Starting a new business is a stressful thing. You require a lot of money, insight, and testing. Also, you need to invest a ton of your time with no guarantee that it will work out. Sometimes it can backfire and you will lose more money than you invested.
There is a reason that so many businesses fail. If you see a restaurant that is working fine and earning in millions then it is tempting to replicate the success.
But what people miss is the real ingredient of success. Facebook was started by people who had a vision and it went to become a giant network where people send their friend request and then talk for hours. Now it is mostly them scrolling up memes and news which are made to make them feel nice. So they end up doing the Facebook thing for hours with no real productivity.
Because Facebook earns in billions, Google got tempted and started their version of the Facebook. But that was it. It was a version and hence it didn’t take up.
You don’t have to be number 1 to succeed and you can’t replicate a business with money. There goes a lot in making a business succeed and that’s why it is scary.
But maybe you have this urge to do something. And you are willing to risk a portion of your time and money.
You want to start a tie business. Your aim is to sell all kinds of tie – business, casual and in all vibrant colors. One by one you ask the casual buyer and they are delighted that such a business will come in because they want some fancy ties.
In your neighborhood, there isn’t any competition so you are confident that it will take off. But you know that many businesses fail. So you start as small as you can.
And the day when you launch, there is no one. You run ads, put on posters and wait. One month passes by and there are hardly any sales. Many people come in, talk with each other and then end up buying nothing or just one tie. And it is taking a toll on you. Despite doing all the things right, something isn’t right.
You realize that many of your customers value the connection they develop with others. Because most of them are a business person and they develop a sense of connection. The tie buying process is secondary for them.
Also, the people coming in for the luxury ties are having functions, conferences and many workshops. So it helps them advertise with well-connected people.
So you have an idea. You start a meeting room for such people with coffee and donuts. The fee is $200 per month as membership and it is inside your store. A room which allows for discussion and such. When someone comes in for the tie, you pitch them the discussion room and boom, they buy in because they know the value.
You are now making more money than room membership than selling tie. So adjust. Do the business room meetings because it is something you have to do to become sustainable. So that it allows you to do the thing which you want to do – selling ties.