Do people have money to burn?
Am I the only person who sees a new business startup and thinks,
“This business doesn’t have a chance.”
Who does the due diligence for these people? Don’t they think that previous trends might have some impact on their new business idea?
My favourite “What were they thinking?” business idea came when a new coffee shop opened up in the former location of Canada’s largest coffee shop franchise. I mean, if Tim Horton’s can’t make a go of a location then why does Ralph’s Coffee* think it can do any better?
Canadians love their Timmy’s. I was in a Canadian highway rest stop last week and there was a Tim Horton’s and a Starbucks across from each other in the same building. There were 12 people in line at the Starbucks and 27 at the Tim’s.
Over twice as many. I counted.
And yet Ralph’s Coffee thinks they can do what Tim’s couldn’t?
If you are thinking of starting a new business, please vet your idea with some knowledgable business pros. And listen to them. It does you no good to ask the questions, then ignore the answers.
Unless you have money to burn.
*named changed to protect the stupid.
If you are the fourth business in three years to open up in the same storefront, you need a new real estate agent.