Unique Business Ideas

Hello Lou

What a situation to be in, you want your own business and you only know about one product. Well do you want to work for yourself or do you want to run a business? Running a business can be generic so you don't need to be 'that' passionate, therefore you can go in, make a difference, sell it or be happy to keep it as one of your many streams of income.

If you wish to work for yourself because you don't want to work for anyone else, then you need a product and a market. A product with customers, the reason for being in business is to make a profit at reasonable cost. I am passionate about my own business, it doesn't give me much profit, I work very long hours, but I love it! That payback is good for me.

I suggest that you read Emyth by Michael Gerber or purchase it on CD, then possibly turn your idea around and look at it from a customers point of view, maybe the bespoke jewelery that you choose in your own home is not saturated and this could well be your niche market and a premium one at that.

Kindest regards

Harry R Smith

Hi

I have a couple of thoughts that may be helpful (I hope?)

Maybe you can look at the positives that come from a saturated market. For example firstly It means that there is already proven business to be had. A busy market place (as in the jewlellry/fashion industry) means there is a critical mass. I suppose you need to think about how you exploit that critical mass.

For example, If I were thinking about opening a fish and chip shop, do I locate my shop in a street and town with no other shops at all (ie an empty market place) or in a street full of other fish and chip shops shops.

Well of course I would like to have the monoply If I could, but setting up in a street or town with no other shops may be a disaster. That street/town may be empty because business is rubbish there. It may of course become a goldmine, but I have no evidence of that. I would need to do some serious research. On the other hand in busy food street I will be slap bang in the middle of all my competitiors - BUT at least I know that that street brings business (if it didn't no one else would be there).

So the trick here would be to 'exploit' the critical mass of customers who already come to that street to buy food, and do something and sell something that is 'better' of 'differentiates' me from the rest. That could be a good marketing campaign that brings more attention to me, or it could be the fact i make best beer battered fish and chips in the street, so word of mouth and repuatation of quality will bring customers to me. Best of all would be for me to do both.

In summary, I set my business up in a street full of compeitiors, and work on being the best in terms of product and marketing - I also look at what differentiates me from the rest and what is unique about my fish and chip shop compared to the rest.

For example am I the tastiest, The cheapest, The fastest, The cleanest, or even the most unusual - for example do I serve battered shark and chips instead of cod. However be wary of creating a unique selling point that brings you attention (such as selling shark) but tastes terrible. Reagardless of what you do to bring attention to your services and products - if they are rubbish, people will go else where. In a street full of competitiors, they may try my shark once, but never return if it makes them feel sick.

I hope there is something in this little example that at least helps you think more bout what you can do to consider how to at least compete with the rest in a crowded marketplace.

Steve Parks has a CD out called 'how to be an entrepeneur' I think - he has a great section in it about mission statements, and how to keep the reason you exist in business simple and clear. I think his words on this would also help you to focus on how you can enter a crowded marketplace with real focus.

Finally I also heard or read somone somehere a guy who had two great questions that may also help you to find the unique elements that will help your business stand out from the crowd. These questions are

1 - Whats the Point?
2 - Why should anyone care?

I think these are excellent questions to help fine tune your thoughts and I guess that if you work on answering these two questions it may help you to form some kind of bigger ideas for how to make your passion for jewelerry into business.

Bye

I may be way off the mark here, but Jewellery is a different Market than say Playstations.

The fact that there are a large number of people selling Jewellery simple shows you that there is a market.

If you where selling something such as a playstation then yes I would be concerned.

The issue here is your USP, this is You. Noone will create your jewellery but you. So your niche is you and your creative abilities.

I would suggest that people buy jewellery because they like it even desire it.

Now if you are looking at producing gold chains and plain rings etc then yes I can see your issue.

There are plenty of ways to get your jewellery in front of the public from markets to specialist markets to Ebay.

None of which need a large investment.

My advice is produce some work and get it in front of people.

Dont worry about the competition worry about your product, where your customers are likely to buy your product from and the price.(Less in jewellery is not more)

Good Luck

Hi Harry

Thank you for your comments, yes I definately want to work for myself and so I will continue to research my USP further.

I will certainly search out the book you mentioned and will look at this project with a fresh view.

I have considered the bespoke jewellery and selling at house parties so I will continue my research on this.

Thanks very much!

Thanks to RussandJill and Blackfish I feel much more focused and inspired to continue with my business idea.

You have made valid points, as you both mentioned there is a market out there I just need to get my share of it.

I will take your comments and work with them.

Will let you know in the near future how I get on.

Bye for now

Good for you.

The best advice I ever had was

"sweety if it was easy everyone would do it"

That was from my wife when I reached a point that I couldnt see the wood for the trees.

the other is consider this we spend most of our lives working, so enjoy it welcome the difficulties and challenges because it is these things that make us stronger and wiser, the also make the successes even sweeter.

Its a journey dont forget to enjoy the scenary as you travel it.

Sounds a bit crass i know but its very true.

Enjoy

James

Managing Consultant
Blackfish Solutions

OK, so there are plenty of players in your market. Doesn't mean there isn't room for another one, particularly if you can innovate.

The obvious way to innovate is in terms of product: have you rare jewellery skills others would find difficult to emulate? Maybe, maybe not.

But there are other ways to innovate: in terms of market, perhaps. Could you sell to men, or children, or some other under-exploited segment of the population?

Or maybe, in terms of distribution channel. Perhaps a party-plan catalog, or multi-level marketing, or even (I'm stretching my imagination here) by selling raffle tickets for your products!

Or innovate with price. Whatever you do, don't try to be the cheapest, unless you really relish life on the edge of risk. You, and your business, will be far better off if you're the most expensive, and can justify that.

Just some random thoughts, and you only need to innovate in just one area to provide a unique proposition, but I hope they help.

Best wishes, 2ndRateMind.

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