Tag Archive for: business opportunities

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Would You Profit More by Making Less?

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Image of time and money balancing

A small business owner recently told us about an innovative opportunity he had passed up. (Actually, he said “Maybe.” He wanted to think about it. Hence, our conversation with him.)

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Another small business owner had offered him a turn-key operation. The first owner said he and his people had been talking about offering a similar product to their customers.

He didn’t accept the offer because:

1. They could do it themselves
So we asked: Why haven’t they? They haven’t had the budget or the manpower. However, he didn’t expect to have the necessary resources going forward either.

He also acknowledged that his firm doesn’t have the same sort of expertise in this particular product as the other firm. We think this is at least as much of a contributor as resources to it not getting developed.

2. It might cannibalize sales
He was afraid that this new product may compete with one of his existing products. This new product capitalized on new technology. His product didn’t.

He admitted that his customers might want both of them. But let’s assume that’s not the case:

If his customers prefer a new product instead of the one he’s offering them, wouldn’t he be better off at least making some money from it? Otherwise, his customers will find the new product somewhere else.

3. He had to share the profit

When he sold his own products, he got to keep 100% of the money earned. With the program he turned down, he was only going to get 20%.

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George KruegerI’ll paraphrase something I often heard my Dad say: “20% of something is better than 100% of nothing.”

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border=That’s one of my favorite quotes from your Dad, George. It makes the point – right now, they’re not making anything on the new product. To make 20% or 10% or even 1% would be money in the bank!

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Sometimes, as small business owners, our independent nature works against us. Sometimes, it pays to collaborate with other like-minded business owners. You may make more money by making less and, in the process, reach BIGG success!

Direct link to The BIGG Success Show audio file | podcast:
https://traffic.libsyn.com/biggsuccess/01153-061924.mp3

A Simple Technique to Find Your Business Idea

A Simple Technique to Find Your Business Idea

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A Simple Technique to Find Your Business Idea

Where do great business ideas come from?

A lot of people start by looking for the hottest business. It’s the wrong place to start.

Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary.

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Where should you start? Begin with you. BIGG success is life on your own terms.

Once you get in business, you’ll be much happier with one suited for you. Too many people end up stuck in a business they detest.

You think a job is bad?

Try going to work every day in a business you hate, doing a job you abhor, for people you can’t stand.

But wait, it gets worse, because unlike a job, you can’t walk away. You have too much invested.

So begin by exploring your passions, preferences, and proficiencies. Of course, you can’t stop there.

Entrepreneuring is a matching process. You have to match your personality with a market opportunity.

How do you find a market opportunity?

At first, it will sound so simple. So simple, in fact, that you may write this whole post off.

And you’re right. It is simple. But the execution isn’t easy.

Many people get the first one sometimes. Most people never get to the second part.

Part 1: Look

You never know when or where it will happen – opportunity presents itself.

So look around. Watch the world in front of you. Observe.

What problem would you like solved?
What would you buy if only it were offered to you?
How could you improve what you already buy?

Part 2: Listen

Don’t limit yourself to just your eyesight. Listen for business ideas.

What problems do people around you have?
What don’t they have that they would like to have?
What experiences have they been dissatisfied with recently?

Let’s pull out the Professor’s whiteboard for: A simple technique to find your business idea.

Professors Whitebaord 1097 A Simple Technique to Find Your Business Idea

Too many people who want to get into business ask the wrong question.

The wrong question is: How can I make money?

Successful entrepreneurs ask: What problem can I solve?

The simple technique is to look and listen for problems that need to be solved. Then find a way to solve them profitably and you’ll have a business idea that leads to BIGG success!

signatures: George & Mary-Lynn
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success

Direct link to The BIGG Success Show audio file | podcast:
https://traffic.libsyn.com/biggsuccess/01097-050322.mp3

BIGG Success Logo boxed

Can You Believe How This Billionaire Got His Small Business Idea

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a billionaire and his BIGG ideaWhere do the best business opportunities come from? Think about how Don Fisher found his.

Listen to this post! Click a player to hear George & Mary-Lynn on The BIGG Success Show Podcast. (Duration 3:38)

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[haiku url=”http://traffic.libsyn.com/biggsuccess/00829-092712.mp3″ title=”The BIGG Success Show #829″]
He was a typical 41-year old guy. He’d had some career successes and some failures.

But shopping changed his life.

He bought some jeans. But they didn’t fit. So his wife, Doris, went on a mission – find a pair of jeans for Don.

She went to several stores. All she found was limited assortments and nothing in Don’s size. Plus, the mess! They weren’t displayed nicely or set up to be easy to find what you were looking for.

As Don and Doris discussed it, they realized they had stumbled upon a great small business idea:

They would open a store which stocked all sizes, styles and colors of Levi’s.

It was the beginning of The Gap.

Their net worth climbed to $3 billion as they built their empire into over 3,000 stores serving over 134,000 customers in over 90 countries.

What can we all learn from the Fishers?

Opportunity is subtle

It often comes inadvertently, when you aren’t really looking. So stay alert all the time, even when you’re shopping.

And realize that your great small business idea may not come from a single experience. It’s more likely to present itself in a series.

As ideas float, concepts emerge. You have to connect the dots.

Innovation can be low tech

Yes, you need to bring something unique to the market. But don’t think that means you have to invent something or that innovation is only in the realm of the techie entrepreneurs.

As the Fishers demonstrate, it may be as simple as offering a broader assortment.

This is the real opportunity for small businesses. Large companies are often shallow and narrow in their offerings. For example, a big-box store may only stock the fastest selling items.

You may find your opportunity by offering a complete assortment in a given niche. Then you can expand out from there once you get traction.

Look for gaps

We couldn’t resist! But seriously, this is a great way to find your best business opportunity.

Look for gaps between what you want and what’s available. When you find one, chances are you’re not the only one looking for it.

You may be staring your BIGG opportunity in the face. You’ve discovered an unserved or under-served market. And that’s where you’ll find BIGG success!

How did you find your BIGG idea?

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00829-092712.mp3

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