Entrepreneurs are always looking for the next new and exciting business idea. And some professionals spend their entire career seeking to develop a product or service that will produce a massive payday for their company. Yet, is it possible that the idea you’ve been looking for already exists? And is it ever a good decision to bring back an old concept in order to improve your current business? Here we’ll explore the pros and cons of heading back to the past for inspiration and explain when it does (and doesn’t) make sense to dust off an old business idea:
How to Identify Cyclical Trends
Though brands, consumers, and products all change over time, they don’t necessarily “evolve.” By that we mean that certain trends occur in cycles. What’s more, nostalgia is a powerful force that businesses have used for generations to create effective advertising and marketing campaigns. In one sense, the past always presents profitable opportunities for business owners who understand how to connect with their consumer base. Consider how popular Nintendo’s retro-tinged releases have proved to see how a company can use an old idea to generate new revenue.
Mix New Tech with Old Ideas
Perhaps you toyed with a business concept ten, fifteen, even twenty years ago, but decided that it wasn’t viable for one reason or another. Modern technology is truly amazing, though, since it can turn what was once impossible into an everyday reality. In addition, certain tech breakthroughs (like ecommerce stores, for instance) can help businesses implement old concepts in a cost-effective way that wasn’t possible in the past.
Timing is Everything
Industries, like everything else, experience highs and lows, booms and busts. And though a previous business venture may have failed due to stiff competition years ago, the present landscape could look quite different. On the other hand, launching a business in a market with less competition could also indicate fewer opportunities for growth.
Don’t Discount Emotions
Not every great business decision was supported by sound financial logic. Indeed, many of the best innovators and entrepreneurs of all time took massive risks to achieve success. For modern business owners, then, it’s important to take your emotions into account if you’re thinking about bringing back an old idea. If, for instance, it’s always been your dream to develop a new type of micro pipette tip, then it’s probably a wise idea to at least try to do so. Old ideas can inspire professionals to reconnect with their passions and motivate them to rediscover their best form. In conclusion, it’s always good to keep previous concepts in mind, even if you don’t put them to practice for many years.