A money making idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole.
The characteristics of a promising business idea are: Innovative, Unique, Problem solving, Profitable
A money making idea is often linked to its creator who needs to identify the business’ value proposition in order to launch to market and establish competitive advantage.
For businesses this could mean; creating new ideas, new product development through research and development or improving existing services. Innovation can be the central focus of a business and this can help them to grow and become a market leader if they execute their ideas properly. Businesses that are focused on innovation are usually more efficient, cost effective and productive. Successful innovation should be built into the business strategy, where you can create a culture of innovation and drive forward creative problem solving.
Profitability is a business’s ability to generate earnings compared to its costs over a certain period of time. This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has. Profitable ideas need a strong revenue stream against its costs and this tends to create the success of the business, however some companies defy this and make losses to begin with, yet are still exceptional business ideas that are worth billions.
Coming soon – A directory of Money Making Ideas