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Home  Money Business How to Find a Unique Product or Service That Will Make You Money
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How to Find a Unique Product or Service That Will Make You Money |
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I would say the most frequently asked question from beginners about
opening their own business is "What should I sell?" I then proceed to
ask them, "What interests and hobbies do you have?" Most don't know how
to answer that question because they cannot possibly envision how their
own interests and hobbies could be turned into a business. After a long
silence I then ask, "Why do you want to start your own business? The
beginner will immediately answer, To make money.
I am sure that I would have give the same answers back in 1988 when I
started my homebased business but the purpose of this report is to
educate you in order to save you the loss of time and testing I had to
endure.
The best way to find a unique product or service that will make you
money is to first decide what you have an interest in. Look through
business opportunity magazines for ideas. A business can be started
from anything you can imagine. All you have to do is find something you
are interested in selling (not how much money you will make.) Make sure
the product you choose is something you believe in and are excited
about. If not, you will abandon the business in the early stages when
you are making common mistakes in marketing. You simply will lose steam
with a product you have no interest in personally.
Now, determine the type of people that would be interested in buying
your product. For instance, if you decide to publish a cookbook, you
know your market will be people interesting in cooking. Work-a-holics
who grab a pizza or run through a drive-through at Burger King would
not be a likely to purchase a cookbook. Neither would students who live
in college dorms since their cooking facilities are normally very small.
Now it's time to make a trip to the library. Go to the Reference
Section and look for the Thomas Register. Look under the classification
that provides you the names and addresses of other companies selling
the same product you have decided to sell. Copy all these names and
addresses down. (The Thomas Register is an alphabetical guide to
products and manufacturers, and is a storehouse of information for the
businessperson.)
Write to all the companies listed in the Thomas Register and request a
catalog or more information. Spend time and study all the materials you
receive. Compare prices for the same merchandise. Who knows? You might
locate a company that sells the same product at a cheaper price than
you can make it yourself. If so, you can order quantities from them and
re-sell the product under your own name and packaging.
The next, and very important step, is to advertise. Start with small
classified ads in a variety of publications. Choose publications that
are advertising the same type of item you wish to sell. Don't just
place an advertisement in a magazine or newspaper because the rates are
low. If the item you are trying to sell is not relational to the
publication's theme, readers will skip over your ad and you will be
wasting money.
Starting a homebased business to make some extra money at home or in
your space time is as simple as falling off a log. The trick is to find
a product or service that YOU enjoy. You won't become a millionaire
overnight (that will take a few months, ha-ha.) Instead, you need to
allow yourself a little time in order to show a profit. (Uncle Sam
gives small businesses 5 years to get out of the red.) So please don't
base the product your business will sell based on how much money you'll
make. |
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