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What Happens If Your Great Business Idea is Being Done Already

***originally posted on May 5, 2010

For the past two weeks, I have been working on a new business idea that has some promise. I have spoken to two clients from my existing business on the phone and asked their opinions about what the new business would do. Both felt that the idea would be of value to them.

I have also spoken to a few colleagues and gotten their feedback. This whole process of looking for another business has made me realise that one of my best skills is the ability to get things done and to move ideas forward. It has been frustrating to me that I haven’t been able the grow my existing business past $7 million and at times, the lack of access to talk at a high levels to our existing clients shows the warts in my existing business and tells me why it hasn’t been more successful. We just don’t have enough good relationships and the business is based on relationships.

One of the things that I am looking for is to start a new business that compliments my existing business so that it can elevates the level of contact we have in our accounts. It is kind of like a bait and switch where we can get in one way and sell our services in another area. This new service I am working on could do a really nice job in accomplishing this task.

The business idea I had is a simple one, maybe too simple. Today, I found a company that does 90% of what this new business would do. However, out of 4 clients I spoke to, none told me they were using this competitor. I got a little frustrated when I heard that another company was already doing what I wanted to do. You see, one of the rules I had for my next new company was that it had a more unique product or service. One where we where there first so that it would give us a competitive advantage.

I called a friend, who owns his own business, and his comment to me was “did I really expect no one to have thought of the idea”? My response was that I thought the idea was too simple but that I didn’t want to get into a business again that was highly competitive. Yes, I want to start a new business that is the first.

As a result, I am still following through on the idea and I will be visiting with clients to learn more about their business. Regardless, if this idea comes to fusion, I do like the path I am on about learning about my clients problems and business. I should have been doing this ages ago.

 

Financing Solutions (www.payrollfinancingsolutions.com) provides fast business funding of $5,000-$100,000 to good small businesses with sales of $500,000-$7 million that can be used for working capital.

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