumers. And because of the fact that they are a direct
to consumer brand, they take out a lot of different costs and they were able to keep
the cost very low as opposed to Gillette selling the regular shavers at a premium cost. And at the end of the day, Dollar Shave Club
did an amazing job differentiating, which is a reason why they got bought up by Unilever
by more than a billion dollars. A billion selling shavers. Huge, huge company. But nonetheless for me, whenever I look for
product and different business ideas, I would always look for product ideas from P&G because
they are the ones that are selling products that people have to replenish all the time,
that are always in high demand. For example, like toothbrush, like diapers,
shavers, deodorant, all these basic consumable goods is what they really focus on. And for you, look at these items and look
at how you can differentiate from them and cater to that sub target market, and that’s
where you’re going to be able to find your niche and the next profitable idea. If you guys like point number one, I really
hope that you can smash the like button because it’s going to help me within this whole YouTube
journey. I’m making all these videos for your consumption
because I really want to be able to create more value in this YouTube space, so make
sure that you guys smash the like button. Help me out. Without further ado, point number two. Point number two on how do you find the profitable
business ideas in 2020, it is through Craigslist. A lot of people actually find crazy ideas
through Craigslist. So what is Craigslist? Craigslist is basically an advertising platform
that has a ton of thing on there, people that are selling houses, people selling items,
people looking at jobs, discussion forums, all these crazy things that people are needing
to match up with they put it on Craigslist. So how are you going to be able to find ideas
through Craigslist? Well, believe it or not, one of the biggest
companies out there, Airbnb was actually born from an idea that they found from Craigslist. How is that the case? The founder actually was looking for a place
to stay, and he was on Craigslist, and found that there’s a lot of people listing their
places to rent on Craigslist. And in turn he was asking their friends about,
“Hey you know what? How do you actually find places to rent if
you don’t want to go to a hotel?” And everyone was saying just Craigslist. But while he was using Craigslist, he was
finding a lot of friction and a lot of inefficiency, the whole design was not appealing, which
is the reason why he took that idea and created Airbnb, a platform that becomes seamless,
makes it super easy for people to find places and really directed just on matching people
that want to have a place to stay and people who want to rent out their place. That’s how Airbnb was born, was through Craigslist. So the second place to find profitable business
ideas is for you to actually dig into Craigslist, look at different forums, look at different
sections, and see where is it that it has a ton of demand, where is it that a lot of
people are posting things, and see how he can make that experience just that much better. Take out the friction and make that experience
better for your customers. And a lot of times you can find a lot of golden
nuggets through being able to take that friction out. So if you are looking for profitable business
ideas, go search on Craigslist. The third place to look for profitable business
ideas is on eBay. Very similar to Craigslist as well, but with
eBay, eBay is basically a site that allows you to bid for items or just buy different
items. It’s another marketplace, but now eBay is
a lot more directed to just selling stuff and buying stuff. So if you want to be able to find a profitable
business idea, you can actually create a platform out of a specific category that is a lot more
niche. Now, let me elaborate on that. So for example, if you see a ton of demand
on people who are buying a retro Harley Davidson, when you see a lot of demands and you feel
like that you can create a platform that allows people to have a better experience buying
second hand Holly Davidsons, then you can actually create a website call it perhaps
Retro Harley Davidson. And you can now sell specifically just retro
Harley Davidsons on your website. And if there’s a big enough demand, you can
actually create a big and very engaged audience through your own platform. And that itself is a very profitable idea
as well, given the demand and given the fact that you can actually take out the friction
from the different people. So you would actually look at the reviews
from the listings as well when people are selling and buying. For example, if customers are complaining
about the fact that they have to go through a lot of hoops to buy a car on eBay, then
maybe you can look at all these different hoops that people have to jump through and
see what you can take out. See how you can reduce the friction for your
customers. And if you can actually solve that problem,
then you can actually have a product that your customers would prefer over buying stuff
on eBay. If there’s a big enough demand, then that
becomes a very profitable business idea for 2020. The fourth place to look for profitable business
ideas is on job boards. Why is it that we’re looking for job boards? It is because this same theory as eBay and
Craigslist, job boards like Indeed has a lot of people looking for jobs and a lot of people
actually posting job applications. And what you can do is actually study the
amount of people that are posting and study the type of positions that are available and
see how you can help bridge that demand and supply. I’ll give you an example, and this is a personal
experience that I have and something that I’ve an idea that has came about with me and
my wife. So we were thinking about… Because a lot of high schoolers are looking
for jobs, they’re looking for jobs, yet people don’t hire high schoolers because they have
no experience because their schedules are iffy, they can’t really work long hours. So what happens is that they probably don’t
have jobs and they have very, very difficulty finding jobs. And then at the same time, a lot of food and
beverage places are looking for people that can serve, looking for people that are without
