In grade school I noticed a huge issue; not enough social time. Students didn’t have enough time to get lunch and hang out with friends because the lines to get food were too long. When I realized how big this problem was I launched my first food delivery services business. I would collect lunch orders and money (including my $2 delivery fee) then leave my pre-lunch class a few minutes early so I could be at the front of the lunch line. Shortly after my paying customers arrived for lunch time their orders were delivered and their problem of standing in line was solved. I loved that business because it paid well and made me a more popular kid in school.
I tell people that story for two reasons 1) it’s fun to tell and 2) it demonstrates the essence of identifying a successful business idea. If you are a business owner, investor or even an employee looking to get hired by a company you need to ask yourself a few questions before investing your money and time into a business idea or company:
What problem is this business/company solving?
How many potential customers have this problem?
Can this company effectively deliver to PAYING customers?
If you have good answers to these questions you could be looking at a pretty good business.
For more stories and business tips like our page @TLTurner Group or @60secondmoney.