In just three years, Nathan Barry grew his business from scratch to generating $125,000 in monthly recurring revenue (MRR). But the real magic lies in how he discovered and validated his business idea—a process rooted in solving hard problems and understanding his customers deeply.
Here’s the step-by-step approach Nathan followed to build a winning business:
1. Focus on Solving a Hard Problem
Nathan didn’t start by brainstorming ideas or chasing trends. Instead, he focused on finding difficult problems that needed solving—problems that potential customers would be eager to pay to resolve.
His philosophy: If you solve a painful problem, your business idea will practically sell itself.
2. Asking the Right Questions
To uncover these problems, Nathan engaged directly with his target audience, asking them three key questions:
- What is the most important thing you do for your business?
- Does that thing hurt?
- How do you spend the majority of your time?
These questions helped him identify tasks that were both critical and frustrating for businesses—ideal areas to target with a solution.
3. Validating the Problem Across Industries
When Nathan encountered a challenging problem, he didn’t stop there. He reached out to other companies in the same field to confirm whether the issue was widespread. This step ensured that the problem wasn’t unique to a single business but rather a common pain point across the industry.
4. Determining the Willingness to Pay
Once he validated the problem, Nathan investigated how much companies were willing to pay to solve it. This was crucial to ensure his solution had not just a market but also a profitable market.
5. Building a Pre-Order Page
To test demand before building anything, Nathan created a pre-order page describing the solution he planned to offer. This page served two purposes:
- It validated customer interest.
- It generated revenue upfront to fund the product’s development.
6. Securing Pre-Orders
The pre-order page proved to be a game-changer. Nathan was able to secure:
- 19 pre-orders
- $2,916 in revenue before he even built the product
This early success confirmed the idea’s viability and gave him the confidence to move forward with building the solution.
The Results
Nathan’s methodical approach to identifying and solving a real problem paid off. His business grew steadily, and within three years, it reached:
- $125,000 in MRR
- A loyal customer base eager to pay for a solution to their pressing problems
Key Takeaways From Nathan Barry’s Success
- Solve Pain Points: Focus on real problems that cause frustration for businesses, not just ideas that seem interesting.
- Engage With Customers: Directly ask your target audience about their challenges and priorities.
- Validate the Problem: Ensure the issue exists across multiple companies or industries, confirming market demand.
- Test Before You Build: Use pre-order pages to validate interest and generate revenue before committing to product development.
- Know Your Value: Understand how much customers are willing to pay to solve their problem—it’s the foundation of profitability.
Nathan Barry’s journey proves that great businesses start with a clear understanding of customer pain points and a willingness to solve them systematically. Instead of chasing ideas, focus on solving problems, and your business idea will naturally emerge.
What problem will you solve next?
Source: wpcurve.com