Thursday, October 30, 2008

Four Strategies for a New Business Business Ideas

There are four strategies you can use to find a new product or service to start or build your own business developed by Brian Tracy.

LOOK IN YOUR OWN FIELD: The first strategy is to find a new product or service in your own field or skills. You may have a million dollar idea in your own mind. Many people have had the experience of having an idea for a product or service nag at them over and over again, and you keep pushing it away or ignoring it. They say the average person has four ideas each year driving to and from work, any one of which would make them a millionaire if they would just follow it up. So look into your own field or skills. Look into your own mind. Look into your own ideas.

LOOK FOR OPPORTUNITIES WHEN YOU TRAVEL: The second strategy is to find a new product or service while you travel. Keep your eyes open for opportunities. A very good friend of mine who is now a multi-millionaire, started his fortune by traveling east and seeing a unique type of orange drink called Orange Julius and then getting the exclusive rights to sell it in a large Western city. From there, he expanded into other restaurants, into real estate, and into apartments. He developed a high positive cash flow from his Orange Julius business that made him a millionaire. Sometimes just finding a new product or service that is doing well somewhere else that hasn't come to your market area can make you wealthy.

GET THE RIGHTS TO SELL IT: Remember your objective, when you find a new product or service, is to acquire the rights to sell the product or service exclusively in your market area. Sometimes these rights are available for the asking. A gentleman I know named Peter Thomas got the rights for Century 21 to Canada simply by going to the offices and asking for them when Century 21 was a young company. From that, he turned Century 21 into one of the most successful real estate franchises in Canada. He is now worth millions of dollars, having taken the cash flow from Century 21 and channeled it into other real estate investments.

BE SURE IT IS ALREADY SUCCESSFUL: Sometimes just asking for the right to sell it in your market area is all you have to do. Here's the key, though. Before you bring a new product or service back to your market area, be absolutely sure that it sells well somewhere else. Many people advertise products outside their market area because they are not selling inside their market area, so make very sure that the product is selling well already in other markets.

DEVELOP A MONEY MAKING ATTITUDE: Strategy number three is to keep your eyes and ears open and alert to new business opportunities occurring around you. Develop a money-making attitude. A friend of mine became very successful by building commercial property across the street from a new shopping center that was being developed. The traffic from the shopping center made that commercial space extremely valuable. He opened two businesses in it, and started his fortune. So be alert to what is going on around you.

BE SURE YOU LIKE IT YOURSELF: And strategy number four is this. Remember you will only be successful marketing and selling something that you believe in, use yourself and would recommend to your best friend. Many times, I see people who make the critical mistake of trying to sell a product or service that they themselves would neither use nor afford, nor would they recommend to someone else, but they think that other people will buy it even though they wouldn't. So remember you must really, really believe it the product. You must be excited about the product. You must absolutely believe that this product can enhance the life or work of someone else and then be eager to tell them about it.

ACTION EXERCISES: First, develop a new business mentality. Continually look around you for new products and services that people need, want and are willing to pay for.
Second, develop a money making attitude. Look around you for opportunities to sell products or services that are not currently being offered, at either higher prices or in greater quantities. The possibilities are everywhere.