Final Post

I'm going to stop posting new business ideas now. It was a good experiment, and it was fun blogging, but it doesn't seem to be a valuable addition to the internet right now.

The Concept - Keys, Wallet, Phone (Idea #54)

This is a product idea. It's based on a practical need and a desire to be fashionable.

Keys, check. Wallet, check. Phone, check.

This is the checklist I have when going anywhere. These are the things that I always have with me. For most people, I'm sure it is similar. We might add chapstick, maybe sunglasses, but these are the core items.

My theory is that there is room for a high end pouch, with just enough room for these items, but without allowing keys to scratch phones. I'm not talking about a purse, or man bag. It wouldn't be big enough for a laptop or an ipad, or a Kindle. I'm talking about a very small, but fashionable accessory for keys, phone and wallet.

Price point is $100-$200. It is something that shows that you care about being organized and professional.

The business has to be built around the concept rather than the product itself. Businesses have already made pouches, bags and cases for phones, but nobody owns the wallet, keys, phone concept. It's up for grabs.

The Middle Man (Idea #53)

When talking about business deals, the middle man always makes things more expensive. When a manufacturer makes a product and sells it straight to the customer, they eliminate "the middle man" which is a store or website owned by somebody else.

But sometimes a middle man is needed. Sometimes the customer would never know about the product without the middle man and the transaction would never occur. This is why the middle man gets paid. This idea is for the middle man.

Middle men don't need a store or even their own website anymore. Amazon and Ebay will do that for a reasonable fee. The trick is finding good deals with suppliers. I think this is where the market has a huge hole.

It would be a company of very small teams (2 or 3 people) who research trending or new products from other countries. The teams travel the world looking for interesting products, and find out all information about the supply chain for these products (cost to produce, economies of scale, foreign exchange fees, etc.).

A big customer would be businesses with shipping and storage expertise. For instance there could be a contract for 5 new products per month for 3 months. which they will have the opportunity to review.

Yes, they could hire people to do this job, but that's not what they do. They are a warehouse and maybe an internet sales company. They need a middle man.

Online Flexible Franchise (Idea #52)

The pitch to the customer is something like this, "For $500 you can be your own boss. You will make $500 for every $1,000 of product that you sell. You choose the products that you sell, and sell on your own terms."


A customer can buy a license to sell items which they stock at their own home (renewable annually). The business supplies them with a franchise number and the ability to buy hundreds of items at wholesale prices. The business also gives them an online site with credit card transactions, shopping cart, and a basic site to sell their products. The business doesn't push specific products, just presents as many value priced options as possible.

The business is really offering the expertise in the supply chain. There are people who could sell products, but who would be intimidated by starting a business and contacting suppliers. It's a lot of work to find products that would sell and work out all of the details for internet sales.

Artistic Gardening (Idea #51)

Currently gardening is a hobby for most, with little income potential or even grocery savings. A few daring people try to sell their stuff at a farmers market, but even they aren't going to make a lot of money.

But what if space could be used more wisely, and people could be paid for their artistic ability as well as their green thumb? What if art and gardening collide?

Imagine going to a wedding and picking your salad fresh from a growing spiral of art. Imagine an affluent person paying for an artistic garden to cook from, but that they don't have to take care of daily.

This idea started when I saw a product. It is called whirligrow, and you can find out more about it here.

Basically it is a spiraling tube that grows garden plants from it. It can be used in urban areas for gardening in small spaces, but it presents interesting options of landscapers, event coordinators, and wedding planners as well. It is just one idea that could make gardening more artistic.


There are a few directions this business could go. Sell event set ups. Sell ongoing gardening maintenance. Sell one-time landscaping projects. All are good I think.

Tiny Houses (Idea #50)

This is like an apartment complex, but much trendier than that. I was inspired on this idea by my friend Bryan's video share about people who live in 100 square foot houses. It was originally a Gizmodo post, if you want to check it out.

The thing is, single people can live in tiny houses. On top of that, it can be a bit of a novelty to live in a really small place. My thought is to build these in college towns very close to each other, and then put a common area in the middle where people can barbecue, sit by a swimming pool, have parties, etc.

