Solve a problem, money will come…your next Business Idea

Business Ideas

by Wasim Ismail on June 23, 2011

Everyday around us we see people buying and selling stuff, whether it maybe a service or a product, someone is paying a price to have a solution or a problem resolved.

We pay for our problems to be solved, depending on how big of a problem it is for us, we would pay the price for it.

For example:
A Lawyer can earn aprox $200.00 per hour, while a taxi driver can earn aprox 12.00 per hour. The reason why there a big difference in the earnings, is it's because it's not about the money, it's how much others are willing to pay for the service. Four us to travel from A-B is a smaller problem compares to having our legal problems solved, which we would pay a higher price for.
That's just how it is.

Overall people pay for services compared to the cost involved, money and the amount does have a factor, but if the quality is good, and the service is right, wouldnt you pay that bit extra to get a better quality product…for sure I would, as it may last longer. It's like when you go out to a restaurant to eat, at the end of the day food is food, but if you go to a slightly upper class restaurant, you pay that bit extra, for the service, the quality, and the overall experience.

Now from a business point of view, we know that generally people would pay for their problems to be solved. This is a great way of finding out a business to setup, or to improve our current business or niche that we are in.

When someone starts a business, or is looking to start a business, 9 out of 10 times they would say to me, "Give me an idea that would make me lots of money in a short period of time". Its normal, and its jus the way we think, we all want to have extra income, extra cash, for our own personal reasons. But we need to have a realistic plan to achieve this.

The best way to do this is to solve a problem, if we solve a problem, that would fill a gap in the market, our new business product or service would become an instant hit, as everyone wants their problems solved, they would pay a bit extra to have their problems fixed or make their life easier.

We see this all the time, many of the major house hold brand names all solved a problem to get to where they are, see examples of companies, services, and products below:

  • Google : Making Search easier for us.
  • Phone Companies (BT, Orange, Vodaphone…etc): Making it easier to communicate.
  • Microwaves: Allows us to quickly warm up food.
  • Accountants: Solves the problem for business to manage their finances.

The examples above are quite broad, I'm sure you get the idea. The idea can be anything, the more targeted the solution is within your niche, the more chances you will have to shine, as your competition will be low or even non.

If you're looking for a new business idea, look around you, and see what problems you and others around you may be facing and there you have it, your new business idea in front of you, now you just need to find a solution for that problem.

Your next big idea may be right in front of you, you just need to look slightly more closer, and you will find it.

Image from: SXC

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