Copying a business, or how to capitalize on other people’s ideas (part 2)
How to capitalize on other people’s ideas, or how to copy a business?
Firstly, a little reservation. I do not want to say that the world does not need new products, and no one will invent them. Will, of course. I already said that those who can do it can and will do it. So take good successful examples and copy them. On its own scale, of course. Copying someone else’s business is fine, don’t worry. And this is the key to success if you correctly complete your part of the task.
In this case, of course, do not expect someone to come up with a new successful business, and you will copy it. Take any existing successful business, analyze it, ask the following questions:
What do they do to be successful?
What is it according to your observations (moment, process or tool) that most likely ensured them this success?
What kind of marketing do they have? What is their market behavior? Why?
What do they actually offer (not what product, but what exactly do they offer the consumer – we already know that the product is a solution to some problem)?
Next, take the industry leader and think:
What exactly are they better than competitors? As a product? In customer service? In marketing and advertising? In an additional service? In everything?
What do they do differently?
What is their greatest value? What is most important to them?
What exactly are they recognizable in the industry market?
Answers to these questions will give you an understanding of how a successful business is built. Do not think that you can do everything the same way – and here you have a successful business? No, not really, of course, but nonetheless. Of course, you can’t just take and copy all the elements of a business. Copying in the truest sense of the word is still not the best option. Copying a business in a good way is the beginning of your business with an eye on someone else’s successful business. But, I emphasize ITS.
Therefore, you must definitely bring something of your own to the business. And not just bring, but improve. Otherwise, how will you compete with those who are already in this type of business? When you have an understanding of what and how those who are already successfully working in this niche are doing, you can also understand what can be improved. But you must at least do something better, cheaper, more convenient, closer, more beautiful … but what’s awesome. This will be your UTP.
Further more. Improve everything. Slowly, over time, but improve. And who can guarantee that one day you will not be a leader in your industry?
And after all, how can you say that copying a business cannot be effective, and that you need to find a unique unoccupied niche? A copy is better than the original, as they say. In fact, such a business is generally unique and none is a copy.
In general, the formula for making money on other people’s business ideas looks something like this:
Find (see) a successful business + analyze it + copy good + improve everything that can be improved = own successful business