Rule number one when starting any business is to find a Niche market, right? Wrong, you don't need to invent the next gadget craze to make it in the business world. All you need to do is identify a service or product that already exists and make it better. You don't even need to look far for proof of this concept, just look at:
- Google was not the first search engine on the block, instead they took an existing product and improved it, they continue to do this with Google Docs, maps and more.
- Donald Trump was not the first property developer, instead he used his construction skills acquired while growing up and applied his own flare.
- Steve Jobs at Apple didn't invent the first MP3 player, they took an existing product and made it better.
There are many examples of this concept in action, just take a look around you. Your doctor, dentist, accountants, juice, milk, bank, plumber, favorite newspaper and even airline were most likely not the first to market. Instead they took an existing product or service and added their own flare. In some cases they even did not change a product, they simply duplicated it and provided it in a different city or country.
So how do you do this and potentially find yourself a very profitable business with a million dollar turnover? Just follow these concepts:
- Take a good hard look at yourself - what are you good at, everyone has marketable skills otherwise no one would employe them. List your skills. Now which of these skills could be turned into a business. You will be surprised which ones can, if you are good with kids - child care provider, if you throw good parties - party planner, if you have a university qualification - something with that. Just look around you, you will find someone who has set up a business you can copy and do better.
- Write a list of all of the services you use and products you consume - what do you like about these products, what could be done better. Rank your ideas against your skills and your passions. Turn the top product / service into a business.
- Study an existing business in the area you have chosen, figure out how they do what they do - you may even be surprised to talk to you about their success or even mentor you. All you need to do is ask.
Just remember, these steps will give you allot of ideas - but to be successful in business you need to be passionate about the product / service and completely determined to make it succeed.
Though determination and using the skills you already have, you too can turn a simple idea into one that propels you to millionaire status.
About the Author
Article by the Danuel Rebecca. For many more keys to success, becoming a millionaire, and smart investment ideas visit the Smart Millionaires Guide - keeping wealth simple.