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.
You see this all the time.
Each of these entrepreneurs had the problems of small company. They didn’t know it until it was to late and went under.
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.
Don started by finding out what the common problems of small business actually are.
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.
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!
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