I had not been to Manchester city centre for a while so when I went there this past weekend, almost everything looked different.
It’s amazing how the landscape keeps changing. Old shops gone, replaced by new ones. There was a particular store that caught my attention. The store is called: ‘That’s Entertainment’.
The thought that came to my mind was: why would anyone in their rightful mind decide to open another entertainment store right opposite HMV with no different business concept.
That they sell second-hand stuff might seem a different business model from that of HMV but they are relatively the same business model. HMV is already in intensive care, the owners know fully well they will eventually switch off the life support machine soon.
Second-hand entertainment staff can be easily bought on Amazon and eBay for one tenth of the price they are being sold for at ‘That’s Entertainment’, why should someone go into their store to buy?
The majority of small businesses fail or struggle because of the type of this simple colossal error made by their founders. They do not bring anything different to the marketplace.
When thinking of creating a new business model, that business model has to offer something different to the marketplace. Except a tiny minority of people, the majority of people know second-hand entertainment stuff can be found on Amazon or eBay for a fraction of the price they can buy them for in a second-hand store on the high street.
If you are thinking of creating a new business, the question you need to ask yourself is: what new concept am I bringing to the marketplace?
The answer to that question will determine your success or failure.
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