Brian Tracy! Get Rich Your Way
5. Build Your Business
“Don’t wait for a great opportunity.
Take ordinary opportunities and make them big.
The weak wait for an opportunity,
and the great man creates it.”-Orison Swett Marden
Every year aspiring people open more than a million new businesses.
There are more than 23 million businesses across the United States,
from home-based individuals to companies like Microsoft,
Motorola and General Motors.
Each of these businesses provides products
or services in a certain way,
which is different from the methods of any other company.
The opportunities to find
and develop new business ideas are all around you,
and with proper preparation,
the possibilities for you to succeed in business are virtually endless.
Up to 80% of all products
and services that are commonly used in homes,
businesses and organizations today,
will be obsolete in 5 years.
They will be replaced by newer,
better,
cheaper and more efficient products and services.
The rapid growth of new technology
and people’s desire for new,
better or cheaper products and services mean
that you can start building a fortune today more easily
than at any other any time in history.
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HIGH FAILURE RATE
However, we do know that 80% to 90% of new businesses fail
within the first 2 to 4 years due to various factors.
As we have discussed,
the main reason for businesses
to fail is incompetence in the role of someone
or the business owner.
This incapacity often manifests itself in the inability
to sell sufficient quantities of a product
or service or to control the costs of producing
and consuming the product.
A second most important reason
for business failure is supplying the wrong product at an unreasonable price
to the market without demand at the wrong time
or a combination of these factors.
If your product or service isn’t in demand in today’s market,
even the best marketing and cost control efforts won’t make you successful.
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The wrong product at the wrong time
The Ford Motor Company’s introduction to the 1950 Edsel
is the most relevant example
of the wrong product at the wrong time and at the wrong price.
After spending $250 million on development and research,
Ford brought the car to market,
only to discover there was no market for it at that price.
Many e-commerce companies,
such as Grocery Webvan.com and Pets.com pet food
and supplies went bankrupt and wiped out $100 million
of their capital investors in these companies.
It turned out that there was no adequate market for groceries
and pet supplies ordered on the Internet and by mail or by postman.
Many small business people often make the same mistake,
but on a smaller scale.
They invest a lot of time and money to bring the product to market
without determining in advance whether
there is enough demand at that price.
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7 Principles of Business Success
In this chapter, you’ll learn a bunch of ideas about
how to find a product or service,
how to test the market before you invest a lot of money in it,
how to promote the right promotion,
and how to grow your business when you have started.
Here are some key principles for business success.
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Start at the beginning
The first rule involved in choosing any new product
or service is to determine
if it will satisfy a real need that the customer is needing right now.
A new product or service must solve a problem
for a customer or make a customer’s life
or work better by benefiting them.
You have to be clear from the very beginning exactly
which of your products
or services improves the quality of life of your customers.
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Provide good quality with reasonable price
To be successful, a new product
or service must be of good quality at a reasonable price.
If it has to compete with the same other product or service,
it must have something called a Unique Selling Proposition (USP).
It must have some beneficial
or attractive feature that makes it unique,
different, and of a higher quality than any other competing product choice.
This unique aspect is the key to success in business.
No product or service can be successful
unless it is different
and of high quality from whatever product
or service is competing with it in one way or another.
There is rarely a chance of building a business with identical products
or services to other businesses,
i.e. the same product
or service as all other products
or services with only the only difference especially
if you’re the one selling it.
The safest business strategy is
to start with an accepted product
that already has a wide market,
and then work to improve it somehow.
Faster delivery,
make it better
or higher quality,
or somehow lower the price of the product or service.
Instead of trying to invent a new business or industry,
start with a product or service that people are already using
and find a way to make it more appealing.
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Always practice thrift
Tight financial control
and good budgeting are essential for business success.
The successful companies are those
that use accurate bookkeeping
and accounting systems.
They put these systems into action from the start
and account for every penny they spend.
Even the largest multinational companies,
with billions of dollars in sales each year,
often have to be very careful with their spending.
They are constantly looking
for ways to cut costs while maintaining the same quality.
They are always focused on practicing frugality.
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Source cash is like blood to the brain
Especially for a small business,
you must always have cash on hand,
like a drowning man clinging to a lifebuoy.
Cash is the blood of the business.
The source of working cash is an important measure
and a decisive factor for the success of the business.
All successful business owners put in place thorough financial controls
and monitor them on a daily basis.
They carefully review every expenditure.
