When you have a successful business model, there is no doubt that it will attract competition. When it does come it could be anywhere from a trickle to a torrent, but one thing is certain. They will be fierce.
During my time in the high school band, we marched in the St. Patty’s day parade in Butte Montana every year. In case you aren’t too familiar with Butte, it has a huge percentage of Irish roots. As a result, this is a huge day for the city with the streets filled with people drawn in from all over the northwest.
Being always on the lookout for a possible profit, I noticed there wasn’t anything being sold to these massive crowds. The next year after my obligations with band were complete I went to claim my fortune. I created a bunch of green T-shirts with clever little sayings. (I really only had one design) Then my friend and I hit the streets.
In a matter of an hour and a half my friend and I had sold all fifty of the shirts I had made. Like that there was about $250 profit sitting between the two of us. Life was good.
I didn’t make it to the next couple years of the celebration, due to college. Come 2006 and it’s during my spring break. GREAT!
This time I got a bunch of shirts that were pre-made. (Wall-Mart had a bunch of St Patty’s day shirts in stock) It was time to hit the streets again. This year between my friend and I we only made about $45 in twice the time.
There was something different from 3 years ago, fly by merchants (a nice way of saying junk-hockers) were everywhere. There were people walking around selling beads, shirts, hats, shamrock face painting, and just about everything you could imagine.
I am sure that other entrepreneurs would have shown up regardless; however, there was a catalyst. If people can see where profits are made, they are more likely to jump on the bandwagon. So if you are going to do something, don’t stop and don’t take breaks.