In the world of business, there’s an old saying that goes, “When everyone digs for gold, sell shovels.” It might sound a little strange at first, but this saying holds a valuable lesson for entrepreneurs and aspiring business owners. It’s all about identifying opportunities and providing the tools or services that people need to succeed. In this blog post, we’ll explore this concept further and see how it applies to various businesses like Sphatlo and Magwenya.
Understanding the Gold Rush Mentality:
When a gold rush happens, everyone rushes to find gold and strike it rich. But not everyone can find gold, and even those who do often need essential tools and resources to make their prospecting efforts successful. This is where the “sell shovels” concept comes into play. Instead of joining the gold rush, you can provide valuable tools or services to those who are searching for gold.
Selling Shovels in Today’s Business World
While the literal sense of selling shovels may not be applicable to all businesses, the underlying concept remains relevant. Think about it in terms of meeting the needs of people who are pursuing a common goal or trend. For example, if there is a growing interest in street food, you could provide equipment or supplies to food vendors, like Sphatlo, who sell popular South African fast food.
- The Case of Sphatlo: Sphatlo is a popular street food in South Africa, consisting of a hollowed-out loaf of bread filled with various ingredients like polony, chips, and sauce. During a surge in the popularity of street food, instead of trying to open another Sphatlo stand, you can capitalize on the trend by supplying the ingredients, bread, or even specialized tools to Sphatlo vendors. By doing so, you provide value to the vendors and contribute to their success.
- The Case of Magwenya: Similarly, let’s consider Magwenya, a traditional South African donut-like snack. If there is a renewed interest in traditional foods and heritage recipes, you can focus on selling the essential ingredients or specialized equipment needed to make Magwenya. This approach allows you to tap into the trend without necessarily being a vendor yourself.
- The Case of Car Washes: Imagine a scenario where there is a surge in demand for car wash services due to a booming local economy or an increase in car ownership. Instead of starting another car wash business, you can consider selling the necessary equipment, cleaning supplies, or even offering training programs for aspiring car wash owners. By providing these essential tools and knowledge, you enable others to capitalise on the high demand for car wash services. This way, you’re selling the “shovels” that car wash entrepreneurs need to succeed.
- The Case of Hair Salons: In the beauty industry, trends and styles change constantly. Hair salons are often at the forefront of these trends, providing customers with the latest hairstyles, cuts, and colors. Instead of opening yet another hair salon, you can focus on selling specialized hair care products, styling tools, or even offering training and education programs for hairdressers. By doing so, you support the hair salon industry and help others thrive in this ever-evolving market. Just like selling shovels during a gold rush, selling the necessary tools and expertise to hair salons positions you for success while meeting the needs of the industry.
- The Case of Amapiano Music Genre: Amapiano, a vibrant genre of music originating from South Africa, has gained tremendous popularity in recent years, both locally and globally. As an entrepreneur, instead of trying to become an Amapiano artist, you can focus on providing services or products that support the Amapiano industry. These include Equipment and Studio setup, Even management and Promotions, Merchandising and Amapiano-related Fashion, and Music Distribution & Marketing.
Conclusion
The concept of “When everyone digs for gold, sell shovels” applies not only to street food businesses like Sphatlo and traditional snack businesses like Magwenya but also to other industries like car washes and hair salons. By recognizing the demands and trends within these industries, you can provide essential tools, supplies, or expertise to aspiring entrepreneurs and existing businesses, positioning yourself for success. Remember, it’s not always necessary to directly participate in the popular trend; sometimes, selling the “shovels” and supporting others can be equally rewarding. Stay observant, understand market needs, and find creative ways to offer valuable products and services that enable others to thrive in their chosen fields.
Now, Go out there and WIN!!