Dear Editor, I have read an article in your magazine written by the Dragon from Turkey, Baybars Altuntas, and I like the idea of supporting women who have entrepreneurial initiative. I have heard about Mr Altuntas and I am impressed with how he has achieved so many things in life starting from scratch…
…I have always been curious to know about wealthy people and now I am working as a recruitment consultant with very high profile people. What I have realised is that they don’t feel happy with their financial achievement, or even with their career – most of them think that the love relationship is the most important. As they have to work very hard they don’t have time to focus on their intimate relationships. Once a relationship is broken, their efficiency at a professional level is distracted as well.
Inspired by meeting these people, I have been thinking about a business idea: To open a dating agency only for wealthy people. Life in London is very busy and people don’t have time to search for the right partner. I think I can help them with that. Do you think this is worth giving a try? What would be your suggestion for how to go about starting this?
A dating agency exclusively for wealthy people sounds like a good business idea, not only for London but for all busy cities. It is an innovative idea that can lead to success. You need to start with a business model, and then make a business plan. The first step in developing a business model is to determine whether there is indeed a need for the service or product you want to sell. You have completed that first step.
You are asking me if it is going to work or not! Trying to assess what other people think about your business idea is a good way to find out, and soliciting the opinions of people in your immediate environment is a cost-effective and practical way of conducting market research.
Let me offer a few suggestions for your business model. Consider designing it in such a way that you will be able to franchise your business in the future. If your business succeeds, you will own a brand that will be linked to a profitable business. If that happens, independent entrepreneurs will seek you out and ask you to share your know-how. It will be useful if you have taken notes on everything you experience before, during, and after setting up this business. These notes will be valuable in developing the franchise handbook you provide to your future franchisees.
While a good business idea is important, the skills and competencies of the entrepreneur are even more critical than the business idea. A Turkish philosopher once offered a good piece of advice: ‘Look first at what is being said, and then look at who is saying it!’ Now that I’ve evaluated what you have said, I am looking at you, the owner of the business idea. You work as a recruitment consultant with high profile people. You have come up with this business idea based on your personal experience working with a wealthy clientele, which suggests you have the potential to develop the content of this business. If you were not in the HR industry yourself, you would have to hire other people to run this business, which would require a huge investment. But in your case, it is actually possible to start your business without investing in staff. You can do it yourself!
I wish you great success in your entrepreneurship journey.