They take the time to analyze the use of every dollar.
They calculate detailed budgets
and they review them weekly and monthly.
The basic rule for a successful business is to only spend from earned money.
This is because in a business
there are only two basic components:
income and expenses.
The basic rule for running your business is
“If it’s not income, it’s expenses!”.
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Protect your cash carefully
The secret to business success in relation to your operations is “thrifty, thrifty, thrifty”.
When I worked for a man who started from scratch
and built an $800 million business before he was 55 years old.
I was surprised to see him having lunch at a cheap diner
across the street from his office and driving a used car.
He is very thrifty.
When Sam Walton made more than $25 million,
he was still driving a pickup truck with a trunk to work.
This frugality of leadership permeates every aspect of the business,
all the way from top to bottom across every department.
The practice of thrift ensures that the business is profitable year after year.
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Maximize marketing
Perhaps the most important principle
for a business is momentum in the sales department.
This requires a focus on marketing
so that it permeates the entire organization.
What is the purpose of the business?
Some say it’s to “make a profit.”
But this is not correct.
The real purpose of the business is
to “create and keep customers.”
Profit is the result of creating
and maintaining a sufficient number of customers in a profitable way.
The most important thing is to focus on creating and retaining customers.
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Selling is the core skill of business success
The secret to business success is not very complicated.
For products, the secret is “Sell! Sell! Sell!”
The single most important skill you must develop
to make your business successful is the ability
to convince customers to believe you
and sell your products to them.
In fact, the ability to sell is one of the core skills for a successful life.
With very few exceptions,
all successful businesses start with an individual
who is passionate about the product
and who is very good at selling to others.
This business owner loves the product so much
that he can hardly wait to talk to others about it.
This individual is eager to get in touch with new clients right away.
Where there are no people proficient in business,
no matter how good a product or service is,
it will fail.
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Your customers
In successful businesses,
customer concern is always a top priority.
In a successful business,
everyone in that business is thinking about generating customers,
serving and satisfying them around the clock.
Ten years after the publication of Peters
and Waterman’s Finding Excellence,
which became a bestseller,
a journalist asked Tom Peters which of the seven principles he felt in his book
still is the most important principle.
He replied right away,
without hesitation,
that it was “an obsession with customer service.”
In the most successful businesses,
both large and small,
the key people love their customers.
They care about their customers day and night.
They see themselves as personal representatives
or agents of the client working on behalf of the client.
Such an attitude of customer devotion needs
to be instilled throughout the organization
and make people want to do business with the company
and continue to do business with the company in the future.
You can always confirm a good business
by the way it treats customers.
You can affirm a good business
by answering the company’s phone,
resolving customer inquiries and problems.
You can assert a good business
by dealing with customer needs and complaints.
In all successful businesses,
customer concern is always a top priority.
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Develop a comprehensive business plan before starting
The main reason for business success is that founders must develop
a comprehensive business plan
before starting operations.
Successful businesses are the ones that think through every part
of their business to the fullest,
finalize their budgets thoroughly,
and administer a break-even analysis of their operations
before they even open door.
They organize and lay out their business plan,
as a blueprint
before they start spending money to conduct business activities.
Here is an interesting finding.
Once a business plan is developed,
it is rarely referenced.
Companies very often spend months developing a business plan
and weeks each year updating the business plan,
but when it’s done,
it’s tucked away in a drawer
and at a fraction of the cost,
when pulled out until it’s time to update.
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Why is that?
This reason often happens in businesses,
once in operation, the business plan will be completely different
from what they expected
or predicted.
So what is a business plan for?
The answer is a pre-business planning exercise that forces the business owner
to seriously consider all the important issues that are
or will be related to the operation of the business.
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Seriously consider important issues
Business planning forces business owners
to give serious consideration
to the products and services being offered,
the prices to be consumed,
and the sales that will be achievable.
It forces business owners to carefully consider all the costs
that will be incurred in bringing the product to market.
It forces business owners to anticipate the required personnel,
office and necessary facilities;
funds for rent,
utilities,
and wages;
all the small factors
that will be involved in making the business successful.
By making a business plan in advance,
the business owner is forced to seriously consider
and analyze every number in this plan
and incorporate them into the master blueprint before starting.
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Can you get there from here?
Over the years,
I have worked with business owners
who are eager to open new businesses.
However, when they were forced to seriously consider
and gather all the information needed to complete the business plan,
they found that the business did not work.
