It’s big news in this community that Nissan has finally moved 1500 employees into their new headquarters here in Franklin, TN. And then the Nashville Tennessean had an article last Sunday stating that there are 150 places to have lunch within a one mile radius of the new Nissan building. 150 places to eat lunch!
Why would someone open number 150, knowing there are already 149 others doing the same thing? Is it really that difficult to come up with a unique business idea? In my yard we have a tree that has two faces carved into it – creating a permanent piece of art instead of a problematic stump. Every Friday our massage therapist comes to our house – saving us the time of driving to her office. Last night at a seminar presentation a young guy showed me writing pens he makes using wood from old benches from the Grand Ole Opry. Country music fans buy them faster than he can turn them out.
My advice is don’t just pick a business that has 149 competitors, industry margins of 3-4 percent and then give coupons for 15% off. I have to believe there are better options than that. And no, trust me, you aren’t going to see Dan’s Diner anytime soon!