‘It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness…it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to heaven, we were all going direct the other way.’

Charles Dickens, A Tale of  Two Cities. English novelist (1812-1970)

A classic quote over 100 years old yet so pertinent to the current economy. A time, no doubt, when there are substantial opportunities for those brave enough to seize them.

It really is a great time to start a new business, costs are low and talent is easy to attract, but before you start the journey you need to do a reality check, be very honest with yourself and don’t mistake fools gold for the real thing.

It may possibly be true that there are no new ideas left, indeed it’s the reason why someone once famously said there are only 3 original jokes and the others have been derived from them, but actually you don’t have to be completely unique to be successful. You can be very successful indeed taking an old idea and rejuvenating it.

The key is don’t be a ‘me too’ business unless you have a very low cost product. Create a differential; people who spend more usually look for speciality suppliers.

I would suggest you identify the ultimate raison d’être. Forget how anyone else has got there and work out a new route. 

Some interesting ideas that have worked include

• Mobile dentists and opticians
• Any professional product including specialist services such as car valeting
• Organic food stores
• Anything that capitalises on nostalgia

It is because we are feeling more comfortable with historical performance than future, who knows, or indeed cares. Its working, as more themed restaurants and shops open, as the average business type close all around them.

There is, of course, always money to be made where problems exist, be it health care, education or the green economy. Of course there are lots of players in these fields, some very large ones but even better as very often these giants have substantial weak spots a gifted entrepreneur can fill.

Reverting back to my opening quote, it could of course all go horribly wrong but a true entrepreneur knows the meaning of my final statement. 

• There are those that make things happen
• Those that watch things happen
• Those that ask ‘what happened!’

The real new entrepreneur fits, of course, only into one of those boxes.

About Jo Haigh
Jo Haigh is a Partner and Head of Corporate Finance for MGR a company based in London and The North of England and a partner in the fds Group, a specialist training and development business.

An experienced dealmaker, Jo specialises in putting together the right deal at the right time and in the right format for growing businesses throughout the country.  She has bought and sold over 300 companies in the last 20 years specialising in owner managed companies.

Jo is also a best-selling author and has been voted speaker of the year at the Vistage Annual Speakers awards.

For more information visit: www.jo-haigh.com