They cannot cover the costs of the product
or service to bring them to market,
or the market is not large enough.
Sometimes it takes too long to get back to breakeven
or another factor makes them unattainable.
You’ve heard the maxim,
“You can’t get there from here.”
By creating a business plan,
it often makes it clear
that this business was not a good idea in the first place.
It is interesting that
when you go to the bank for a loan
or to an investor or you even make sure
to avoid hiring employees for high positions,
the first thing they will ask you is your business plan.
If you do not have a business plan,
you will expose yourself as an incompetent director,
which is the number one reason for business failure.
Without a business plan,
you don’t get the trust
and you’ll find it nearly impossible to get the backing
you need to build your business.
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Never give up
The secret to business success is the determination,
perseverance and extreme patience
of the role of a business owner.
Venture capitalists survey hundreds of business plans
and find less than 1% of them.
They will tell you that they look to the personality and abilities
of the business owner more than anything else
to decide whether to invest in a business.
They examine not only the product
or service being offered,
but also the talented,
competent
and experienced personnel
that will be essential to making the business successful.
Determination, perseverance and patience will be closely related
to the success of the business.
There’s no telling exactly
where you think it’s going to go.
You will have to constantly be flexible
and go in different directions.
The best laid out plans deal with frustration and failure.
But having the persistence to keep looking for faster,
better, more innovative ways to achieve your business goals
is key to discovering your future.
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It takes time to be successful
Based on studies of thousands of businesses,
there are a number of time-related aspects
that you may have to accept from experience.
First, it takes two years to break even for the average business.
During your first two years in business,
you will learn about business at an accelerated pace.
During this time,
you will almost always be slow financially,
trying to get up.
You will borrow from friends and family
and often go deep into debt.
This is the price business owners often pay to learn the skills
to start and run a successful business.
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It takes 4 years to make a profit
It takes 4 years for a new business to show profit.
As Peter Drucker says,
No business has made a real profit for four years.
Any attempt to break this rule will eventually lead
to financial disaster for the business owner.
Survey what happens to all the e-commerce companies that spent millions
of dollars on advertising at the Super Bowl trying
to make the leap right into the earning business,
instead of building up slowly over time.
In the third and fourth years of your business,
you’ll be making a profit
and bringing in more money than you’re currently using
to maintain the business.
During this time,
you will have to repay all loan funds
and bill costs you accrued during the first 2 years.
You will, from experience,
break through into substantial profits in the seventh year of business.
To do so takes a long time to master the skills of a business owner.
There are no shortcuts at all.
You have to be patient.
Henry Ford once said,
“The two most important requirements
for business success are foresight and patience.
An impatient person lacks the most essential quality
to succeed in any business.”
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FACTORS OF THREE ASPECTS
There is a basic principle that any new product
or service that enters the marketplace
and is to be successful must be of
at least three aspects higher quality than its competitors.
Your job is to find three different ways in which you can increase the willingness
to buy your product from customers
who are currently using a similar product from another supplier.
The entire grocery business is built around three concepts,
including moving stores closer to customers,
focusing on the most popular product categories,
and keeping opening hours longer to facilitate more
for customers to buy.
By focusing on these three different factors,
the grocery business now generates billions of dollars in annual sales.
The most prosperous business opportunities are realized
by offering reputable products
and services in formal markets
to customers who are used to,
but must find ways to improve production,
consumption,
and production processes receipt,
delivery and service in some way.
The success rate for brand new products
or services in the United States is only 10%.
Success rates for products or services are improved by around 80%.
By following the market and introducing improved products
or services into the mainstream market,
you can increase your success rate from 10% to 80%.
This most clearly distinguishes
between success and failure.
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QUESTIONS YOU MUST ASK AND ANSWER TO SUCCESS IN BUSINESS
There are a number of questions you must answer to succeed in a competitive marketplace.
Consider what you are doing today
and apply the following questions
and their answers to your business.
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Is your product suitable?
First, the product
or service must be completely relevant
to the needs of the current market.
This means that customers want it,
need it,
can use it and can afford it,
plus they are willing to buy it now.
If there is no immediate
and urgent need
and taste for the product or service,
it is likely to fail in a competitive market.
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Have you analyzed the market yet?
A major reason to be successful in business is that
you have to do a careful market analysis
before you start your business.
In other words,
you invest a lot of thought into whether
there is a market before you create a product or service.
