Finding a Problem To Solve

Being successful in your new business means that you have to identify a problem that consumers or businesses want solved and then use your experience and talent to provide a superior solution. Thinking that just because you know how to do something well will automatically get people to buy is the biggest mistake new Boomer business owners make. Your path to profit lies in finding a problem and selling an attractive solution.

Why? Consumers and businesses are pressed for time today. When they go searching, they have a specific problem that they want solved and their primary question is: "are you the one to solve it for me?" Once you've identified a problem someone wants solved you can then figure out a plan to find a group of them and offer your solution.

Find a demand - offer a supply. It's the basic law of business, no matter whether you are selling online or offline, to consumers or to corporations. And on the Internet you can find important clues as to who is looking for your solution. Successful and profitable businesses today use the Web as the center of their marketing strategy.

How to find a problem

This is one of the biggest advantages of becoming a business owner after 50 - you've had a lot of business and life experience through which you've seen many problems and needs among those in the world around you.

And most importantly you know which kind of work most interests you. The world is full of "needy" people and companies, so why not start looking for a problem to solve doing the kind of work you most enjoy?

Here are a few potential problems to solve based on work or life situations (these are taken from our e-book, "40 Ways to Find a Great Boomer Business Idea" which is available in our free Biz Idea Generator Tutorial - see the box above):

• Is there an in-demand product or service that your most recent employer didn't do a good job of offering?
• Is there a project you started before being downsized that now you can offer to complete as an independent contractor?
• When you or your spouse have been shopping, have you repeatedly noticed something you want that seems to be missing?
• Are you an expert at a hobby shared by a good number of others who could want to access your expertise?

If you're interested in what you're doing, you'll find it enjoyable, and you'll be motivated to stick with your business -- and foster its growth, developemnt and increasing profitability. This is particularly important when you are more of a "lifestyle entrepreneur" and only want to run your business part-time.

Your unique interests may also help you find a niche market to sell to. A niche is a narrowly defined group of people searching for answers or solutions to a similar problem (and often not finding relevant solution providers) -- an example is our client Jim Glay, who has turned a life-long avocation and part-time profession of playing drums - into a profitable business selling vintage drums online.