Starting a side hustle or an own business has become a trend now post corona. — As people understood, the risk of depending on a single income source. And are you looking for that one profitable business idea?

Are you stuck deciding what to do besides the routine profession that will help you live on your terms?

Are you scared by different failure stories of people who tried to embrace the journey of less travelled?

In that case, you are at the right place where you can understand how to validate your business idea to find whether it is profitable or not. Or you can also get a profit-making business idea.

The Starting Point | What Was More Efficient 10 Years Ago

If I ask you what did you find more efficient before ten years, what would you say? You can’t find anything. — Because everything we are experiencing now is far better than what we had before ten years.

How was the transport system before ten years? It was not at all comfortable. (compared to present) In the same way, things will be even more efficient in the coming next ten years. And you have to find that one idea which can stay relevant in the next decade to come.

How would you do that?

You have to look at finding one hurdle for people to become more productive or efficient. And how you can help people overcome it using the resources you have.

You can get started that way. Then you can start validating the ideas to shortlist the best one.

Are you looking for more clarity on the same? I get you covered in the next section.

Efficiency Score | Δe

Let’s compare two different things in the same segment now.

If I ask you to give an efficiency score for the offline railway reservation system and IRCTC Booking, how much would you give them?

Offline reservation systems probably, 2. And IRCTC booking probably, 8. — Because of the comfort, you have compared to both.

And the efficiency scoring for IRCTC, Δe is 6.

Let’s get to the point. If Δe = >4, the idea is,

1. Irreversible
2. UBP > USP
3. High Tolerant

Let me explain to you. Once you implement the idea, it is irreversible. Even if there are some bugs or issues, people won’t stop using your product or service.

If you compare the same with IRCTC, it will be clear for you. Even if you face any issues with the online ticketing system, you won’t stop using it.

Now, let’s take another scenario. Offline shopping and online shopping, how much score would you give for both?

The scores would probably be as follows,

1. 3 for offline, 6 for online
2. 5 for offline, 5 for online
3. 6 for offline, 4 for online

In this scenario, Δe is <4, zero, or negative.

Let’s go deeper. If Δe =<4, then the idea is,

1. Reversible
2. No UBP
3. Low tolerance

If people face any discomfort, they will switch to alternatives. And when Δe is <2, people put more money into the business by giving more offers, drain their money and finally close their business in losses.

It might also happen when you copy the idea from western countries. The psychology of the people is different compared to our country and the west. So what works there probably might not work here.

I have heard a story of a person where he offers a car wash service at your door. It was successful in the UK, and he thought it would be a success here also. And he started in Hyderabad, and he was found to be nowhere after few months.

You might be thinking, what is UBP?

UBP – Unique Brag-worthy Proposition

Your idea is something worth bragging about and makes others feel bad for not having it. Is it not resonating with you? Okay, how did you come to know about Truecaller? Someone might have come to you and told you that he could find the owner of any number. — And made you install the app. It happened to me.

Crux

Find which hurdles you can address to help people become productive. — which will make their life easier. In simple terms, if anyone is struggling due to anything, it has more money, and you can grab that opportunity.

You can watch the video from Kunal Shah on Ink Talks to learn more on the same.

What did you like the most in the post? Do let me know in the comments below. It would mean the world to me.