GoKawiilOpinions expressed by Entrepreneur contributors are their own.
Key Takeaways A business doesn’t need to be flashy or novel to be profitable.
Focus on recurring revenue instead of impressing investors. The best way to generate it is with products and services that solve common problems for large audiences.
Leaders should understand that specialized niches mean smaller audiences and that a fresh twist and good messaging beat reinventing the wheel.
I love roofing, but home services isn’t everyone’s idea of an exciting niche. In fact, most people tend to think of my sector as a fairly slow-moving sector.
That’s part of why Roof Maxx has been so successful. Introducing our roof restoration solution for asphalt shingles gave homeowners and businesses a way to get more life out of their existing roofs that was both practically unheard of in residential roofing up to that point and potentially thousands of dollars less than a roof replacement they might not actually have needed.
We didn’t reinvent the wheel by trying to engineer some brand-new roofing material. We just identified a simple problem in a large market and found a practical solution others were ignoring.
The point is, a business doesn’t need to be flashy or sexy to be profitable. Here’s what founders should be focusing on instead.
Focus on recurring revenue instead of impressing investors
A lot of new founders forget that recurring revenue and investment potential are related concepts. Recurring revenue signals that your customers trust you, that your business is stable and that your products or services offer long-term value. All of these are major green flags for prospective partners.
... continue reading