The #1 Way To Know What Business To Pursue
A lot of people lean towards business ideas they think will make the most money, but I’m here to tell you not to fall into that trap.
Be The Solution
In my line of business, people often come to me for consultation about which of their many business ideas to pursue. A lot of them lean towards the idea they think will make the most money, but I’m here to tell you like I tell my clients not to fall into that trap.
You’re probably wondering, “what’s the essence of starting a business if I’m not in it to make the most money?” Well, there’s a better way to make money in the long run and that is by focusing on solving problems.
“ As you get better at solving problems, you are building industry expertise and good will”
People have problems that they want help with, and if you go into a business as a problem solver, they will be more than happy to pay you money to take their problems or pains away.
Do you agree?
Here are two reasons why going into business to solve a problem is more lucrative than going into a business to make money.
1. You Become an Expert
When you have a Solve a Problem mindset instead of a Make Money mindset, you’re constantly thinking of your customers and how to help them solve their problems. You involve yourself more in the process of coming up with effective solutions to these problems.
As you get better at solving problems, you are building industry expertise and good will. Instead of cutting corners and reducing quality, you focus more on improving your craft and quality of service, and that eventually gives you an edge in your industry that allows you to charge more.
2. You Enjoy Free Marketing
Putting money first when going into business often leads to cutting corners to reduce costs. Over time, the focus on money starts to affect the quality of service and this eventually hurts the reputation of the business.
Take, for instance, a food business that starts out with great food and great service. Over time, they try to increase profit by cutting staff hours and sourcing for cheaper ingredients. As such, the quality of the food goes south, and the customers who once loved the food start to complain about the dip in quality. Word spreads fast about the business and it hurts the reputation of the brand.
On the flip side, if you concentrate your resources on solving people’s problems, you focus is on improving your service and making your product better. People will talk about the great service that they get from your business and you enjoy one of the most effective ways to advertise a service/product: Word-of-mouth marketing. Because people are satisfied, they will talk to their friends about your business, and that reduces how much money you spend advertising your business. It’s the same way I have gotten some of the clients I’ve worked with in the past.
Do you have an existing business or you’re looking to start one? Choose to be a problem solver today because it puts you (and your business) in a position to make the most money over time.