Startups

Sometimes Even Boring Ideas Can Help You Make Millions

  • 3 min Read
  • December 9, 2020

Author

Escalon

Table of Contents

Not every business that makes a fortune starts out with a groundbreaking idea. For every flashy startup focused on self-driving cars or sending people to the moon, there are hundreds of “boring” businesses making big money.

Here are four such businesses that have brought in a significant amount of cash, all of which simply built upon existing products or ideas.

Social Media Network — Farmers Business Network

Farmers Business Network (FBN) is a social media network that allows farmers to pool and compare data. The company also offers seeds to its members at discounted rates. Social media network is not necessarily a groundbreaking idea, nor is offering discounts to members. However, the company that can essentially be called Facebook for farmers raised $250 million in series F round, bringing its total funding close to $600 million.

Cartridges — Castle Ink

Lauren Elward, a high-school teacher, went through hundreds of ink cartridges printing out handouts and syllabi for her students, which led her to launch a recycling ink cartridge company, called Castle Ink, in a bid to go green and save money. Castle Ink made $1 million in annual sales in 2012, selling cartridges in the range of $10 to $30 (significantly cheaper than branded ones).

Razors — Dollar Shave Club

Another everyday product, razors, that has proven to be a highly profitable business is Dollar Shave Club — in 2016, the company was bought by Unilever for $1 billion. What started in March 2012 with a simple offering — high-quality but inexpensive razors — the company has since launched a lineup of additional products on its march toward owning the men’s bathroom space.

Mattresses — Eve Sleep, Simba

Founded in 2014, UK-based online mattress retailer Eve Sleep started by selling only one mattress that it manufacturers itself, for about $535 for a single bed. Despite that, the company, which now also sells other sleep-related products such as pillows and sheets, listed on the London Stock Exchange in 2017, growing its revenue up 132 percent to £27.7 million ($37.21 million).

Another London-based online mattress company Simba, which operates in nine countries across Europe, North America and Asia, sells mattresses direct to consumers, and recently secured €21.5 million ($28.88 million) to fund its expansion plans.

It is OK to be Boring!

There’s so much focus on in terms of new technology like wearables, virtual reality (VR) and artificial intelligence (AI) these days, it can be easy to forget how valuable mundane, everyday items can be to our lives. These products hold the promise of bankable business opportunities.

Not every innovative idea is lucrative; in fact, businesses, whether small or large, that try to do something that nobody has done before often struggle. Take the example of Google Glass, the company’s first public attempt at wearable technology. The head-mounted computer looked like it came straight out of a sci-fi movie, but ultimately didn’t succeed.

Another such example of a failed product is Virtual Boy. Launched in 1995, it was Nintendo’s take on virtual reality. The company sold less than one million units — the biggest hardware disappointment in Nintendo’s history.

On the other hand, many startups that chose to stick with businesses in established and mundane industries have done quite well, as can be seen by the examples in this article. The bottom line is that whether you’ve come up with an earth-shattering new innovation or if you’re simply offering a product that everyone needs but isn’t futuristic, pursue it with vigor and ensure that you’re taking every step to succeed.

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

Accounting & Finance

Common Accounting Mistakes That Cost Medium-Sized Businesses Millions 

Accurate accounting is the bedrock of any successful business operation. Yet, medium-sized businesses—those that have grown beyond the small-business stage...

Read More
Taxes

1099 vs. W-2: How to Ensure Compliance and Reduce Risk 

Distinguishing between independent contractors (1099) and employees (W-2) is a pivotal compliance matter for U.S. businesses. Misclassification can result in...

Read More
Accounting & Finance

Capital Raising in Spring: How to Position Your Startup for Investor Interest

Spring symbolizes renewal, making it an apt metaphor for startups aiming to secure fresh capital to fuel their next growth...

Read More
uncategorized

Spring Clean Your Payroll: Essential HR Best Practices for Scaling Startups

Payroll is more than just issuing paychecks—it’s a complex, high-stakes process that can significantly impact employee satisfaction, legal compliance, and...

Read More
Accounting & Finance

How to Leverage Q2 Financial Data to Drive Startup Growth in the Second Half of the Year

For startups seeking sustainable growth, every quarter provides a treasure trove of data—but Q2 data can be particularly revealing. By...

Read More
Accounting & Finance

Q2 Business Planning: Adjusting Your Financial Strategy for the Rest of the Year

By the time Q2 rolls around, many startups have a clearer picture of their performance and market positioning compared to...

Read More
People Management & HR

5 Key HR Challenges to Address Before Summer to Keep Your Team Engaged

For many startups, the summer months can be a dual-edged sword. On one hand, warmer weather and looming vacations can...

Read More
Taxes

How to Maximize Your Tax Deductions: Essential Tips for Startups in Q2

Tax season often triggers stress and complexity—especially for startups laser-focused on building products, acquiring customers, and scaling operations. Yet savvy...

Read More
Startups

Mid-Year Financial Checkup: How to Assess and Adjust Your Startup’s Budget 

The halfway mark of any given year is more than just a date on the calendar; it’s a valuable checkpoint...

Read More