Top 5 Ways Unique Business Ideas Can Go Wrong And What To Do About It.
We get it, it’s a little unnerving to come up with unique business ideas and even more so to consider paying someone else to do that for you – especially if they’re not the ones that are going to be living it!
When you are literally paying money for someone to create something that doesn’t exist there’s a chance you could hate the idea and wish those hard-earned dollars were back in your wallet. We’ve written this guide to help you overcome the most common obstacles on the path to living your best life.
- You're not quite ready
- The idea doesn't make sense
- It isn't a good enough idea
- A part of the idea doesn't work
- Customers aren't interested in the idea
You’re not quite ready
Are you the type to bite off more than you can chew? It’s awesome to be ambitious and in 2020 it’s easier than ever to get a business off the ground. When we say you’re not quite ready, we’re not talking about capacity; we’re talking about mindset.
All new ideas are risks and unique business ideas are among the riskiest.
Doing something for the first time involves unknown unknowns and embracing this uncertainty is part of the experience. For those of us pioneering to bring something truly unique to the world it’s an ambition on a whole other level than dipping your toe in a side-hustle.
If you’re still looking to experiment and not quite ready to be challenged with the unexpected there’s good news – business can still be for you. But at this stage it’s best to play around with a proven business model, something with a more easy to follow format until you find your feet.
We think there are two kinds of people who are best suited to the challenge of embracing unique business ideas. For these people, Bonbo knows which risks are worth taking and can set them up with a special map to follow as they head into the unknown. We call them Dreamers and Builders.
- Dreamers are people with BIG ideas and LOTS of them. They often have a specific passion or area of skill they want to bring into the world, but aren’t quite sure of how to move forward and translate that dream into a business.
- Builders are confident, independent thinkers that want to make a name for themselves. They can turn even the worst idea into a well-oiled machine and this knack for process often comes from a marketing/business/sales background. They aren’t quite sure of which idea will light them up the most.
If either (or both) sounds like you – you have what it takes to build a unique dream right now.
The idea doesn’t make sense
Some good ideas sound insane until they’re out in the world. Then the potential in the idea just seems obvious. The hall of fame for ambitious ideas is littered with examples of people whose good ideas were laughed at before they found the right pathway to their potential. We wouldn’t have Disney, Harry Potter or even the light bulb if there weren’t entrepreneurs willing to see potential in the unexpected.
We’re in the business of making the impossible happen, so our ideas are outside of the box on the regular. However we recognise the importance of sense making and feasibility. With a strong grounding in competitive strategy, behavioural science and consumer trends our ideas aren’t something that seems cool – they are highly tailored to genuine potential in the market and also to our client’s skillsets. On this note though, we value the importance of clarity in the process we follow, in the communication of the idea when we share it with you and in the articulation of how to make it happen.
More good news – you’ve found someone willing to truly entertain the most taboo, daring, weird and bizarre ideas you may have, the ones where you know something is in it but your family and friends just don’t get it.
There’s something you can do to help us here too.
Be willing to take risks and know that when you are buying a new concept or strategy it’s literally a plan to act in a different way. If you don’t like change, pushing the boundaries, being a first mover and taking calculated risks - we are not for you. As we mentioned earlier, that’s okay as there are other ways to run a business that focuses more on business models that have been done before, such as translating competitive ideas from international markets to your own audience.
It isn’t a good enough idea
This absolutely happens and bad ideas are part of idea making. None of the bad ideas get to our clients and that’s because we’re highly trained in creative problem solving. So we know the difference between good ideas and bad, we know where good ideas come from and we generate LOTS of ideas. Our process ensures that you only get the gold at the end of the rainbow, every time.
You can learn more about our DARE methodology here, but think of it like the recipe for our special sauce that is an awesome, unique business idea:
- [D]elight – Ensuring the idea has presence – the sex appeal that makes it an attractive match to your customers.
- [A]lignment – The idea connects back to your capabilities and ensuring it’s a feasible business idea that you can realistically get to from where you’re at today
- [R]esonate – The unique business ideas connect back to a culture that has a demand for it.
- [E]ngage – It considers the customer experience of how human and consumer behaviour functions in relation to the idea.
What can you do to avoid this?
Be realistic. Hell yeah we strive to go large, but viral isn’t a guarantee anyone can give unless you’ve got so much $ that it’s viral because you put it everywhere. We’re not the media or the marketing, we’re the idea itself. Be prepared to spend some money and time on effective execution, giving a good idea the best chance it has to succeed. We have many production partners that are truly incredible at this. If going in you can’t afford us or anything more than the cheapest execution, or to spend time on it – we recommend getting help with marketing first so you can build a database and get some money flowing in the door. Then we’re here to take a good thing and make it magic.
A part of the idea doesn’t work
This is an easy one but it does happen. It’s most commonly because insufficient information has been provided about the target market or business capabilities.
We work with you to extract as much information as we can and we do know what questions to ask every step of the way. It helps us a lot if you can provide us with as much information as you can that may be relevant, answer all our questions properly and give us adequate time to research. Also consider paying for our full Business Concept Development so we can learn your business to this greater depth.
Customers aren’t interested in the idea
This is a pitfall that doesn’t happen in our process, but we’ve included it here because it is extremely common in the game of unique business ideas.
Without a buyer, you have no business and we put customers at the centre of our business design system for a reason. We believe it is crucial to understand the culture of consumers and what they are looking for, from square one of the development process.