In our previous post, How Can The Small Business Owner Survive?, we highlighted problems that many small businesses face and how Wide Merchant Group can help solve those problems and help you become successful. While it is important to look at businesses that failed in order to learn from them, it is obviously imperative that we should also examine successful businesses and learn what makes them successful.
Having helped hundreds of thousands of customers achieve financial success over the past decade, we understand that having a great business proposition that satisfies a need is fundamental to a thriving business. In a recent article by Ramit Sethi, the author and founder of the website I Will Teach You To Be Rich, who has helped thousands of people start their own businesses, has one basic principle that he states that every successful businesses have. What these businesses have in common is that they all satisfy a need within their target market.
“This is something that those who've successfully built a profitable business have in common: They were good at something that helped solve someone else's problem. Yes, your business idea is simply a skill or knowledge that solves a person's problem and that they want to pay you money for.”
A business that exemplifies this theory is Starbucks. Before Starbucks became the powerhouse that it is today, most customers would get their coffee from traditional convenience stores. During a trip to Italy in 1981. Howard Schultz became fascinated by the small, local coffee houses in Italy that beyond serving coffee, they fomented a sense of community, and a captivating experience. Not having experienced anything of its kind in the United States, Schultz set out to replicate this experience in their stores and the rest became history.
The moral of the Starbucks story is that a great business model can arise from understanding the need in your market can be the beginning of your own success story.