It's not dorms. It's not an apartment complex. It is your own house. I think it offers something new. I think it appeals to an off-the-grid type of person as well.

So let's say it costs $30,000 per tiny house. You buy 2 acres of land, build 20 of these houses, and common areas. You've spent $600,000 on houses and whatever the land costs. So you're paying $6,000 per month on your debt maybe, but you're renting 20 houses. So you charge $400 per house, and clear $2,000 per month.

The key is making it look amazing. You have to make it look completely unique so that people just drive to see it because it is a novelty.

Below are some photos from google to give you an idea of the vision.

The University (Idea #49)

It is a center for kids and families, with education at the core. It is what the library used to be, but in a relevant age. It may be for profit, but it may be a 501C3, difficult to say.

I was inspired on this idea by Seth Godin again (see that blog here), but I think an actual business model is emerging here. I can see a franchise-like, modern day "library" as he describes it. I want to call it something else (university is my first try) because it needs to appeal to the target market.

The target market is people who want to find knowledge. People who want to improve themselves. People who want to be surrounded by others who are driven to succeed. This branding is really important. Going to this place needs to make people feel elite, smart, inspired.

It is a physical building, and it offers these services.

1. A quiet place to sit and read.
2. Wifi.
3. Space for food vendors.
4. Professors.
5. Community Events.

The first 3 are pretty straightforward, but it would need to be quieter than the average place with wifi, and food vendors pay for space to quietly sell food.

Let's talk about the Professors. These are people with masters degrees or higher, who are passionate about helping people to learn.They help people learn and reach their goals.

People pay a monthly fee to be a member of the library. They can have business meetings in the library for a fee if they are member.

Community events are very important, and are always free. The Professors would be responsible for a certain number of hours helping people find things, people, and information about their research, but they would also need to coordinate community activities once per month. They would also need to have weekly events such as classes on how to save energy and money, or how to improve health, or other things that are of interest to the community.

This reminds me of the Center for Entrepreneurs idea from 2009, but I think it improves on that idea a lot. It is still appealing to the person who wants to improve herself, and I think that is a new market.

Could Multi-Level Work?

The problem with multi-level marketing is the overpriced stuff. You have to pay a franchise fee usually, but that isn't such a big deal. Sometimes you have to pay a monthly franchise fee, and that is usually a bad deal, but could be overlooked. The thing you can never overlook is the cost of the products.

Since so many people get a cut of the products price, it ends up costing way more than it is worth. Until now.

Check out what Moolala did. They are giving you a piece of the price of a coupon. Coupons are free to produce, and the business ends up paying for the commission.

The business gets a good deal because customers come in the door with a coupon, and you get a 2% referral fee for every friend that you get to purchase the coupon.

I think this might be a legitimate way to do a multi level business where everybody wins. Click here to sign up for free. It should automatically link you to my username (philmondy).

What do you think?

Complete I.T. Makeover

This company gives your entire office new computers, really fast. You leave work on Friday and come back in Monday to brand new computers. All hardware and software are up to date and all of the old stuff is gone. It is a custom makeover, just for your small business.

Obviously any IT company can do this, but the key is making it simple and cost effective. What if 10 computers, wireless sync, and server backup only cost $10,000?


It is possible.

It could be painless and easy to set up, and companies would want to do this again every couple of years. The key is getting buy in up front for some changes in computer software, and file storage. Things will have to be stored more efficiently.

How nice would it be to have the administrative assistant gather everyone's information on a Friday and have a completely new solution on Monday, for a low cost?

Flipping Motorcycles (Idea #47)

Motorcycles are secondary modes of transportation for most people. They typically have low miles, and will last for 20 years with only routine maintenance. People tend to sell them when they need money, and buy them when they have extra money. They also tend to sell for a lower price in the winter than in the summer.

This all adds up to a business that requires cash, knowledge of motorcycles and  a keen eye on the classified ads.

I've actually watched somebody do this for the past couple of months quite successfully. He only needs to make $500 to make it worth the time usually. The major hurdles to get over are having cash on hand, and finding good deals on motorcycles. Another trick is to have the seller sign the title, but don't sign it yourself. That way it can pass directly on to the next buyer.

