If what you are selling doesn’t solve a problem, the probability of your success is reduced
Everyone who decides to go into business for themselves dreams of their business becoming a success. Their are several steps to giving yourself the highest probability of that happening. First you have to research what types of businesses have a reasonable probability of making a profit, in your immediate territory. If you will selling something nationally or world wide, you must ensure there is a market for it.
Having researched those issues, you must consider why any consumer would buy from you. A primary stimulus for making a purchase is that the service or product will solve a problem. It’s possible to sell an offering that solves a problem the consumer doesn’t know he has. But, then you must have a fast and efficient method to educate the consumer, due to his lack of understanding of its benefits.
Sure consumers buy things simply because they want them. Most of all, that satisfies their need for an item or service they felt would make them happy. When you offer things consumers want, they may be sold by many competitors, and that market may be saturated. Your research should include an analysis of that possibility.
Do more than start a business, offer something that solves a problem
You should want to do more than just start a business, you should want it to be successful. And, history has shown us the greatest probability for success comes when you solve a problem. Sometimes, you can do better by finding an improvement to an existing product or process. You then open the door to licensing, royalties and other benefits for you.
When you think about starting a business focus on the pain points of consumers. It’s easier to sell something a consumer needs, more than just wants. Consumers are constantly looking for things that are quicker, give faster results, and are smarter choices. And, there is a lot of room for improvement in virtually every product and service available today.
When your offering solves a problem consumers have, you increase the probability of your success. Think of what you can offer better than what is available, and who knows, your company could make the next business success headline.