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What Is A 'Hassle Premium'?

People are almost always willing to pay for things that they believe are too much of a pain to take care of themselves. Where there’s a hassle, there’s a business opportunity: the Hassle Premium.

The more hassle a project or task involves, the more people are generally willing to pay for an easy solution, or pay someone to complete the job on their behalf.

Josh Kaufman Explains The 'Hassle Premium'

People are almost always willing to pay for things that they believe are too much of a pain to take care of themselves. Where there’s a hassle, there’s a business opportunity.

Hassles come in many forms. The project or task in question may:

• Take too much time to complete.
• Require too much effort to ensure a good result.
• Distract from other, more important priorities.
• Involve too much confusion, uncertainty, or complexity.
• Require costly or intimidating prior experience.
• Require specialized resources or equipment that’s difficult to obtain.

The more hassle a project or task involves, the more people are generally willing to pay for an easy solution, or pay someone to complete the job on their behalf. Here’s an example: A homeowner may be willing to pay a one-time fee of $50 for a pool cleaning kit, but they may be willing to pay a cleaning service $100 per month to have someone clean their pool for them.

The end result is a clean pool either way, but the cleaning service removes the hassle: the pool owner doesn’t have to spend any time or effort to get the same desired result. As a result, the pool cleaning service benefits from the Hassle Premium: they’re able to collect $1,200 per year—$1,150 more than the DIY option—by eliminating the hassle for the pool owner.

There is a limit, however: charging $10,000 a month for a pool cleaning service won’t work—the vast majority of homeowners don’t care about having a clean pool that much. To benefit from the Hassle Premium, you need to understand how much of a hassle the task is to the prospect. The more hassle, the higher the potential Hassle Premium.

If you’re looking for a new business idea, start looking for hassles. Where there’s hassle, there’s opportunity. The more hassle you eliminate for your customers, the more you’ll collect in revenue.

Questions About The 'Hassle Premium'

• Where is the hassle for your prospect or customer?
• What can you do to eliminate that hassle?

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"All human situations have their inconveniences."

Benjamin Franklin, early American political leader, scientist, and polymath

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https://personalmba.com/hassle-premium/

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