You’ve reached a point where you’re ready to expand. You’ve had success but you’re unsure of the next step you should take. You have some new ideas but the reward isn’t adding up to the risk. Have you considered something that is proven? Something familiar? Maybe even the exact thing you’re already doing but under the condition of new variables.
Serial entrepreneurship isn’t for everyone. A lot of times we fuel new ideas with the proceeds of working ideas, which can do a lot to damage your existing business. If your business isn’t automated or under the supervision of an associate it’s impossible for you to give 100% to a new idea.
If you’re still hands-on with the day to day of your existing business it’ll be extremely hard for you to cultivate and prioritize a new idea.
But your trigger finger is itching. You’re bored and impatient. Fine, I have a solution for you. Start over. Take your existing business to a new area. Start a new brand that sells the products you’re already peddling. Use the same exact methods and steps you've taken with your existing business for a new similar one, a replica. It's just like your old business, but new and defunct of all the bullshit you went through in the beginning. Being able to avoid the avoidable and anticipate the unavoidable is an invaluable benefit of starting your replica business.
Refined and streamlined through experience the replica business should take less time growing legs.
But experience doesn’t mean you’ll have an easy time developing your replica business. You still have to think of how your new business will be distinctly different from your existing business. The execution of the replica business also takes much consideration. Will the consumer understand the relationship between the existing business and the new entity? Or will the replica business stand alone? Will the entities compete with each other on some level? What will the new mission statement be? Like I said there is much to consider.
Here are some ways to differentiate your replica business from your existing business:
Attack a new Demo: If you have a men’s clothing line, maybe some of your designs can be applied to a woman demo or kids.
Take it to a new Place: You’re doing well in one market. Why not try another? If you’re running a brick and mortar open a new store in a new city.
Go Premium: Improve the quality of some of your goods and rebrand them to validate a new higher price point. Sell to your existing customers and attack new ones who are looking to purchase high-end goods.
There are many ways to start from scratch. Don’t consider it expansion consider it actively expounding on what you already know. Sticking to what you know can take you to new heights. Rinse and repeat your brain trust with subtle tweaks. What’s old can bring in new revenue with a bit of innovation.
- Earl 'WolfJuice' Davis