Creating a new idea vs copying an already successful idea and making it better....

[Jbrow327]

MJ states you don't have to reinvent the wheel, you can choose an existing niche and make things better. My question is what do you guys consider the best type of business to copy and try to make even better? Especially for a beginner.

I'm not starting this as a hand holding type of question. I'm just wondering what you guys think.
Thanks.

 

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[PureA]

I'm not starting this as a hand holding type of question. I'm just wondering what you guys think.

You are though.

Anyway

Chose something that you have an edge in, easy to start (for you), low downside, high potential upside.

 

[ZF Lee]

I wonder why we often just stop at singular ideas.

We think that we just need that ONE improvement to turn a business into mega bucks...or that ONE business that
is easiest to copy and improve on.

But truth is that businesses are entire systems. Many moving parts, from the product delivery, to the marketing.
And to make them run better, you have to think about how each part works with one another.

I give you an example:

I started working with entire funnels for some of my copywriting clients recently.
I've never really done that kind of work before, as I've been used to just writing one-off sales emails or sales pages.
But clients will ask for more over time...

And there is always something you CAN improve on that will raise sales...headlines...body copy...CTAs...the kinds of bonuses you choose to eliminate objections...what 'old products' you could CHOOSE to either resurrect or combine with other offers..well, many things.

If I just change one sales page, guess what? I have to take a look at the rest of the sales funnel sequences, and make sure this change is congruent with the messaging. No single change is an island by itself.

You won't know what improvements are worth trying out until you see what folks are already buying, and what they are talking about in your related communities.

 

[Anon3x156]

MJ states you don't have to reinvent the wheel, you can choose an existing niche and make things better. My question is what do you guys consider the best type of business to copy and try to make even better? Especially for a beginner.

I'm not starting this as a hand holding type of question. I'm just wondering what you guys think.
Thanks.

Most people on this forum aren't rich and if they knew the "best business to copy and make even better to get rich", they would do it themselves instead of telling it to you.

As an entrepreneur, it is your job to find that. But I think this quote could help you:

"Know a little about everything, and know everything of one thing."

This would give you a basic understanding of all kinds of businesses, and you wouldn't be a jack of all trades, master of none.

 

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[Anon3x156]

My question is what do you guys consider the best type of business to copy and try to make even better?

Also this question can't be answered, since everyone is different. The best business to "make better" is the one that you know and maybe have experience in. You can't make a business better if you don't know anything about it.

 

[Practic]

MJ states you don't have to reinvent the wheel, you can choose an existing niche and make things better. My question is what do you guys consider the best type of business to copy and try to make even better? Especially for a beginner.

I'm not starting this as a hand holding type of question. I'm just wondering what you guys think.
Thanks.

Here is a simple creterion.
Calculate ratios CLV/CAC for all cases. Select the case with the highest positive ratio.
CLV-customer life-time value
CAC-customer acquisition costs