After Retirement Opportunities › Help Fix Businesses

Make the Big Bucks
Start A
Problem Solving Business

Recently, a hot, new business idea emerged. Starting A Problem Solving Business fills a niche that most small company owners welcome.

Sure, there are big consulting firms doing this but few if any focus on the small companies like the ones in your neighborhood. This is a vastly under served niche.

Want proof?

You see this all the time.

  • Three restaurants have occupied the same location in the last 10-years. They all went out of business.
  • First is was a framing shop, then a vacuum cleaner store, a pet store and now it’s a wine shop. What will occupy this space next?

Each of these entrepreneurs had the problems of small company. They didn’t know it until it was to late and went under.

Background Info

I personally have advised over fifty small companies and know their problems well. However, I never thought of turning this love into a profitable enterprise. That is, until I heard about Don Johnson.

Don is from Montgomery, Alabama. He is a retired small company owner.

Like me, he advised other entrepreneurs who were having problems running their company.

This was essentially a hobby. He did it for free just to help folks and make contacts for his existing company.

Right after he sold it, the U. S. economy tanked and his stock holdings plunged by about 30 percent. He sensed he would run out of retirement money.

He knew he was smart and had the necessary experiences to help others but, this was now going to be a profitable venture and not a hobby.

STEP ONE in Starting His Problem Solving Business

Don started by finding out what the common problems of small business actually are.

The results.

  • Retailers including restaurants choose a bad location.
  • They do so because of faulty market research or doing no research about their prospective customers.

  • They try to do too much themselves in operations. It’s like knowing a little about a lot but not a master of anything.
  • They do not have a financial plan and/or their accounting is a mess.
  • They are under capitalized. They start on a shoestring and have little, if anything, left in reserve when they figure out that they over estimated the amount of revenue coming in and under estimated expenses.
  • They charge to little. Yes, entrepreneurs undervalue their product or service. They may not determine all the costs necessary to achieve profitability. This is particularly true with a service company.
  • They may or may not have drafted a viable marketing plan. This is a major ingredient for failure.

STEP TWO in Starting His Problem Solving Business

Here are some, but not all, of the resources Don used to obtain background information to supplement his own experiences. He wanted confidence that he was providing the right information to his clients.

STEP THREE in Starting His Problem Solving Business

Don put together several binders, each on a different problem in order to share with his client’s solutions for each of the factors holding back their company from profitability.

Each binder was in outline form. He would then discuss the appropriate outline with each client.

He had business cards made and followed the steps outlined in “Starting a Consulting Business.”

He then networked with his past contacts. He cold called on small companies simply by walking an area.

Today, word of mouth has spread and small company owners call him.

He and his bank account love it!

Thank you for visiting Make the Big Bucks Start a Problem Solving Business

Professional Resources

U. S. Association for Small Business and Entrepreneurship

Small Business Association


Additional Small Business Ideas

 

 

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