There’s tons of advice online these days on how to make money. “Recipes” to follow. Programs to buy and coaching that will help walk you through things.
But finding a good business idea is half the battle. The rest is easily learned. Accounting, building a team and so on.
Let’s turn to finding a new idea.
It’s actually very easy. Just look for problems.
Everyone has problems in their life. And if one person has a problem, chances are other people have the same problem too.
Find the problem
Look around you. School. Work. Home. People are always looking for ways to be more efficient and to save on manual labor or reduce the amount of money they have to spend. Always be walking around with a notebook so you can jot down problems you observe and in which markets they exist.
Determine if it a common problem
Once you find a problem that you can solve, find out if it exists in other places. Seen a problem in one business? Find out if it exists in another business too. How many businesses do you think it exists in?
What would people pay for it?
Try to come up with a price you would charge to solve this problem. Start really low, so you can break-even. Some people will pay more than others. This is where an enhanced version of your service comes in so you have multiple pricing tiers.
Most of us think of a business that will make us independent, wealthy and take care of our families.
But solve problems first. Then the money will follow.