When I do marketing and business consulting for companies,
I always ask three basic questions about a product
or service they are considering to buy.
put on the market or put into circulation
and distribution but not yet sold very well.
Marketing question one.
Is there really a market for this product?
Remember,
“The wrong grasp is at the root of all failure.”
Business owners become so eager to bring a product
or service to market right away that they don’t stand back
to objectively assess whether customers will buy the product
or service in competition with the competition,
whatever they’re taking
or whatever else is currently available.
Is there a market for what you want to sell?
Marketing question two.
Is the market big enough?
The cost of developing a new product
or service and bringing it
to market can be too high.
There must therefore be a large enough market for the product
or service that always proves right and the cost required
to produce it in the first place.
Gillette was right to launch the Quadra four-blade razor,
but only after investing 10 years
and spending over $500 million to develop it.
The market for razors will have to be huge
and expand over the years to get back the razor manufacturing costs
in the first place.
Marketing question three.
Is the market concentrated enough?
Are there large numbers of customers in certain geographical locations
or reachable by advertising and promotional efforts
without bankrupting your company?
Today with the Internet
or precise direct mail,
it is possible to reach potential customers
around the world quickly and inexpensively.
But the question is how will you create enough customers
to buy your product or service in a cost-effective way
that can determine whether your business succeeds or fails.
There may be a market that needs 100,000 units
of a particular product in the US.
But if there is only a need for one
or two units in every community in the United States,
it cannot reach those people through some advertising
or business effort.
Although there is great demand for a new product,
if it is not focused enough to achieve beneficial cost efficiency,
a company that brings the product
or service to market may go bankrupt.
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Who are your customers?
identify customers for the product or service.
This is the central question of marketing research.
Who is your ideal customer,
in terms of their age,
job,
position,
income level,
gender,
tastes,
hobbies and interests?
The more accurately you define your ideal customer,
the easier it will be to figure out how to properly design your product
or service and bring it to market with success.
The biggest mistake you can make is being aggressive
and selling to unneeded customers
who can’t or won’t buy your product or service,
no matter how good it is.
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Why do they buy from you?
Determine why your ideal customer will buy from you.
What value is he looking for?
What makes that person buy your product
or service instead of someone else’s?
Why would your ideal customer switch from their current supplier
to buy your product
or service instead of continuing
to buy from the current supplier?
Many small companies go bankrupt
because they don’t have a good enough reason for customers
to switch from their current supplier
to buy a new product
or service from these companies.
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What options?
Determine what else can be earned?
What other products
or services can the same customer get
to satisfy the same need
or solve the same problem?
How meaningful is your product or service
of a higher quality compared
to your competitors’ products and services?
In particular,
how to position yourself above your competitors
by letting your future customers assume that your product
or service is of higher quality
and more satisfying than that of your competitors,
with anything else that can be earned?
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What does it cost to have customers?
One of the most important concepts in business is called the “cost of what is earned”.
This is what you will have to pay for advertising,
promotions,
marketing,
mailing,
telemarketing,
and commissions to earn a customer.
This amount must be calculate in advance
and must be included in your financial plan.
Failing to pinpoint the exact cost per customer
you earn can quickly erode the finances
of your entire business.
You’ve heard people joke,
“We spend money on each deal,
but we generate volume.”
However, that is no joke.
There are many companies that sell large volumes of products,
but because their costs of acquiring customers are so high,
they actually lose money on each sale.
Don’t let this happen to you.
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VALUE QUESTIONS ABOUT MARKETING
Here is a summary question that I wrote down,
then analyzed line by line
when I worked with companies large and small.
The ability to ask and answer each part of this question will largely determine the success
or failure of a business.
An incomplete or incorrect answer
to any part of the question can lead to irreparable problems
that will bring your business down.
The question is as follows:
“Exactly what will be sold to whom,
for how much,
how will it be sold,
who sells it,
how will it be paid for,
manufactured,
delivered and serviced?”
1. What product or service exactly has changed
or improved the customer’s life or work?
2. Who exactly is it sold to?
3. How much does it sell to customers?
4. How is it sold to customers at this price?
5. Who will sell it using this method to the customer for that price?
6. How and when is it paid?
7. How is it manufactured, delivered and serviced?
Failing to ask and answer these 7 questions can be disastrous for your business.
Changing any one of these answers could completely change your results.
In the final analysis,
your ability to sell your product provides a beneficial cost performance,
including marketing,
advertising,
sales,
commissions,
travel,
and all promotional costs the secret to success in business.
