Coker’s Tires was a traditional service center in Chattanooga when it was launched back in 1958. But over the years the competition from the big-box retailers eroded their tire sales. In 1974 the owner’s son, Corky, took over the small division that produced vintage tires – and added about 5% of the company’s revenues. Today that vintage division makes up over 95% of the company’s business. Now the world’s largest supplier of vintage tires, Coker Tires distributes in 40 countries and has made period tires and wheels for countless movies, including recently The Curious Case of Benjamin Button.
Here’s a business that is growing at over 20% a year while other traditional tire stores are closing for lack of business.
How many examples have you seen where this principle has been played out? If you sell washing machines and WalMart moves in next door, they will put you out of business – or will they? What if you recognized that they sell thousands of washing machines but don’t provide any repair service? Could that be a lucrative opportunity?
New housing construction has come to a screeching halt. If you are a home builder, you probably are ready to throw in the towel – or should you? With more people keeping their homes and perhaps traveling less, remodeling and addition work is skyrocketing. Can you realign your business to take advantage of the new trends?
In the old classic book, Think and Grow Rich, author Napoleon Hill stated: Every adversity, every failure, every heartache carries with it the seed on an equal or greater benefit.
Do you believe that?