In reading an article about the latest spate of foreclosures hitting the state of New York, I came across a very interesting business - foreclosure bus tours. I realize that this isn't likely a new business, but it's new to me so I thought I'd mention it. What I find fantastic about this concept is the entrepreneurial spirit that seems to rise-up from any situation - no matter how bad it may appear to be.
The tours, that charge $75 per seat, take prospective buyers around the latest foreclosure filings. It's simply ingenious; they're fulfilling a growing need or interest and making money on it. Beyond just providing the transportation, they're also facilitating the buying process by bringing along mortgage brokers, home inspectors and even contractors to help those buyers make qualified decisions.
I can visualize the business model already. I can imagine that the bus company has brokers, independent home inspectors and contracts lining-up to come along on these rides as the resident experts on-board; moreover, I would hope, that they're paying a pretty penny for an exclusivity option.
It really is that simple. Spot the need and figure out how to satisfy it.
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