Adapting existing ideas

One way new business ideas come about is by adapting an existing idea: taking a product, service or business idea that already exists and improving, modifying or repurposing it. The business starts with something already known to work, then changes it rather than inventing from scratch.

Why adapt an idea?

Adapting can be quicker, cheaper and less risky than starting with an original idea. The business can reuse existing methods, materials, equipment, staff skills or customer knowledge. This reduces the time needed to develop the idea and the money spent testing something completely unknown.

Businesses adapt existing products or services to better meet customer needs, solve a problem, target a different market, or use a new method of production or distribution. A new idea can also come from spotting a problem with an existing product and finding a way to improve it.

For example, a two-person gardening business mows lawns and trims hedges for local households, but the work dries up every winter. Instead of closing down, the owners adapt the same business: they add a winter gritting service for the driveways and paths they already look after, and also for nearby shops and offices. They use the same van and their existing local reputation, so the new service is quick and cheap to try out. Gritting solves a real customer problem (slippery paths in icy weather), sells to a different market (shops and offices rather than households), and is delivered in a new way (early-morning visits before staff arrive). The owners have not invented a brand-new business; they have repurposed the skills and customer relationships they already had.

Drawbacks

An adapted idea is usually less innovative than an original idea and may be easier for competitors to copy. If the winter gritting round proves popular, a rival gardener could buy a spreader and offer exactly the same thing to the same customers. The business may have less of a unique selling point, so it must compete on quality, price or service.