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Interesting thing I heard on TV

NotSoFastNotSoFast Posts: 3,138Member, Moderator El Moderator
I was watching an episode of Bar Rescue where Jon Taffer goes around and helps failing bars become profitable. One bar was in Nebraska and specialized in being a hookah bar. Not because there was a great need for a hookah bar in Nebraska, but because the owner liked smoking them. Not many others apparently shared his enthusiasm and he stopped making money. The owner said there was no competition and thought because of this, he should be rich by now. Jon said "over 70% of the time a lack of competition is actually lack of interest in what you are trying to do". I thought this same thinking carries over to dipping, too. Just because no one else in your area dips doesn't necessarily mean you can run a successful business there. It often means no one is doing it because there isn't a healthy enough market.

Comments

  • onehitwonderonehitwonder Posts: 2,615Member, Business Ninja ✭✭✭✭✭
    Very smart
  • WileECoyoteWileECoyote Posts: 5,668Member, Moderator, Business Ninja El Moderator
    That's actually a really good point.
  • MidOhioHydrographicsMidOhioHydrographics Posts: 8,703Member, Moderator, Business Ninja El Moderator
    Fantastic point. Thanks for sharing!
  • DavidPDavidP Posts: 283Member, Business Ninja ✭✭✭
    interesting point !
  • K2ConceptsK2Concepts Posts: 12,460Administrator El Jefe
    edited July 2017
    If I have said it once? I have said it a million times..."Nobody around here does this!" is NOT a sustainable business plan...

    I often use an illustration of an ice cream cone business opening in the Sahara...Is there a need? Sure it's 120 out there...and there is obviously no competition...but you can draw the conclusion yourself...

    In truth, it shouldn't matter a bit if someone moved in RIGHT NEXT DOOR to you and started a Hydro business...

    SO...the first thing that pops into my mind when some one says" There is no one around here that does this!"?...

    You should try to figure out WHY!!!...BEFORE you start a business doing what no one else does...
    Post edited by K2Concepts on
  • smedlinsmedlin Posts: 1,184Member, Business Ninja ✭✭✭✭
    That was good. Never thought of it like that.
  • willie14228willie14228 Posts: 235Member ✭✭✭
    I did a lot of door knocking and street pounding talking to perspective customers (stayed away from paint n body shops) It isn't a sure fire way but it does help
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