Have you ever wanted to start a business but haven’t been sure exactly what kind of business to start?
You’ve heard the shocking statistics about the number of businesses that fail in the early years and you want to build something that will be successful, not become a statistic. So what should you do?
In this blog post, I’m going to share with you the best way to build a business that that has the highest likelihood of success. No matter what industry you choose to work in, apply this strategy to enjoy a long-lasting revenue-generating business.
Here’s the strategy: Find a problem and solve it.
Yes, it’s that simple. To build a business that elevates your chance of survival and accelerates your profitability, start with a problem.
Find A Problem That You Can Solve
Every long-lasting product or service solves a problem. Some of those problems are obvious – plumbers solve plumbing problems; the food you buy at a grocery store solves the problem of what to eat. But even products like fast food or chewing gum solves problems – fast food solves the problem of what to eat when you’re in a hurry; chewing gum solves the problem of an inexpensive and tasty way to get fresh breath.
Find a problem you’re familiar with and figure out how to solve it. Thomas Edison did that when he finally found a lightbulb that worked to illuminate a room.
Henry Ford did that when he developed the first affordable (factory-made) car.
What problems are you aware of that you can solve?
Not only does the problem need to be solved, but you need to find a way to make money off of the solution. Perhaps you can sell the solution directly, like an airline sells tickets to help people get across the country quickly; or perhaps you can offer the solution for free and make money in an indirect way, like Google does by offering its search functionality at no cost but charging advertisers to post ads.
This is why I love real estate investing so much – because I’m solving two problems with one solution!
For motivated sellers, I’m helping them get rid of the burdensome house so they can move on with their lives; for cash buyers, I’m helping them find an affordable property that they might rent out to a tenant for cash flow. And my real estate investing business is positioned right in the middle to solve both problems with a single solution.
Every great business solves a problem. What problems can you solve?
The Doctor Is In
If you have a business that is struggling, or if you start one that doesn’t seem to take off as well as you think it should, you might be missing out on a piece of the puzzle:
- You might not be addressing a problem (if your prospective customers don’t know they have a problem then they won’t be looking for a solution)
- You might not actually be solving the problem
- You might not be charging the right amount (an amount that is fair to the customer and profitable for you)
This simple list breaks down the three points of failure that most businesses struggle with in the early years. Start your business and review these regularly to thrive in business.
To Start A Business, Find A Problem
It all starts with finding a problem. What problems, hassles, struggles, frustrations, and annoyances do you face in your life? Every time you get frustrated or stressed – or even stub your toe – you’ve just encountered a problem that can be solved with a potential business.