Instead of burning energy in creating a new concept, why not revamp an old but rather established business idea that has ruled the industry for a long time?
Global economy is witnessing a wave of newness in the age of start-ups and unicorns. Fresh concepts and ideas are ruling over the economies and are battling with each other to grab the throne of ‘the biggest giant’. In this most competitive and creative era for business, many aspiring entrepreneurs feel so intimidated that they fail to bring the ‘desired creativity’ that has become a major selling factor in today’s economy. Is the wave of new business ideas stopping them to live their dreams of entrepreneurship?
Newness of concept is an important ingredient in the recipe of a successful entrepreneurial venture, but creating original ideas is not a piece of cake. So, instead of burning energy in creating a new concept, why not revamp an old but rather established business idea that has ruled the industry for a long time? Sounds right? Read on:
Old is Gold
The generation of early millennials might be familiar with the bicycle rental shops from where a few of them might have hired one to learn how to ride it – and the purpose of hiring can vary from person to person. These bicycle rental shops were nothing but rusty shops that had a few bicycles in stock to be rented out for those who needed it for an hour or two. This very familiar concept of bicycle rental has now become a billion dollar industry worldwide as it has been revamped to align with modern demands. From daily commutes to long drives for sheer leisure, the new idea of bike rental is nothing but a moderation in the old bicycle rental services which we are so familiar with.
An anonymous saying has always taught us that ‘old is gold’. What it actually tells us is that the ‘old’ is our experience, something through which we have passed and in which we can place our trust while the new is an experiment. From a consumer’s point of view, an old business idea is something in which we can place our trust as it has been tried and tested whereas a new business idea is dicey. With the passage of time, a lot of old things seem irrelevant to us (just like renting a bicycle in our childhood) until we are introduced with the moderated versions of it (how bike rentals can be used in today’s time to help commuters and tourists). The dearth of originality has always created a scope for tweaked moderation in old things. After all, what will we do with originality if the purpose of the business is not served!
Narrow the Focus
Introducing a new business within an old framework is another task about which one has to think deeper. One has to get people to change their behaviour in order to support this innovation. In order to do so, narrowing the focus is an important aspect to ponder upon. One has to differentiate the product that the old business used to sell to create a difference. The new innovation must present the same product in a different way to the same or different audience to gain attraction. The target audience can also be changed as you narrow down your focus. A little tweak with the business model as per the requirement of the target audience can also be done to attract customers to the revamped business idea.
Franchising to Revamp the Old Idea
Many a time, the lack of orginality is why businesspeople (franchisor) sometimes sell other businesspeople their franchise so that the other businesspeople (franchisee) can come up with a new concept for their own product and services. In this way, franchising your old business idea can also be helpful in bringing innovation in your stagnant business.
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