Being the right business person
or finding with such a person,
developing an effective sales representative
and contacting a sufficient number
of prospective customers is central to the entire business process.
As the saying goes,
“Nothing happens until the deal is done.”
Since working cash is the lifeblood of the business,
it is only necessary to spend money
to generate more working cash.
Defer, postpone,
and cancel any expenses that don’t increase sales and revenue.
The main reason for business success is tight financial control,
especially at the beginning stage.
The main reason for business failure is spending
too much money on non-cash-generating expenses,
especially at the beginning stage.
“Wealth flows from energy and ideas.” — William Feather
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ENTER GAME
Let’s say you have now decided to start a business.
How do you find a new product
or service,
accept that 80%
or more 80% of the products
or services in 5 years will be new or different?
Here are 16 workarounds,
used by successful business owners for years.
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Start with yourself
Consider yourself.
Start with your own talents,
abilities,
experiences,
knowledge,
interests,
training,
education,
and so on.
Take a close look at your current job,
business, position,
or product
or service.
Consider right in your own life and work,
the “treasure” lies at your feet.
Here’s the question,
what qualities do you have that represent your greatest successes in life to date?
What personal skills
and competencies have brought you to where you are today?
How can you apply these same skills
and competencies to start a new business?
If you already have a company,
what special talents,
abilities,
experiences,
knowledge,
interests and learning processes do you use in the business today?
What qualities,
talents
and skills have made your company successful so far?
What do you do best?
What are the biggest opportunities in your business right now?
Much of the wealth begins
when individuals see a customer need
as unsatisfied
and their current companies are not interested in meeting that need.
Often motivation comes from customer questions or complaints.
Finally, an individual decides he
or she must open a new business to give the customer
what they are asking for.
Such individuals can include Tom Fatjo,
who handles garbage for people in his residential community after hours,
or Ross Perot who takes on the data processing activities of large organizations.
Sometimes there’s even a big business opportunity unfolding right in front of your eyes,
not far from where you are now.
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What excites you?
Find a product or service that you can truly become passionate about.
Sometimes people get rich by adapting
or transforming their hobby into a business.
Pierre Omydar collects PEZ boxes containing utensils (tissues, soap …) as a pastime.
Trying to find a market for his collection of PEZ storage boxes,
he started a small business on the Internet,
which later grew into the eBay brand with 95 million customers around the world.
You will always do or have the most successful business
that you truly love and care about.
Every product or service and every business must have a winner.
Look for something cheaper
or of better quality.
Look for something that adds special features
or functions that current products don’t offer.
Look for something improved in some way that people are willing
to buy and use.
You will always do
or do the most successful business about something you truly love
and care about.
Every product or service,
every business must have a champion.
This is someone
who believes very strongly in perfection
and the value of a product
or service that satisfies the customer.
Every product
or service has to have someone in the business
who truly loves the product
or service and is eager to go out
and tell others about it.
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What can you improve?
Look for something improved on an existing product
or service rather than something brand new.
Look for the cheaper
or better quality one.
Look for one that adds features
or features that current products have
do not have.
Look for something that is improved in some way
to something people are already buying and using.
Improving on a successful existing product
or service is the fastest
and surest route to building a successful business.
An idea that only needs to become 10% newer
and better will gain significant market share.
Oftentimes, popular product types are the means
of starting a safe business.
Brand-new products without a clear market can be very risky.
For nearly 100 years,
companies have continuously produced and sold donuts.
There are thousands of successful donut shops across the United States.
Yet a few years ago a new company,
Krispy Kreme,
entered that market offering a slightly different style of doughnut
and has outperformed the products
of other donut makers already business for decades.
Within a few years, Krispy Kreme had spread across the country.
Krispy Kreme’s average donut sales per square meter are more than
that of nearly any other donut store
or fast food monopoly in the US. up to 500%.
A small difference in quality
and appearance turned into
a huge difference in financial results.
Where could such a thing happen to you?
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Find ways to add value
Another key to finding a new product
or service is finding one that represents real value.
Find a product
or service that makes an important contribution to the quality
of the client’s life or work.
Don’t look for easy money.
Don’t look for gimmicks
or useless trinkets.
Don’t look for get-rich-quick tricks
or don’t do it without a reward.
The result will be nothing.
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Always follow
A great way to find new products
or services is to read newspapers,
stories,
articles,
advertisements
and classifieds in the newspaper.
