Why Business Owners Should Avoid ‘Reinventing the Wheel’

Do you ever get tempted to start a new product from scratch? Or maybe you think that you can beat your competition by starting the same business model only better?

While that may be possible, I think that reinventing something that already exists is not the best way forward for your business. I certainly don’t build things from scratch in my business when I can avoid it.

And in this post, I’d like to share my reasons why.

Ignoring existing products, services, or systems to come up with your own solutions can be a huge waste of time and resources for business owners. You may think that 'reinventing the wheel' is your best bet, but it could actually hinder your progress.

Taking on a mammoth task like reinventing an existing system or process should be avoided. Why? To know that, it's important to understand what 'reinventing the wheel' actually means and then learn why and how to avoid it.

What I Mean by 'Reinventing The Wheel'

'Reinventing the wheel' simply means creating something from scratch when an existing product, service, or system that can help you with the same task is available.

Or suppose an entrepreneur chooses to develop a product or start a service that has already been offered in the market then he or she is also 'reinventing the wheel'.

For example, you come up with a WooCommerce email marketing guide or even build your own eCommerce email service.

But you’d not only be doing something that’s already been done many times but you’ll also compete against major players who have a strong foothold in the industry like MailChimp, AWeber, etc.

So 'reinventing the wheel' means wasting time and energy on coming up with something that already exists. And my argument is that this should be avoided as much as possible.

Why Should Business Owners Avoid 'Reinventing The Wheel' Concept?

Here are my reasons why you’d be better off buying other products and brands instead of creating something from the very beginning.

1. Save Time & Resources

When business owners choose to ignore existing products or services then they’ll just incur more costs and spend their precious time and resources.

For instance, you want to develop a website for your brand, and you start from scratch with hand-made codes instead of using website-building software, you’re likely creating issues for yourself in the long run.

It would take you months to set up a fully functioning site whileit could take you literal minutes instead. When brilliant and advanced technology exists already, you should not be starting over from ground zero.

Using the same example, you’d better off if you take the help of an expert, they would just use website developers or WordPress's 1000s of plugins and themes to build a website faster and more efficiently. Not to mention, you’d save money too and be able to scale up easily whenever needed.

2. Focus On Core Activities

As a business owner, you have to focus your attention on strategies that will bring in more customers and create new products or services. Or in other words, you have to focus on what brings the money in.

And when you start building something that has dozens or even 100s of competitors, you take away your focus from the core activities and diverts it to something that already you’re unlikely to win at. Not by much if you do anyway.

Instead, rely on tools that already exist and do what you’re good at. I knew a small digital agency that tried to create an in-house CRM. Unfortunately, it was unwieldy at best and cost tends of thousands of dollars to build… while there were already in existence fantastic CRM tools that cost just $80 a month.

The agency was good at sales and should have focused on that. Don’t make the same mistake and do what you’re good at and rely on businesses to help that are good at what they do.

3. Stay Ahead Of The Competition

Another reason to avoid reinventing the wheel is to work on something new and innovative.

Today, there are hundreds of AI writing software and related tools. And while you may be tempest to create another one that does the same thing but with a twist, I’d advise against it.

Instead, look at entirely new areas where AI is not applied. This could be in generating contracts, personal development, or something else.

When you build something from the ground up, you sacrifice innovation. Don’t make that mistake. Instead, work with what exists but apply it to something else.

Many ancillary AI products like content detectors, resume builders, and many other businesses have grown and have fewer competitors than AI writing software.

So, remember to be innovate and be creating instead of doing something that’s already been done many times over.

How To Avoid 'Reinventing The Wheel'?

Its not easy to know when you’re reinventing the wheel and when there’s a valid reason to build something. Here are my principles for understanding what kind of step you should take to understand what to do.

1. Have A Clear Understanding Of Your Goals

Before you start working on something, it is important to have a crystal clear understanding of your goals and objectives.

This will help you in determining whether you need to build something from scratch or modify an existing product.

Listing down the objectives and requirements will help you analyze if you need to reinvent or experiment with ideas.

For example, if your goal is to always produce the best products for your customers but everything that exists is sub-par, then you’re justified in trying to build something from the very beginning. The converse is true as well.

2. Keep An Eye On The Market

Is there a need for social media marketing software? Or the need for a new Link-building automation platform?

These are some of the questions that you should ask yourself when evaluating the market. Keeping an eye on the market will help you find what your customers need, and you can work on that product/service and avoid reinventing.

3. Take Help From Professionals

It's always better to consult professionals, experts, or thought leaders who know what's trending in the market.

You can get expert advice on whether you need to reinvent or take help from some existing products. They may also provide insights into new technologies and innovations that can help you in working smarter and faster.

For instance, you're optimizing your website for organic traffic but you're not getting desired results. Then you can take help from experts or thought leaders who can introduce you to more SEO techniques<span style="text-decoration:underline;"> </span>like link building, content optimization and use SEO plugins and software too.

There can be many such similar cases, where it'd be better to consult someone to avoid reinventing.

4. Look at your competition

If the market has products that need a lot of improvement to help people, then you should build something anew.

But if many good-quality products and brands exist in your market, then you’re fighting an uphill battle trying to build something new.

5. Look for collaboration or buy-out opportunities

Your competition doesn’t always have to stay your competition. You’d be surprised at how many businesses are ready to be bought out or to merge and collaborate with their competition.

It’s worth talking to your competition to learn if they’re willing to work with you. You can buy their product or brand, rebrand it, and improve on what they’ve already built.

This is invaluable to make sure you save time, use the best technology, and stay at the top of your game by innovating on an already great product.

Key Takeaways

You should avoid reinventing the wheel wherever possible. But there are times when its a good idea. If you look at things rationally, you should be able to figure out what;s right for you.

That's why while deciding on whether to reinvent or not, it's important to first understand what is best for you, your team, your company, and your customers.

But it's definitely true that you can save a lot of time and energy by avoiding reinventing and instead focusing on something new and innovative.

At the end of the day, it's all about experimenting and making sure that your customers get what they need.