As any seasoned entrepreneur knows, innovation and unconventional thinking can be the keys to financial success. While traditional business models certainly still have their place, some of the most inspiring stories come from companies that dared to be different. Here are six startups to draw inspiration from.
- Tinkering with subscription boxes: Bellabox
Melbourne-based Bellabox disrupted the cosmetics industry by curating a variety of niche beauty products and delivering them to subscribers every month.
- How it works: Subscribers receive a box of personalised beauty samples to try and see if they want to buy the full-sized products. This approach drives product discovery while fostering brand loyalty.
- Result: Bellabox’s unique model has attracted thousands of subscribers and partnerships with major beauty brands. The company is able to generate a consistent revenue stream from monthly subscriptions.
- Turning trash into cash: TerraCycle
TerraCycle is an environmental company, founded by then-19-year-old Tom Szaky way back in 2001, which collects and turns hard-to-recycle waste into raw materials for new products.
- How it works: TerraCycle partners with brands to collect items like cigarette butts, snack wrappers and even used beauty products. They then upcycle or recycle these materials into new products.
- Result: Such an eco-friendly approach to waste management has not only earned the company consistent profits but also supported our environment by diverting waste from landfill.
- Connecting fashion and recycling: UPPAREL
A household name for many Australians and Kiwis, fashion label UPPAREL takes an interesting approach by selling clothes made entirely from recycled or sustainable materials.
- How it works: UPPAREL sources materials from recycled textiles, plastic bottles, used fishing nets and more to create stylish clothes that appeals to eco-conscious buyers.
- Result: Their commitment to sustainability has attracted a growing market of environmentally minded buyers, leading to impressive growth and profitability.
- The share economy for tools: ToolMates Hire
ToolMates Hire takes an established concept and make it special. The peer-to-peer marketplace allows users to rent tools and equipment from individual owners rather than the big – and more expensive – hire companies.
- How it works: Users can list their tools for rent, while those searching for something can browse and hire them directly from the owners. The peer-to-peer sharing model saves money and fosters community engagement.
- Result: ToolMates Hire has grown rapidly in recent years, as it’s an alternative tool-hire service that enables owners to make a profit from things they aren’t necessarily using anymore.
- The art of tiny homes: Designer ECO Tiny Homes
Designer ECO Tiny Homes taps into the growing trend of minimalist living by designing and building custom ‘small’ homes.
- How it works: The team creates compact, energy-efficient homes tailored to the customer’s preferences.
- Result: By focusing on sustainability and ever-changing lifestyle trends, the company has carved out a niche in the traditional housing market and generated substantial interest around the country.
- Embracing the experience economy: The Break Room
The Break Room, located in Melbourne, is something very different from your normal after-work activity. This unconventional service is a safe space where you can vent your frustrations by smashing things in a controlled environment.
- How it works: Customers pay for the experience of smashing items like plates and electronics as a form of stress relief.
- Result: Their offbeat business model has attracted plenty of media attention and a steady stream of customers, and it’s led to a number of copycat ‘break rooms’ around Australia.
“These real-life success stories show that the power of unconventional thinking and innovation really can lead to financial wins,” says Robert Trevarrow, Managing Director at Specter Finance. “By daring to challenge traditional business norms and addressing unmet consumer needs in a unique way, you can make your mark on your respective industry.”
Having taken inspiration from these startups, make sure you have the capital to turn your creative dreams into a business success story. Speak to the experts at Specter Financial or call 1300 306 394 today to find out how.