Three inspiring business ideas for 2012

Launching businesses in the present economic climate will be tough. So how can inspiring business ideas become successful reality? Mark Osterloh invites three innovation experts to analyse the success of three recent award-winning businesses and explain what makes them special

Home truths

Paul Lindley, founder of organic baby food business Ella’s Kitchen, was named Entrepreneur of the Year at last year’s National Business Awards. Emma Jones, founder of small-business support organisation Enterprise Nation, observes that his inspiration began at home.

Use what you know to create an inspiring business idea

‘Paul began his business at the kitchen table. He wanted to create fun, healthy, organic food his daughter would enjoy eating. What made his idea inspiring was that he drew on the marketing and entertainment techniques gained while working at kids’ TV channel Nickelodeon.

‘The key to keeping ideas fresh and evolving is to stay curious and enthusiastic. Paul’s no shrinking violet when it comes to promoting his business and never misses an opportunity to speak at industry events. He also takes part in foreign trade missions. When you consider that around 67 per cent of new business start-ups that go global do so in their first two years, you can see the value of his approach.’

Premium freemium

Shortlist Media launched its free weekly men’s lifestyle magazine in 2007, with distribution levels around 518,000 compared to nearly 246,000 for its nearest quality rival, Men’s Health. Another National Business Awards winner, the business took home the Santander Small to Medium Sized Business of the Year Award.

Chris Turner, MD of global entrepreneurial ideas site Springwise, suggests the key to success has been a willingness to try something new.

Dare to be different with an inspiring business idea

‘Shortlist Media’s decision to generate revenue purely through advertising rather than paying punters has broken the traditional financial model. That a small business could rise to the challenges facing an entire industry and achieve almost instant success is a powerful and compelling story. They proved that free magazines could become respected brands attractive to advertisers.

‘Shortlist Media plans to launch new digital products as well as print to ensure it keeps abreast of new technologies. Small businesses would do well to consider what other platforms are available to develop and market their products or services.’

For Queen and country (and beyond)

Mobile phone accessories distribution company Genuine Solutions also started in its founder’s home. Six years after it began trading, its worldwide success in over 30 countries has earned it the Queen’s Award for International Trade.

Dawn Whiteley, CEO of the National Enterprise Network, believes starting out small is no impediment to going global.

A timely approach for an inspiring business idea

‘Being small meant Genuine Solutions could respond quickly to changing consumer demands at home and abroad. They’ve built a business model that adapts to an increasingly diverse international customer base — a multilingual sales team operating across multiple times zones, the key to successful global trading.

‘They’ve built on their success by constantly seeking feedback from customers, suppliers and staff — good practice for any growing business. Remind yourself why you started in the first place and if the news is bad it gives you the focus to put things right.

‘Many would say there are no new inspiring business ideas. Find that unique edge and adapt an existing business model — it’s all most entrepreneurs have ever done. There’s nothing wrong with that.’