Does Your Business Solve A Problem?

It’s exciting to own your own business! To have the control and flexibility with how you spend your time and who you spend it with. Your income has no limits with the right business model.

So why do so many new women entrepreneurs seem to stall out?

Maybe you’ve taken a lot of courses, joined mastermind groups, or hired a business coach. Maybe you’ve already been at this a year or two and you are feeling the pain of not hitting that holy grail – the income goal that you put in your journal each year, but you always seem to fall short.

It feels like you’re moving your business forward because you are doing something for your business. The problem is, this isn’t what you need….

75% of all new coaches, trainers, consultants, speakers and authors will fail to launch a sustainable business.

Can you guess why?

Not enough funding?

Poor cash flow?

Wrong leaders?

All those will certainly bring a business down. But they are not the #1 reason why businesses fail. Give up?

When I learned the REAL reason why most new businesses failed, it blew my mind.

The number one reason why new businesses fail is “no market need.”

What does “no market need” mean? It means no one wants to buy what you are selling. There’s a mismatch between problem, solution, buyer or pricing. If any one of those four variables is off, the business will never get off the ground.

To have a successful business, you need to solve a problem.

And more than any problem, it needs to be a “must have” problem. A problem that costs people time, money and effort to solve. If someone could take that time, money, and effort away, they would gladly pay for that solution.

Getting at the core problem and how you solve it in a way that sets you apart from others, is a process. There are thousands of new coaches, consultants, trainers and authors launching their companies and services every day. What makes you different? Why do people choose you?

This is a good time to grab a journal and follow along with me here, Let’s take a stab at doing a stream of consciousness around this question:

What’s the problem that I solve?

When you let your consciousness riff on this for a while, make sure you look outside of your own experience too. Just because you have experienced it, doesn’t mean others experience it or think about it in the same way.

Beware of being too vague here… like “I help them transform from the inside out.” Have you ever heard anyone actually say that? Not likely. More often they talk about burnout, lack of energy, missing purpose, feeling ‘not good enough,’ and not reaching their goals. You can go even deeper here… “why is that a problem?” What are the underlying surface issues?

Keep asking yourself, “Why is that a problem?” until you get to the core of the problem you want to solve.

If this brought you an insight, comment below.

Here’s to your success!

P.S. When you are ready, there are four ways we can work together:

Join our free Facebook Group, The Launch Lab for women entrepreneurs, here.
Watch the training “3 Critical Keys to Success In Launching Your Business” here.
Apply for The Launch Lab virtual accelerator for women entrepreneurs and get a step by step process in how to launch, re-launch and scale your business. Apply here.
Work with me privately on your business strategy, packaging, pricing or marketing plan. Click here to apply.