- 4.3.1 -

Where do you go to make the most money?

The best ideas are those that let users save vast amounts of both money and time. Such ideas solve very real, existing problems or challenges, and are presented in such a powerful and convincing ways that people cannot afford to overlook them.

For instance, look at phone companies before the emergence of Skype. Overseas calls were quite expensive; Skype changed that “fact” completely. Or take accounting. The hourly rate for a standard auditor is around $200-400 USD. What does the accountant do in return for what the customer pays? Could the same thing be done or the same result achieved in a different way, for less?

Or take attorneys: they often use standardized documents and procedures that don’t actually require a law degree to handle, but their hourly rates are as high as those accountants – if not higher!

The conclusion: if the price level for a particular service or product is relatively high, there may be room for increasing efficiency or for other innovations that could lower your costs, while saving both you and your customers time and money.

Before entering a market, you can start out by finding out what the different competitors earn each year. What are their financial reports telling you? How many employees do they have, and are they hiring? What is the media saying? Research it all; you may find some very interesting and seriously useful facts.

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