How to find "Problems"

[Dien Rice]

Originally Posted by Paul Wilson

My question is, how do you find problems that you can action, ie turn into an info product or service. Let me explain, on another forum I read recently, a lady posted about a problem she was having getting her head around a photoshop elements tool. I wanted to post back a solution but before I could reply someone else had directed her to a Youtube video that gave the answer.

This has happened a few times on different forums, that's the reason I'm asking for your help on this one.

Is there a typical type of problem that you look for or is it simply down to good timing?

Hi Paul,

Many people work on problems they've had themselves, and managed to solve themselves. Then, they realized - others could benefit from this solution, too!

However, in my view, you need some elements to turn it into a business... You need an existing market (who also would want the solution), and (ideally) you also need a way you can turn your solution into a kind of "toll position"...

A "toll position" means that people have to go through you to get the solution.

There are many ways that can be done... In some cases, it may involve creating a product, and "protecting" it some way (e.g. patents, trademarks, etc.). It could involve writing a book (protecting it via copyright).

In some cases, it could involve providing a service, too. In that case, you want to try to keep as many "trade secrets" as you can (if possible), to limit the competition, so it's harder for them to copy you...

There are other ways too... Sometimes, it just helps to talk to people about their problems (particularly in a certain area you may wish to focus on). You can read letters to the editor in specific publications, which may mention problems. Online discussion forums can often mention problems people have...

Probably most solid businesses, that last for years, and are not just built on fads, are those which solve a problem... Sometimes it's a simple and common problem (e.g. picking up dog poop in people's yards, for example!)... Other times, it may be a more unique problem... For example, Howard Hughes's father, Howard R. Hughes, Sr., invented a rock drill bit that could drill through rock no other drill bit could drill through. With this invention (which he patented) he solved a big problem and revolutionized oil drilling - and he made millions.

You still want to have the other important skills, too, though - like marketing skills, some accounting knowhow, etc. (Even if you don't have these skills yourself, you can partner with one or more people who have these skills.)

Anyway, this is a great topic!

Best wishes,

Dien