Thursday, October 30, 2008

Strategies for New Business

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

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 that you keep ignoring it. 
The average person has four ideas each year, any one of which would make them successful if they would just follow through. 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. An ordinary man started his fortune by traveling east and spotting opportunity in a unique type of orange drink called Orange Julius and then getting the exclusive rights to sell it in a large Western city. He developed a high positive cash flow from his Orange Julius business and expanded into real estate. 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. Peter Thomas got the rights for Century 21 to Canada simply by going to the offices and asking when it was a young company. From that, he turned Century 21 into one of the most successful real estate franchises in Canada. 

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 home market, so make very sure that the product is selling well already in other markets.

DEVELOP A WEALTH-MAKING ATTITUDE: keep your eyes open and alert to new business opportunities occurring around you. Develop a wealth-making attitude. You can be very successful by building commercial property across the street shopping centers. The traffic from the shopping center will make your commercial space extremely valuable. So be alert to what is going on around you.

BE SURE YOU LIKE IT YOURSELF: Remember you will only be successful marketing and selling something that you believe in and use yourself. It is a critical mistake to sell a product or service that you can neither afford nor use. 
You must really believe in the product. 
You must be excited about the product. 
You must absolutely believe that this product can enhance the lifestyle of someone else. 

Then be eager to tell them about it.

ACTION EXERCISES: 
1- New business mentality; Look around you for new products and services that people need, want and are willing to pay for.
2- Wealth 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.


I wish You Great Success.