There are a vast range of factors which influence the potential success of any business idea. For aspiring entrepreneurs, detailed planning for any idea is the best way to understand its feasibility and whether or not you should go ahead. It is important to note at this point, that there are no bad ideas in business, but in today’s modern landscape certain ideas are less practical than they may have once been. The first place you should start, as with any business idea whether you believe it to be good or bad is to construct a comprehensive plan. Here we will look at four of the most difficult ideas to launch today:
1. Travel Agency
As with most business in today’s world, the internet has almost completely changed the travel agency industry. The concept of setting up a physical store to sell your holidays is almost a distance fantasy due to the huge presence of online holiday retailers who have established themselves as market leaders. You can book everything you need online, for those in the market for a last-minute trip all the way up to a luxury getaway, there is now a multitude of options for every customer. Even the airlines themselves have tried to cut out the middleman by selling plane tickets and even holiday packages directly from their websites.
It therefore becomes more and more difficult for physical stores to compete for customers who can sit in the comfort of their own homes and book their holiday. This doesn’t mean however that your ambitions for a physical store are unrealistic. With any business idea, great planning to see whether you can make revenue from the physical overheads you will incur will help you to see if you can make this particular idea blossom.
2. Social Networks
Everyone wants to be the next Mark Zuckerberg. Social media networks are such a huge part of our day to day lives and the idea of profit rolling in is an easy one to imagine. But you’re not alone with this aspiration, and the market is saturated with start-ups for the next best social network. The one issue is that they all tend to revolve around the same format of social networking, so discovering something completely unique is hard to come by.
With this you may quickly realise that there are some areas of social networking sites that have such strong foundations, you would need significant backing to make notable progress with your business. Again, this does not make such an idea a lost cause. Creating a product which would complement one of the internet giants, for example Google, is a fantastic way to approach the industry, and could be one way to bring this idea into fruition.
3. Limousine Services
Taxiing services in general are another industry which has seen a significant impact made by the internet. However, if you are considering starting a limousine service in particular, you may find it an idea which is more difficult than most. Car-sharing companies such as Uber have revolutionised the industry and provide a vast customer base with an easily accessible way to find a taxiing service. This simplicity and affordability have made services such as those who offer limousine rides much more redundant than they once were.
With a smartphone at hand, anyone can more easily hail a car-share, than having to endure more hassle in ringing and organising with a limousine service directly. Nevertheless, this doesn’t mean that such an idea is simply left abandoned. Taking the idea into a more niche market could make it one more feasible, and profitable in the long run, for example running a specialised service for the disabled.
Although these ideas may seem out of reach, this doesn’t render them impossible as business start-ups. The success of any business, regardless of the idea, is down to effective planning.
If you would like any help with writing a business plan to get any of these ideas and running, call cbm on 01604 420 420 or use the contact form on the right.