Someone close to me (I won’t name names) has spent a lot of time trying to come up with entrepreneurial ideas — this person is always thinking of new business concepts that “no one’s ever thought of before!”
Sometimes truly innovative concepts can be hugely successful, of course, but are they ever hard to come by! You have to first think up a product or service that hasn’t been done before (at least not in your market), and then try to create a demand for that product or service, then manufacture and deliver that product or service, and so on and so on…
There is another, simpler path to business success, however:
Identify something that someone else is doing poorly, and do it better.
In my case, it was running a DJ business. My husband/partner and I had both previously worked on the sales and management side of another DJ company, and it was a disaster in more ways than I could ever list in one blog post. It did give us a great foundation, however, for how we would eventually run our own business. This is because we had observed firsthand exactly what not to do. We were able to pinpoint numerous ways to improve upon the poor business model we’d observed, and to do things better:
- Better customer service, resulting in the ability to charge more money and earn more referrals
- Better partnerships with other wedding professionals, resulting in truly meaningful business relationships
- Better marketing, helping us to reach the clientele we wanted
- Better financial operations, increasing accountability and enabling us to budget effectively
- Better talent recruitment and management, leading to a more happy, loyal team
By focusing on improving on what wasn’t being done well in our market, we were able to create a successful, lucrative business we were (and are) extremely proud of, in a relatively short amount of time. I’m not sure we could have done that if innovation was our sole priority.
I’d venture to say that most service categories within the wedding industry have identifiable shortcomings and pitfalls, and by focusing on turning those negatives around, one could build a pretty solid, successful business within their chosen field — even if what they were doing wasn’t actually something new.