that much experience because the job is very, very simple. What we can do and what the idea that we have
is to be the match people who are looking for their first job and people who are looking
for a first timer with no experience to create a platform that specifically caters to this. Now my wife’s going to kill you because I
just shared with you our secret idea, but nonetheless, this is a clear example of what
inspired us from coming up with this idea is us looking at different job boards because
we were looking to hire people for our ice cream shop, and I find it super difficult
to do so. That’s how we came up with this idea of catering
specifically for talent with no experience. So if you have any ideas or if you want to
have profitable ideas, then look at different job boards. Look at different job boards that cater to
the mass market and see how you can cater to the subcategories and create that niche. Because when you can do that, that’s when
you can actually serve a very particular type of demographic and the pie is still going
to be big enough because you’re looking at this established website. As you can see with point number one to point
number four I’m sharing with you, is that all these places that catered to the mass
market, we’re talking about a big piece of the pie because throughout the last 10, 20
years, a lot of these companies are creating products for the mass market. Nowadays what we can do is, from this mass
market, we can actually cater to the subcategories, create a niche that serves a particular type
of demographic and from there onwards, these become very, very lucrative business ideas
if we can segment and target specifically to a group of core clientele that has certain
problems such as food and beverage people looking for non-experienced people. That’s secret number four, finding inspirational
ideas on job boards. And the fifth place to look for profitable
business ideas is in your annoying life. No, not your annoying life, in areas that
you find annoying in your life. That’s what I meant. So a lot of people have annoyance in their
life, they feel like there are better ways of doing something, they feel like that some
of the processes that they have and that some of the things that they do just doesn’t make
sense. For an example, a lot of people, they don’t
like driving cars because of the fact that they don’t want to pay for parking, they don’t
want pay for insurance, they don’t want to pay for the price of the car and they live
in the city, so commute is super convenient. However, sometimes they want to have the convenience
of the car, sometimes they want to bring a date out, sometimes they want to go out and
buy stuff, sometimes they want to go out of the city and travel as well, which is a reason
why they would need a car maybe once or twice a month. Now how do you solve that problem? That’s how cars and go services have been
born because they want to be able to solve this specific problem. If you have a problem like that, the majority
of the time a lot of other people have the problem as well. So if you’re looking for profitable ideas,
go in your life and find inspiration. Find inspiration from things that are annoying,
things that you wish had existed. And a lot of times if you find it annoying,
a lot of other people find it annoying as well and this can become a problem that you
solve. And usually businesses are just solutions
to problems that people face. So there you go, the five different ways to
find profitable business ideas. So there you go, the five ways to find profitable
ideas. Number one, P&G, Proctor&Gamble. This is a big company that serves the mass
public. If you can actually find and dig into every
single product that they have and find that thing that you can differentiate from the
mass market, that you can pull out and serve a very particular subset of customer, that
can be a very profitable business idea. Second place to look for profitable business
ideas is through Craigslist. Craigslist is a huge, huge advertisement platform
with a lot of people posting things on there. Go through and dig in each of these categories
and find areas where you can actually solve the problem, things that you can actually
take out friction from because of the fact that once again, Craigslist serving the mass
public. If you can take that one thing and niche up
on it and serve that particular type of demographic, you’re going to be able to find yourself another
amazing winner. Now the third type of areas to find profitable
business ideas is through eBay. eBay, once again, it should niche down a lot more for
buying and selling. And once again, you find that sub category
and serve that sub category. Number four is through job boards. Job boards, once again, serves the mass public. Job boards like Indeed only serve basically
anyone that has a job posting they want to post up on there. Look for the subcategories, look for the industries
that you want to be able to serve, that you think is annoying for you, you think that
you can take out the friction for you. And lastly, your annoying life, your areas
that you find annoying in your life. Find inspiration from that, solve that problem,
and that’s your profitable business idea. I really, really hope you enjoyed this video. It would help me a tiny if you just smash
the like button. Nothing else I ask for. I just want to be able to share a lot more
good stuff with you. If you guys enjoyed this video, please do
that for me. Otherwise, subscribe along the journey. I’m going to make tons of great videos for
you. And nonetheless, leave me a comment below. I’ll see you guys in the next video.

4 thoughts on “Top 5 Places to Find Profitable Business Ideas in 2020 | Small Business Ideas

  1. I just bought a commercial steam cleaner on eBay for $600. I could probably sell it tomorrow for 6k. Instead I'm starting a carpet cleaning business.
    Been looking for a new idea for a while that was affordable to start, I'm also moving interstate and need to have my carpets cleaned, so by becoming my first customer it covers 30% of my start up costs. The hourly wage works out to about $120-$80usd per hour. So it's possible to hire out the work in the future.

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