Are you thinking of starting a business, but feeling daunted by the idea of coming up with something entirely new and original? The truth is, you don’t have to. In fact, one of the easiest ways to start a business is by taking an existing idea, product, or service and applying it to a different (targeted) audience.
Think about it. There’s a reason why franchises are so popular. By taking a proven business model and applying it to a new location or market, entrepreneurs can reduce their risk and increase their chances of success. The same principle applies when you’re looking to start a business by repurposing an existing idea or product.
Let’s imagine, you’re a big fan of fast food (hopefully in moderation), and one day, as you’re enjoying a burger, you think about how there’s a large market for it. But, you’re not interested in starting just another burger chain. The good news is, there’s a simple solution to this. Instead of trying to come up with a completely new concept, you can start a fast food chain by taking an existing idea and tailoring it to a specific audience. For example, you can take the idea of a high-quality chicken sandwich and create a chain similar to Chick-fil-A, that focuses on providing excellent customer service along with high-quality sandwiches. Or, you could take the idea of a value menu and create a chain like Burger King, which appeals to budget-conscious customers with affordable options.
When repurposing an existing idea or product, the key is to understand your audience. To identify the target audience, entrepreneurs can conduct market research such as surveys, focus groups, and interviews to gain an understanding of the demographics, psychographics, and behaviors of the market they aim to serve.
By asking the right questions, you can identify key characteristics, pain points, and preferences of your target audience. This research can then inform the development of the value proposition, branding, and messaging for the business. To tailor the offering, you can identify and address the unique benefits and features that the target audience is looking for, this could include product customization, unique packaging, or personalized services.
Additionally, understanding the buying habits of the target audience and creating a seamless customer experience can be used to differentiate the offering and create a loyal customer base. This way you can make sure you’re addressing the specific needs and wants of the market you’re trying to reach and stand out from the existing competitors.
By repurposing an existing idea or product, you are taking the first step towards a successful business, but it’s important to remember the legal aspect of it. Checking for any legal, patent, or copyright issues that might arise before repurposing can seem daunting, but it’s a small price to pay for the potential rewards. And by consulting with an attorney and conducting thorough legal research on the product, service, or idea, you can rest easy knowing you’re covered and ready to launch your business with confidence.
So don’t be afraid to take an existing idea, product, or service and make it your own. With the right approach and a deep understanding of your audience, you can create something new and exciting that people will want to buy!
