A guide to the best worst business ideas!
Welcome to the Bad Business Idea of the Week, where you can find inspiration from some of the worst and most ridiculous business ideas out there. From the successful ones that make you scratch your head to the ones that crashed and burned, we’ve got them all.
Let’s examine some truly terrible business concepts that have us questioning how they were ever conceived. Additionally, we’ll delve into some newer, equally poor ideas that may elicit a chuckle or a cringe. So, sit tight, and let’s have a good laugh at someone else’s expense.
Remember when bottled air was the next big thing? No? Well, that was a real thing in the early 2000s. This bad idea was presented to the world by Vitality Air, a Canadian start-up company in 2014. It consisted of selling bottled air from various parts of the world – mainly places with high pollution levels – for $32 a pop. Although the company faced criticism, it hit the jackpot in China, where the product was a huge success.
Then there was the notorious Fyre Festival (2017) – the ‘luxury music festival’ gone terribly wrong. Billy McFarland and Ja Rule came up with a business idea for a music festival. The packages offered ranged from $1,500 to $250,000, promising a paradise on earth for music lovers. However, the reality was far from the promise, as the festival turned out to be a complete disaster, leaving attendees stranded on an uninhabited island. The organisers were later sentenced to prison for fraud.
One surprising success story from Dragon’s Den UK is the ” Tangle Teezer”. Invented by Shaun Pulfrey, this detangling hairbrush was initially laughed out of the Den in 2007. The Dragons couldn’t see the potential and felt the £65,000 price tag for a 15% share was excessive. However, Pulfrey didn’t let the rejection get him down, and he continued to market his product. Today, the Tangle Teezer is a global sensation, selling one brush every 30 seconds worldwide. It’s now a multi-million-pound business, proving that sometimes, even Dragons can get it wrong.
Each week we will come up with new a stupid product or service and look at its chances of success in the big bad world of business. If any of these catch on in the future, we demand a.) recognition and b.) lots of money
So without further adieu…. our first idea for consideration.
For our latest bad business idea, let’s dive into the realm of unnecessary technology – introducing the “Smart Sock Sorter”. This gadget not only pairs your socks but also has a built-in GPS tracker for locating those rogue socks that always seem to disappear in the laundry.
This product includes a smartphone app that allows you to monitor your socks in real-time. It also sends alerts when your socks go beyond the range and provides statistics about your sock-wearing habits.
Can’t remember if you’ve worn the same pair of socks two days in a row? The “Smart Sock Sorter” has you covered.
Bear in mind, a product like this might leave you with more lost socks than before, as they attempt to escape surveillance!
Category: Business to Consumer (B2C)
Annual Market Size: £53 billion ( Source)
Main Competition: Is anyone even stupid enough to copy it?
Main Drawbacks: Would require a GPS tracker for each pair of socks you own.
Chance of success: 12/1000
The Smart Sock Converter may seem like an innovative and advanced solution for organising your socks, but in reality, it’s a business idea that is doomed to fail. Not only would it require a GPS tracker for each individual pair of socks, but the cost of implementing such a system would be astronomical. Considering the massive annual market size of the sock industry, which is estimated at £53 billion, it’s clear that this business idea is not a lucrative or profitable one.
Instead of wasting your hard-earned cash on a gimmicky product like the Smart Sock Converter, it would be wiser to choose a more affordable and manageable option for organising your socks. There are plenty of straightforward strategies, tools, and templates available that can help you efficiently manage your sock collection without the need for expensive gadgets or memberships. Plus, by embracing the trend of wearing odd socks, you can stand out from the crowd and express your individuality. So, save your money and embrace the freedom of rocking those mismatched socks!
It’s important to recognise that having groundbreaking ideas doesn’t always lead to a successful business. Factors such as execution, market demand, and luck can also play a significant role. However, if you’re looking for a virtual office address to bring your business idea to life, Virtual Headquarters is here to assist you. We’re dedicated to helping businesses flourish across various industries, except for the smart sock market.
See you next week!