Eshet’s Business Tip!

idea-genial2When you think of starting a business or you are already in business think Innovation!

What may have been good yesterday does not make one successful in the future. You can create new demand by changing the basis of competition. Often this will require you to use innovation as your established business model. These tools help organizations shape & come up with ways to make money (new) and create more value at a lower cost.

Let’s take Curve’s for example, a fitness club that is geared towards middle age working mothers. They started in 1992 by 2007 there were over 4 million members in 10,0000 locations, it’s revenue was $1 billion and this was triggered mostly through word of mouth. By using innovation, Curves came up with a way for women to have convenience & privacy. This was the number one issue in regular health club facilities. They broke the compromise, stopped the non-essential (expensive equipment), and started Curves with a $25,000 startup cost in 1500 sq. feet building. Note your start up cost or business type may be totally different from Curves. Also, look at how Nintendo reinvented their selves with the Wii. One must always be innovative in order to be successful.

This is just a couple of examples of how companies have redefined their particular industry, create solutions, break compromises within an existing industry, and change the basis of competition. A silly idea or one that may seem stupid is not necessarily; think outside the box. This strategy should come into play when customers are leaving you; a brand loses power, no profits, and the company stops growing.

~Eshet

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