Top tip for new entrepreneurs, start ups and those struggling in business

I’ve spent quite a lot of time talking with new entrepreneurs, working with guys struggling with their business as well as putting some ideas and teams together for a few new business ventures of my own.

In all the many hours of discussion that I have had recently – there seems to be a reoccurring theme: do it different.

I am aware of how easy it is to fall into the default of “doing it this way because that’s the way everyone does it”. The trouble is – that doesn’t make for a very interesting business model, and it makes it hard to differentiate. It can be quite boring.

Finding the magic

When I am talking about doing things differently – I am talking about doing it radically different. Is there a way to re-write the rules for the business that you want to start? I encourage people to start with a blank piece of paper and try and think without restraint and the “benefit” of experience.

It’s on that piece of paper that I find that the true magic starts to appear. It is often on there that the real reason you want to do your business comes out.

If you want to set up a business just to make money – you’ll find this exercise hard, which probably means that you should look at another business market. There has to be a passion and a drive in you to change the market place for the better. So how do you do that? Don’t just change one or two things – change everything and see what comes out of it.

Change your industry

If everyone else in your industry opens at certain times, what happens  if you change those? If everyone charges by the hour, what happens if you charge by the session? If there is a lot of competition in your industry, what specific areas are missing that you could exploit? If prices are all around £35 a session – what would happen if you charged £45? Why is it people really use this product or service – and how can I connect with that?

Sure, there maybe reasons why things are done in a certain way – but you’ll be amazed at the cool things that happen when you really test those reasons and assumptions. Most people don’t – which is why everyone else is probably doing it that way, they are just following along. Dyson made a fortune by redefining the vacuum cleaner. Apple changed how we listen to music like Sony did a few decades earlier by challenging the assumptions. Starbucks changed how we drink coffee by challenging assumptions.

Change your price

The great thing is – when you do something different, something that people really want and can connect with – you no longer have to be too concerned about the price. The Dyson, Apple iPod and Starbucks coffee we massively more expensive when they came out. People still paid it because they connected with it, it was different and not the same old. That means I don’t have to try and be the cheapest. I can’t be reckless with the price but chances are you can charge higher prices because you are offering something of more value.

Simple Exercise to rock your world

So – do this simple exercise. Take a blank piece of paper and redraw your industry, product or service by challenging the reasons and assumptions that currently exist. Think without restraint. Don’t spend too much time on the detail for now, or thinking about how to do it just yet. Let God deal with the impossible. Just write everything down as it comes to you. As I said, the chances are – you’ll find something magical as a result.

Let me know how this goes for you! And if you have any top tips for a start-up – then please share them.