There are four strategies you can use to find a new product or service to start or build your own business.
Search 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.
Keep Your Eyes Open
The second strategy is to find a new product or service while you travel. Keep your eyes open for opportunities.
A friend of a friend, who is now a millionaire, started his fortune when he traveled west and seeing a unique type of sport drink, he then got the exclusive rights to sell it in a large eastern city. From there, he expanded into restaurants, into real estate, and into apartments. He developed a high positive cash flow from his sport drink 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 got the rights for Century 21 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 his area. 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.
Look For Business Opportunities
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 his 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 Believe In Your Product
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, people make a 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.
You must really, really believe in the product. You must be excited about the product. You must believe that this product can enhance the life or work or play of someone else and then be eager to tell them about it.
You do not need to necessarily need to know everything about the product or even use the product that you are selling, because information is always available to do some research. But you do need to believe in the product and the service that you are providing.
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.
