VIDEO: Finding Great Business Opportunities Through Frustration

By QuickBooks

1 min read

Before structuring, fundraising or even licensing, a small business owner needs an idea for a product or service. You can’t have a small business without one, and sometimes even conceptualizing an idea can drive even the brightest of minds to insanity. So, in order to make sure you have something worth building a business around, how do you go about getting that perfect idea? Whether it’s a cutting-edge product or a new twist to an old service, how do you give the marketplace and consumers something they can’t live without?

In the case of Klickly founder and CEO Cooper Harris, it was a simple matter of inconvenience. When she wanted to donate to the Red Cross, she realized how inefficient the payment process was. It was in that moment that she realized that online businesses and charities could bring in more revenue if they made the payment process as easy as possible for consumers. As a result, Cooper and her team created software that helps streamline and expedite payments literally by the click of a button, hence the name “Klickly.”

The old saying is true: “Necessity is the mother of invention.” If you want to start your own business, consider starting with your own pain points. What product or service would make your personal daily life that much more convenient or enjoyable? Is there some obstacle or issue you frequently have to work around or deal with that no one has solved yet? Chances are that if you’re experiencing frustration with something, other people are as well. Once you have your idea, create a solid business plan that you can use to help you seek loans or present to investors. Depending on your product, you might even consider creating an MVP to show off as a prototype. The more thorough you are, the better your chances are for raising capital and making your life—and everyone else’s—that much better as a result.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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