People want to be happy and want to be entertained.
That’s why entertainment is big business.
It’s also tough.
That’s why today I am sharing how you can build a business by solving problems for people. In fact, this is the best approach to build a business that offers the most efficient path to growth. It works because it is based on a win-win for both sides.
And, you don’t have to be funny or entertaining or be an extrovert to do any of this.
You can be a regular person like me, and build a business by helping people solve problems.
I’d suggest looking into any one of the following to kickstart your journey:
- Time
- Money
- Relationships
- Wellness
- Self Growth
- Business
Why because businesses in these spaces don’t have a ‘no customer, no revenue’ problem. Given that what you sell is high quality, whether it is a product, service, or advice, and creates the promised results for buyers.
Let’s take a closer look at each.
Areas or Niches in Which You Can Solve a Problem and Build a Business
Time
Can you help people save time or help them be more productive? There is a reason why there are many bestsellers that have been written on this topic and will continue to be. I use Toggl for time tracking and I love it for the value it provides.
Money
Can you help people save money? Or guide and inspire them as they work towards a particular financial goal. The whole Financial Independence, Retire Early (FIRE) is built around this premise and has witnessed the rise of creators like Jacob Lund Fisker of Early Retirement Extreme by and Peter Adeney of Mr. Money Moustache. Then there are biggies like Dave Ramsey and Suze Orman, whose influences are much wider and pockets heavier. You can build huge content-based businesses like PennyHoarder that does upwards of $20 million in revenues. There are countless opportunities to launch apps and build businesses that deal with different aspects of money and credit.
At the high end of this market, you have the banks and financial institutions. Then there are payment apps like PayPal. There is also Stripe that continues to disrupt the payment space. And, there are also apps that deal with personal finance. You also have countless personal finances and investment advisors.
Relationships
Can you help people be more effective in their relationships? Can you help them communicate better? This space has been huge forever because of how important it is for everyone.
Have you heard of Facebook? I am kidding obviously. So, Facebook is built on the premise of connecting people. There is Tinder and the old word Match.com. LinkedIn is there for growing your professional network and helping you stay in touch with your peers. And there is matrimony and the businesses around it.
Wellness
Can you help people look good or help them lose weight? Then this is the space for you. And, you as a solo creator are not at a disadvantage if you play your cards right. You can look around (on Google, YouTube, and Instagram) and find a long list of solo creators who have built businesses and personal fortune on then back of selling fitness dreams.
Take the case of Kayla Itsines, an Australian personal trainer. After graduation, she found work in a gym. On the side, she starting helping her sister’s friends with fitness and nutrition advice and asked them to take before and after photos. Her 12-year-old cousin suggested using Instagram to organize photos. This got her early followers. At the advice of her partner, she created an ebook called Bikini Body Guide. Which over the years, and of course, with her hard work, turned into an uber profitable business. She later created a meal-planning and workout app, Sweat with Kayla. This app has been among the biggest revenues generating apps in its category since its launch.
Self Growth
If you have heard of Tony Robbins or the books like The Secret, you know about this space. There will always be a demand for people, books, courses, ideas that help you become a better version of yourself. That’s why there will always be creators fulfilling that demand.
All books and courses that you see related to habits or personal effectiveness help people solve this problem.
Business
Running and growing a business is a big deal.
And, you can solve problems in any space I shared above (time, money, relationship, wellness or self-growth) into big business. But these are not the only businesses that are out there.
There are many more. Millions of them. And these businesses have problems – of growth, innovation, project management, finance, people, and operations. If you can help these businesses to solve these problems, you are in for big gains.
Heard of $100,000 a day consultants? Yes, they exist to help businesses that are or want to grow to $100 million or even more. Even if you don’t have skills at that level yet, you can become a curator of learnings and insights. Evan Carmichael has built a solid business just by doing that.
Automobiles, oil and gas, pharmaceuticals, software, infrastructure, transportation, all make up the top end of this industry.
Each industry has the biggest, smallest and in between players. For example in software, you have players like Microsoft, Zoho, and Salesforce serving the enterprise market (think companies with hundreds of millions or upwards in revenue). Then there are smaller startups doing up to $100 million in revenues, You also even smaller startups that do $10-20 million a year with small teams. At the low end of this market, there are freelance apps developers serving smaller clients and making a good living.
So, the opportunities are in front of you. You can start with anyone one option that excites you or explore more than one before you find the ‘one’.
Which one will you go after?
Isn’t it obvious?
One where you have established expertise or one where you are willing to slog for 1, 2, or even 3 years to learn and share because you are so passionate about it.
Let me know how it goes for you 🙂