When companies have new products or services to market,
they often advertise in magazines
and newspapers with the section “Business opportunities.”
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Read trade magazines about your industry
Reading trade magazines,
especially about your knowledge and experience in your field,
can help you find new products or services.
A large city library often has a large selection
of trade magazines to choose from.
Even better, you should subscribe
to all the monthly magazines in your field
to read from cover to cover, page by page.
When you have an idea for a new product
or service,
go to the Internet,
type the name of the product
or service into Google,
and then start surfing the Web.
In a few minutes of surfing the Web,
you can find more information than you would normally take days
or even weeks to research.
Whenever there is a groundbreaking business idea
or a new product,
it gets published in the newspaper
and reads by those most interested in using
or selling that product or service.
For example, in one of our business areas,
we saw a story in the newspaper about a new process developed
in the eastern United States that would work very well for existing operations.
We immediately phoned the developer,
flew there, examined the product meticulously,
and signed an exclusive contract to exploit it in the state of California.
If this new process turns out to be successful,
it will be phenomenally profitable.
Usually you can do the same.
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Attend trade shows and exhibitions
A great way to find new products
or services is to go to the showroom.
There are trade shows dedicated
to special products or services regularly held all over the United States
and around the world.
You only need a business card
and a small fee to enter trade shows.
Wherever a company wants to introduce a new product
to the public as much as possible,
it is immediately available at trade shows
for customers from all over the country to attend.
The main aim of companies at trade shows is
to find retail and wholesale distributors
for their products in markets
where they are not yet represented.
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Claiming to be a retail customer
When you go to a trade show,
present yourself as a retail customer.
Register at the registration desk,
pay the entrance fee and introduce yourself
introduce you as a customer looking
to purchase the products on display in the show.
Walk around the exhibit
and talk to the curators at the stalls.
Find out what they have on display for sale.
Discover the market size and direction of the market.
Ask them about industry trends.
Ask them what worked and what didn’t.
You can learn about a country’s business in a few hours
at a show more than you could in days
or even weeks of research.
The people in charge of the booths at the show are usually very knowledgeable
about the entire business.
They can give you ideas and insights that can be invaluable
in starting a successful business.
In addition, many of them will compete with each other.
By asking different people how their products
or services compare to other companies exhibiting the same products,
you gain invaluable information
that can help you make informed decisions,
more effective business decisions.
**********
Ask your friends
Let your friends know you’re thinking of opening a new business
and you’re looking for new product ideas.
In other words, you’re looking for something to sell or distribute.
Let them keep an eye on you.
Sometimes your friends will meet people you don’t know
and see things you haven’t seen.
Often they will come up with new product or service ideas
as they travel and will let you know.
**********
Trade magazines always available
A great way to find new products
or services is to read magazines,
like Entrepreneur, Inc., Money, Fortune, Forbes, and BusinessWeek.
Read magazine ads about new products, services,
or business opportunities.
Especially read magazines written about characters in your field of interest.
Read everything you can get.
**********
Find products all over the world
A great source of new product ideas in content in foreign publications.
Every country in Asia has a large export market,
with a catalog available at the consulate listing all the products
that companies sell.
They are looking for distributors around the world.
You can call or visit a consulate in this country or go to the Internet
to find a lot of information about the types of products
you can import into the US exclusively
and establish businesses everywhere.
Catalogs of products made in Europe are available,
country by country and generally of a European response.
These catalogs contain hundreds of products manufactured
by European companies looking for distributors in the United States.
Sometimes it is possible to claim the right to distribute these products right away,
because no one has thought of asking for it.
**********
Find potential opportunities
About 95% of all products are never sold outside the country
where they are produced.
The majority of small and medium-sized manufacturers produce
these products in any country,
so they are so busy with maximizing their products locally
that they never think about the domestic market in national and international.
This presents a potentially huge opportunity for you.
When you find a new product
or service anywhere,
your aim should be to earn the right
to sell that product exclusively in your market region.
Sometimes these rights can be immediately requested.
Product manufacturers are so busy with their current business
that they can no longer think about worldwide distribution.
This can be the starting point for your business success.
**********
Offer something new and different
A few years ago, a young business owner obtained a catalog
of products made in the Netherlands that are now distributed around the world.
He had experience in gardening
and because of his passion for research on a wheelbarrow made
of synthetic resin,
seemed to be sturdier and cheaper than anything else available
on the American market.
