You’ve come up with a great internet business idea. You rush to Google to see if anything like it exists, and… there are already many established business who have thought your thoughts before you. I think we all know this feeling, and it is quite frustrating.
In today’s internet empowered age, “new” ideas are very hard to come by. So, if “everything already exists” how can an internet entrepreneur be successful? Well, the best thing about a business that already exists is that they have done the hard work for you. If they are successful, they’ve proved that the idea is profitable and that there is a market for whatever service or product they are providing. Now, all you have to do is find out a way to improve upon the idea. Let’s go over a few business models that already exist and ways you could improve or “spin” the models.
- Subscription Services –
- There are hundreds, maybe even thousands, of subscription services. Magazines, music, education, and food are all examples of areas that have been affected by a subscription business model. Think of an area that has yet to be “subscriptionized.” Or, think of a way you could improve some of the areas that already have subscription services. H.Bloom paved their way to success by bringing a subscription model into the flower industry, easing the flower purchasing process.
- Blogs –
- Blogs are known for sharing experiences and bringing people together. Bringing people together is a powerful thing, especially for advertisers. Advertisers love to target people accurately, so if your blog brings people of similar interests together, advertisers will be interested. Think of a group of people that have not been brought together yet. Better yet, think of people who are already connected, but find a better way to connect them.
Hopefully this motivates you to not give up on your idea, simply because it’s been thought of before. Many great business have been built off of existing ideas. Tesla did not invent the electric car, and Sheetz did not invent gas stations that have food, both of these businesses improved on already existing ideas.
This was a really thought out article and really addresses the issue at hand. I’ve been in this place myself way too often. It’s a common plague for entrepreneurs and business orientated people alike. I really, really like the spin model you used. Just because a something is already done, does not mean it can’t be done better or have a unique twist put on it. This was really encouraging and is a good train of thought for any entrepreneur to have.
Ryan, I love they you think! I too agree with the subscription idea for two reasons. One it is affordable and two is convenient i.e. less responsibilities like property tax, insurance and repair that comes with owning property. Because then taxing authorities own you and you are their slave and pay for their salary and the welfare state. I am thinking of subscription of hotel, laundry, and food all in one affordable package.
Good post, Ryan! Blogging is so important for entrepreneurs. Anyway you can promote your brand, especially on cheap/free services is a must. Blogging creates a conversation that drives wom and PR.