Seth Godin's Blog

I read Seth Godin's blog regularly and saw this today. I'm just going to repost the entire thing because it is meaningful to me.


JK asks,

"It's like, how does anyone start their own business? How is it even possible? How do they deal with the crippling fear and harsh economic realities?"

Some people believe that if you have a good job, you shouldn't start your own gig, because it's foolish to give up a job you can't easily replace. And some people believe that if you don't have a great job, it's foolish to waste time (and the money you can ill afford to lose) starting something when you'd be a lot better off getting a great job or going to school until you do.

And both groups are missing the point.

The people who successfully start independent businesses (franchises, I think are a different thing) do it because we have no real choice in the matter. The voice in our heads won't shut up until we discover if we're right, if we can do it, if we can make something happen. This is an art, our art, and to leave it bottled up is a crime.

I guess the real question, JK, is, "How can you not do it?"

Small Grocery - Sticking it to Kroger and Wal-Mart

Grocery shopping is changing. All over the country you see small grocery stores making big profits. Case in point, Trader Joe's. They found a way to actually beat Kroger and Sam's prices, and still deliver better products.

But is Trader Joe's taking over the country? Not yet at least. Thousands of cities don't have this fine grocery store. Whole Foods is everywhere, but a small business can kill Whole Foods with better pricing if they want to. There is opportunity here.

The new business idea is actually an old business idea with a fresh look. This idea is a bit complex, and is no easy task, but I have a few things that I think are critical to stealing grocery market share.

1. Take notes from Natural Grocer stores. They package their own spices and save customers big with this technique. What else can be purchased in bulk and packaged in the store to save customers money? 
2. Take notes from Trader Joe's, they developed their own alcohol brands and deliver high quality wine, beer and liquor at insanely low prices.
3. Take notes from Savory Spice. They carry things that are difficult to find at big grocery stores, like dutch chocolate, but are desirable by people who love to cook. They also give out 3x5 recipe cards if you need help using a new spice.
4. Hire people who like to cook. Grocery stores are typically filled with people who are uneducated, and rarely appear to be a cooking connoisseur.
5. Teach employees and customers to cook better, and healthier. Steal the marketing space of customers who need some help with their cooking.

Can a smaller grocer store steal customers away from Super Targets, Wal-Marts, and Kroger stores? I believe it can.

Luxury Homes For The Masses

This is a design studio for houses, but instead of catering to the upper class, it caters to the middle class.

The barriers to a luxury home are getting lower and lower. Things that used to embody a wealthy lifestyle have dropped in price, and they have become available to the masses.

HD flat pannel TVs, stainless steal appliances, decent artwork, weekly house cleaning service, all of these things make you think of something on MTV cribs, but they aren't very expensive.

Here are some basic packages that make cheap fixes look like luxury upgrades.

• Flat screen TV in every bathroom in the house.
• ipad with a recipe app installed on a cabinet door in the kitchen.
• Weekly bathroom, floor, and lawn care for a monthly fee.
• Updated artwork throughout the house.
• Updated light fixtures throughout the house.

Important elements to success are: having a showroom, consistent supply chain, not cutting too many corners, limiting the number of packages to keep prices low. 

Soccer Specialty Store

So I just went to the website of the self proclaimed largest chain of soccer franchise stores in the nation, Soccer Post. Here is what they claim:

• Currently there are Soccer Post stores in ten states, from New Hampshire toCalifornia 
• Soccer Post is the largest chain of franchised soccer specialty retail stores
• Soccer Post has been in business since 1991

Anybody else think there is some room for growth? After watching the world cup this year, I'd be willing to bet that the US sports market is going to trend toward soccer for the next 10-20 years. This means more kids signed up for soccer leagues, more adults joining leagues, and more money being spent on the sport.

Yes, you can get soccer stuff at Dick's and Sports Authority and all of those stores, but expertise is valuable. Being a store that caters to a specific sport makes it easier to shop. 


I think there is room for new businesses in the soccer genre.

Make Your Own Tea Store

This is a specialty store (online or brick and mortar), that sells ingredients to make herbal teas. It would sell very basic teas, and every kind of spice that a person could need in making teas.

