When we think of business, all too often we always come back to what’s familiar and what we are used to.
This ultimately leads us to be just like everyone else and unfortunately hinders us form thinking outside the square.
When we think of setting up a business we might consider a products based business selling a niche product range or a multitude of products like some of the major catalogue sellers.
But how could we think differently and what other business models are there out there?
One of the largest companies in the world McDonalds runs the largest hamburger franchise business in the world selling food, but what is there real business model? Owning property!
Costco is a US products retail business that sells everything you can imagine from diamonds to toilet paper all under one roof and usually in bulk. They are huge in the US and now have a store in Sydney and one in Melbourne, with another on the way in Brisbane.
It would be safe for us to assume that they make good money selling products however that is not the case. In fact their last quarterly profits showed they made over $500,000,000 in profits yet almost none of those profits came form selling products to consumers.
Their profits almost exclusively came from selling the yearly memberships that you have to buy should you want to become a customer.
So what’s the take away lesson?
For me it was a reminder to look at things differently, try to think about a home based business idea that allows you to make money and it’s not just from selling products. I don’t mean just selling how to products either, I think that has been done to death by the everyday person sitting at home trying to sell an ebook about parrot training etc. Yes there is always opportunity, but the Internet is now maturing and so are your customers.
Don’t allow yourself to become another person pushing an old business model. Think what would the next business model look like and how could you profit from it long term?
Food for thought right?
If you haven’t already been to a Costco, check it out you’ll be amazed!