Every extremely successful business started out with a phenomenal idea, right? Well, not exactly. In order to make headway with your business and bring in the sales, your business needs to be supported by more than just a light bulb moment and a business plan.
Right now, every entrepreneur out there needs to be focusing on the problems in this world. We don’t mean wars, politics, and all the other craziness that could happen tomorrow, but the stuff that affects your potential customers’ lives in a personal way every day.
When Steve Jobs created Apple, sure he may have had a great idea for the logo design (the apple was ingenious.) But the core to the success of his billion-dollar company was the fact that it brings a solution to the common technology issues we face every day. Remember when you used to get viruses on your PC like every month? Now that you have a MacBook Pro, those expensive trips to Best Buy are a thing of the past for you.
Our point is, if you want a company that’s going to be anywhere near as successful as Apple, you’re going to need a huge solution. Keep reading to learn what three things you really need to focus on if you want to invent the next big problem-solving solution.
1. Focus on Your Market
In order to provide a solution for your audience, you need to know it. But first, you need to pick your market. You will want to choose a group of people that you relate with or feel connected to, that way your marketing efforts are authentic and purposeful. Once you have chosen which market you want to focus on, the next step is to research what problems that group may be facing. For example, Millennials want more flexibility in the workplace. What kind of product could you create to help them obtain that? As you study your target market more and more, you will find the problem that piques your curiosity.
2. Tap into the Trends
As your curiosity for a target market increases, you will want to know as much information as you can. You can get that information by looking at the trends surrounding your target market. Market trends can affect industries in dramatic ways; therefore, it’s crucial to stay on top of these trends if your solution is going to keep pace. Let’s continue with the above example of Millennials in the workplace. What trend do you think might have affected their desire to have more flexibility with a career? It’s possible that the increase in travel among the millennial population led them to want more freedom in all areas of their lives. More research into this trend will determine a more solid conclusion. Leveraging a trend is a common strategy among today’s most innovative entrepreneurs, and it should be your strategy too!
3. Solve a Problem
Let’s conclude with what catalyzed this entire post: problems. Paying attention to the problems commonly found in your target market is the most important detail in crafting your next business. Think about it – if you solve a shared problem among a certain market or industry, then you’re able to affect a very large amount of people. The more effect your business has the more success it will generate. By tapping into an already existing market or industry, you’ve eliminated half the work. You don’t need to create your audience – it’s already there. Offering a solution to a problem they face every day is music to the ears of consumers. Consumers today are constantly looking for ways to make their lives easier and more efficient. After choosing a market and studying an industry, your business can give them the next best solution.
Bottom line – the key to creating the next big business is not in the idea, but in the way it can solve a problem. Approach your next brainstorming session with that perspective and see where it leads you!
Ark Financial understands that business owners and entrepreneurs have different needs that require unique answers. Contact us today if you have questions about your business or personal financial life!