One of the worst things about failed business ideas is repaying small business loans for the ailing business. Then, you have to consider the wasted time, efforts, bills, sleepless nights, and having to start all over again.
In this article, we’ll be sharing some business ideas that turned out to be massive failures.
The Book Exchange Website
Someone created a website for people to exchange books with one another. The idea turned out to be a failure because the costs of shipping the books from one party to another surpassed the value of the used books. Plus, the Amazon Kindle was invented, and reading on digital devices for lower prices became a thing.
The Facebook/Twitter Killer
Every now and then, someone comes up with a Facebook/Twitter clone and calls it the next big thing. Unsurprisingly, all those websites failed as several issues popped up. The most common one was convincing people to sign up.
Fashion Eyeglasses for Dogs
Someone once created a business on designing eyeglasses specifically for dogs. But the company failed as the targeted audience was too niche or little. But who knows if the industry might have succeeded if they had a whole line of fashion dresses, chokers, jewelry, feeding bowls, chew toys, and other accessories for dogs?
Bottled Water for Pets
Here is another failed business idea for pets. Someone somewhere thought it was a brilliant idea to make bottled water for pets. The bottled water even came in two different flavors. It got a lot of press coverage; its sales were abysmal.
The 50 Cents Store
In a bid to beat the one-dollar store idea, someone created a store to sell items that would cost less than 50 cents or less. It didn’t take long for the business to crash. It turns out that aren’t many items that you can sell for 50 cents or less.
Cherry Online Car Wash Service
Cherry was an online car wash service platform that enabled users to park their cars anywhere and request carwash services. From receiving small business loans, the startup received millions of dollars in funding. But sadly, they couldn’t scale up successfully as they weren’t getting enough bookings. Many people would rather drive to a trusted car wash in their location or wash their car themselves before using an online carwash platform.
Colgate Frozen Meals
Colgate once tried to sell frozen meals in boxes, but the Colgate logo on the boxes turned away a lot of people who associated the smell/taste of the food with toothpaste.
A company launched a business based on the idea of smelly computers that emitted a particular smell whenever you get an email or visit a website. The idea worked through a plugged-in USB device that emitted the odors. The product flopped.
As you can see from this article, not all business ideas are viable. You should conduct your due diligence and share your thoughts with a few close friends and family to tell you what they think about your business idea. You might also need to consult experts and carry out random surveys among your target market. Do all that, develop a good business plan, save money and put it into your business, and if you see growth potential, then apply for a small business loan.