Life is too short to be reinventing wheels!
As you already know, Africa’s market is huge and there is more than enough room for new and existing businesses to satisfy the expanding consumption.
Copying an already successful product or service is one of the most popular and easiest means of starting your own business.
This strategy is a huge part of how next-generation economies like China and India are building their fortunes. They intelligently copy great ideas and products from the developed world, and create their own cheaper versions.
The way this strategy works is simple: Find a business idea (product or service) that’s already successful and think of a way to make it better, cheaper, more convenient or more beautiful.
Of course, you must be mindful not to steal or infringe on somebody’s copyright or patent. You could get sued!
In my former neighborhood, there used to be a popular and very successful laundry and dry cleaning business. Let’s call them ‘Wash Brothers’. It was the only laundry and dry cleaning service in the area and people didn’t really have any alternatives.
I would often hear customers complain that their prices were expensive and the customer service horrible. But because the next laundry shop was just too far away, everyone had to put up with Wash Brothers, which was apparently making a lot of money in spite of its poor and expensive services.
It kind of crossed my mind a few times but I’m glad somebody else could see the opportunity in the market caused by Wash Brothers’ reckless monopoly.
Guess what happened?
Another laundry and dry cleaning shop opened a few blocks away from Wash Brothers! Their prices were far more reasonable, and the customer service was just too excellent!
In fact, they totally beat Wash Brothers in their game, and it was evident they were stealing their customers.
This new business stole the Wash Brothers’ idea, improved on it, and then stole all of Wash’s customers. And guess what, it’s all perfectly legal!
The ‘copy’ principle works beyond your immediate neighbourhood. You can actually copy business concepts and ideas from foreign countries and introduce them to your locality.
Are there needs, problems or challenges you have noticed around you that already have solutions in other parts of the world? You will find clues when you travel, browse the internet or read the news.
Just be very observant and you will be amazed the opportunities you will find. And when you find them, copy intelligently and improve on them.
Good businesses ideas to copy aren’t too hard to find in Africa. Because many markets on the continent are still virgin and competition is light, the few businesses which dare to exist are shining lights in their markets.
But as Africa’s economies grow, more new businesses will enter our markets to compete.
You can learn a lot from the existing products and services around you. Can you make them bigger, better, safer, cheaper, faster, more convenient or more beautiful?
Also, don`t forget to join our training on Cosmetics Business.
We have created a WhatsApp group called COSMETICS BUSINESS TRAINING
Are you dreaming of running your own beauty empire?
The cosmetics industry in Kenya is BOOMING — and smart entrepreneurs are cashing in every day.
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