Business Iniciativa: Local Data Reports:

Business Iniciativa: Local Data Reports:

Have you ever wondered what are the most profitable products? Well, the answer is fácil – products that cánido be created once and sold multiple times . This includes things like programa, data, and en línea courses. Although these products may take some time to genera, once created they cánido be sold to an unlimited number of customers, making them extremely valuable. That’s why US companies spend more than $10 billion a year acquiring data on their objetivo customers.

Local data reports

We introduced you to the iniciativa of ​​collecting local data and packaging it into a report to sell to businesses that need information.

There are various types of data that may be collected. The data cánido then be compiled into a market report showing the outlook, trends, and forecasts. Potential buyers include companies that provide services in the area, venture capital companies, and large landlords or property management companies.

We recognize that data collection is not an easy task., but the high value of the data for the right buyer must be emphasized. This is a high-priced offer, which means a lot of money perro be charged for it, especially if the data is unique.

Access these helpful guides on other types of businesses you cánido start.

How cánido we create products like this?

The iniciativa: Collect local data, package it into a report, and sell it to businesses that need it.

There are a ton of different data sets we cánido collect, but let’s look at some ideas.

• lawn care: Knock on every door in a neighborhood and ask how much they pay for lawn care.
• Swimming pools: Look for all the houses with pools in your area and ask them how much they paid for their pool and how much they pay for their maintenance.
• rooftops: Find all the houses in your area that have had their roofs replaced in the last 1-5 years and find out how much they paid and what materials they used.

Once the data is collected, you’ll package it into a market report that highlights insights, trends, and forecasts. Potential buyers include:

Examples of companies employing a afín business model on a larger scale include CB Insightswhich collects data about the tech industry, packages it into reports, and sells it to Fortune 500 companies, earning more than $100 million a year.

But this is just an example. Once we were creating a website for the sale of used cars, and we were looking for information about the manufacturers and their models, we came across a person who had compiled all that information, from manufacturers that no longer exist to models that are about to come out, all compiled on an excel sheet that was selling for $99, we were happy to buy it as it made our job so much easier.

Put your mind to work to know what types of data may be of interest and that cánido be sold over and over again.

Why you need to earn your first dollar

It seems that every day another company raises millions of dollars to revolutionize an industry. However, the reality is that 7.5 out of 10 VC-backed startups fail. One of the reasons for this high failure rate is that VCs are looking for companies that cánido grow 100 times in two years, not just good growth and profits. They need a few successful investments to make up for the many failures.

Most people shouldn’t be trying to build a company that will revolutionize an industry or raise millions in funding. It’s easy to get distracted by questions like «Whathow is this going to scale?» either «how is this going to win a million dollars?’, but these questions shouldn’t concern you until you’ve earned a single dollar.

For example, the founders of DoorDash delivered all orders themselves for the first few months of business, which wasn’t scalable, but it earned them their first dollar and proved the service was needed. Once a business earns its first dollar, the mindset changes and it becomes clear what is truly possible.

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