Jaspreet Singh: How To Build a Profitable Business in 2024
Written by
Katie Wudel
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Building a profitable business is more challenging than ever. However, with the right steps, it’s possible to identify lucrative opportunities and build a thriving business. Whether you’re a budding startup founder or an experienced business owner looking to scale, success is within reach. Here are Jaspreet Singh’s tips for establishing a profitable enterprise.
Understanding Your Product
During a recent episode of his show, Singh says entrepreneurs should start by gaining a clear understanding of their product. This could be a physical product, a service, or a digital offering. Each has its pros and cons, but the critical factor is scalability. Singh’s experience with various business models, from a sock company to his media venture, highlights the importance of choosing a product that aligns with your strengths and market needs.
Acquiring Customers
The next step is understanding how to acquire customers who are willing to pay for your product. With the rise of digital platforms, the game has changed significantly. Building an audience first can give you a direct line to potential customers. Singh emphasizes the value of organic growth through platforms like YouTube and podcasts before moving into paid advertising.
Earning and Managing Money
Singh stresses the distinction between earning money and managing it. For example, Singh says that if your business makes $100,000 a year with $40,000 in operational costs, what remains is not your personal income but the business’s profit. Distinguishing between personal salary and business profits is essential for sustainable growth. Also, understanding taxation, like the benefits of an S Corporation, can significantly impact your financial health.
Serving Your Purpose
Running a business that aligns with your life purpose is essential. Singh shares his journey from running an event planning company (during which he experienced feelings of moral conflict), to focusing on financial education, which he’s passionate about. Your business should not only be a source of income but also reflect your values and passions.
Scaling Your Business
Finally, to scale your business effectively, Singh advises investing in education and understanding the nuances of your business model. Learning from the right mentors and applying that knowledge to your unique situation is key. This approach can significantly reduce the time and effort required to achieve your business goals.
Bottom Line
Singh’s journey is an example of how understanding your product, acquiring the right customers, managing money wisely, aligning your business with your personal values, and continuously learning and adapting are vital for building a profitable business in 2024.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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