New Business Ideas

When we get stuck trying to develop new ideas for businesses, or new revenues streams for existing businesses, we can look in the cracks between what is already known for opportunities which are easily overlooked. Yes, it sounds easier than it is sometimes but one way to think about this is to step back from what you are doing and look at two businesses which may have a natural relationship or use for one another’s goods and services but haven’t gotten together just yet and figure out how to bring them together. Now, before you run down the path of thinking this is the classing “broker dealer” or “middle man” idea, which to an extent it is, I would add a catch. Rather than just trying to bring them together, look for the critical path of money and information between the two entities.

The critical path by definition should be an essential path either by virtue of being the only path or the most efficient path or the highest volume path. If it looks like a great “middle man opportunity” but isn’t in the critical path of financial or information flow, it may be a lot more work than it is worth. In that case you might be better off brokering the deal, getting your one time fee and moving on.

Additionally, you can add a value of some sort at the natural choke point in that path. It’s a lot like collecting tolls at that point. Just let them flow through you and keep them moving as efficiently and quickly as possible.

By inserting yourself into the critical path, you can build a strong business, with good finances, which improves the efficiency with which other businesses operate while putting you in a very powerful position. You can also do considerably well by carving out a very specific niche to address so that your focus is highly targeted which should ultimately make your life easier.

I’ll admit, executing this concept isn’t always easy but that is exactly why not everyone is doing it, and why if you do, the rewards can be significant.