The key is emphasizing that you make your own tea. The customer can create any kind of flavors they can imagine. The shop provides basic recipes, but the customer knows what they like.

People everywhere blend their own tea already, but there isn't a place in every city that they can go to stock up on supplies or get ideas for new recipes.

I've been looking all over the web for a place to buy ingredients for herbal tea. I can find recipes, but where do you get chamomile flowers to throw in some tea? I found some on Amazon, but there isn't a site that sells a "make your own tea kit" as far as I can tell. I think there is a tribe of people out there who are looking for this store.

Thoughts?

Dog Matching Service (Idea #42)

What if your personality, living situation, primary transportation means, and personal preferences were considered when you wanted to buy a dog? What if you could find not only the perfect breed, but the perfect temperament within the breed that is right for you?

Fill out an online survey, and get a list of possible pets for you.

Cost is still debatable. I'm thinking $10, gives you all the information you need to find the dog yourself, but maybe there is an additional fee to actually find the perfect dog that is nearest to you. Shipping a dog would have to be a whole different level of service for high end clients.

Franchises & Their Drawbacks (General)

A few months ago I talked to a franchise broker. This is a person who represents a lot of franchise companies, and who tries to match entrepreneurs with the perfect franchise.

My thought process was something like this. "I have good business sense, and I'm creative. If I purchase a business that has all of the detail worked out for me (franchise), I could probably run it well enough to make a solid profit."

I think a lot of people probably feel the same way, and they are absolutely right. If they are good at hiring the right people, and have a keen business sense, they could easily run a business that has already been set up. This is the positive side of franchises.

However, franchises have some significant drawbacks.

1. There are franchise brokers. Any business that needs someone to sell it has to be questioned a bit. Plus brokers get commissions, and franchise owners get fees. So the business starts with an extra expense.
2. Capital requirement. They want you to have a high net worth ($100k minimum) to start most franchises. This rules out most young people.
3. Less control. Franchises do most of the work for you on finding a location and getting things set up, but that also means that the owner doesn't have much freedom on many things (pricing, hours, decoration, branding, etc.)
4. Capital requirement. They also want you to have at least $50-100k in cash or liquid assets. If I had that much money to start a business, do you think I would need your franchise?

For these reasons, I will leave franchises to Baby Boomers who have lots of cash and are in career crisis. That's who these franchise brokers seem to be targeting anyway.

The Happy Company

This business would make employees happy. It would be an outside consulting company, paid to evaluate employee satisfaction at a given company, and attempt to make them happy at work every day. Key words: every day.

What if someone at your company had no other responsibility than to check in with you about your work satisfaction each day? They may not do something specific for you every day, but they at least check in with you to find out what is making you happy or unhappy at work. Then their whole job is to make work more fulfilling for you and everyone else.

Productivity would go up, and people would stay at the company for a long time. That's my pitch and I'm sticking to it.

Like Minded Matching Service

There is actually a site called LikeMinded.com that seems to be on track to launch this business, but here is my idea for it.

It is a way to find business partners with a sophisticated matching process. So it is like eharmony, but for businesses. Currently, I can browse profiles and meet people face to face, but there are many questions I'd need to ask before I'd know if we could work together.

If I could fill out a 30 minute questionnaire to find 10 potential business partners that live in my area, I'd do that. Or if I met somebody that I thought would be a good business partner, I'd pay to have someone analyze our compatibility.

For an HR team, imagine that instead of searching through a stack of resumes, a computer analyzes work styles and personality styles to help them find employees.

What's the cost? Maybe $25 to have my information on file, and a $10 fee each time I request a comparison with someone else's profile.

Thoughts?

Wheeling and Dealing

This business buys discounted items from large companies like costco and SAMs, and sells them online. It could buy discounted clothes, electronics, gift cards, anything.

The key here is not having inventory. The business can list the product and pick it up after it sells.

The employees of this business spend all their time looking for things they can sell online.

Another key is to constantly change inventory, and try to make money whenever Internet stores have a higher price than a local superstore.


- Posted using my iPhone