He wrote to this company
and asked for exclusive rights
to sell this product in the US and Canadian markets.
The Dutch company sent him samples for testing.
He took a sample wheelbarrow to the national trade show
and displayed it in a variety of local stores
and garden supply stores.
The specialized customer immediately saw the potential
of this new wheelbarrow
and ordered him 50,000 units at the first show.
Since it is innovative, gentle,
non-corrosive and cheap,
immediate results are achieved.
Every wheelbarrow he earns
over $10,
with his first venture he made over $500,000 with no investment.
Just always keep an eye on it.
**********
Look at my feet
A great place to find a new product
or service is in your own niche or skill set.
You probably have the idea of making a million dollars in your head.
Many people through experience come up with an idea for a product
or service and then again and again they are told and talked about,
causing them to hide or ignore it.
By the time someone else caught the same idea,
introduced it to the market and made millions of dollars.
It is estimated that the average person has 4 ideas a day on their drive to work,
each of which will make them millions of dollars if they stick with it.
It’s natural for people not to appreciate themselves
to think about the idea,
if it’s their idea,
it’s considered worthless.
Don’t let that happen to you.
Take a look at your niche and skills.
Look at the ideas in your mind
and believe in your own ideas.
**********
Always keep an eye on when going here and there
Another way to find a new product
or service is to go around.
Sometimes just find a new product
or service that is selling well somewhere else,
but isn’t in your market yet,
and you can exploit it in your market to get rich.
A friend of mine was flying back to the Eastern United States
to investigate a business opportunity he had read about in a magazine.
On the flight, he sat next to a business development specialist
for a chain of domestic exclusive agents.
This agent is returning from California after an unsuccessful search
for an exclusive agent for his business.
My friend asked him a series of questions
and immediately realized this was the kind of exclusive agent he was looking for.
He signed the papers on the plane
and went down to the airport in New York to fly back to California to open a business.
**********
Don’t be afraid to ask
He immediately went to a new shopping center,
nearing completion,
contacted to rent the first booth.
Incidentally,
this is a booth that was rented by another company,
which they abandoned at the last minute.
The owner of the mall was reluctant
to rent it out to an inexperienced businessman,
but he wanted the mall to be crowded when it opened in a few weeks,
so he I ventured to ask my friend what was going on and rented a room to him.
The location of that store turned out to be very good.
Business flourished rapidly.
It started to bring in hundreds of dollars in real profits every day
which caused my friend to open more exclusive stores and buy more real estate.
Seven years later he is already a millionaire
and one of the most successful young entrepreneurs in the city.
Similar opportunities are not far from you.
**********
Grab the opportunity quickly
An active business owner,
Peter Thomas, by the time he lived in Vancouver on the coast
of British Columbia in Canada,
he followed the strategy of operating quickly and precisely.
He was sitting on the beach in Hawaii
during the Christmas holidays
when he read a story about a new exclusive California real estate agent,
called Century 21.
He immediately got up to leave the beach,
checked out of the hotel,
and flew to Irvine,
California,
where he went into Century 21’s offices to apply
to be the sole agent in Canada.
After a brief discussion,
he obtained the right to open the sole agent
of Century 21 real estate in Canada.
It was a quick success,
going from coast to coast.
That success made Peter Thomas a mega-millionaire.
Very popular,
you just need to apply for the right
to sell the product in your market region.
But there is something to be wary of.
Before you introduce a new product
or service into your market,
you must be absolutely certain that the product
or service is selling well elsewhere.
Many manufacturers and distributors try
to promote products outside
of their market area
because they are not selling well in their local market.
Make sure the product is a success
before you invest time and money in selling it elsewhere.
**********
Constantly checking for opportunities
keep an eye on and be alert to new business opportunities happening around you.
Develop a point of view that can be beneficial.
Must constantly think about creating and retaining customers.
Find products that customers need
or where you can offer new products and services to customers.
A friend of mine became a millionaire with a simple strategy.
When a newly introduced shopping center opened anywhere in the city,
he immediately approached the landowners across
from the mall and offered to buy their land.
Over time, he was able to buy and develop plots of land
at low prices to profit thanks
to the heavy traffic that would arise from the shopping center
when it was completed.
He repeated this strategy over and over
with the leverage of each property
until he became financially well off.
********************
Find something you like and believe in
The final rule of business success is that you will only market to work
and sell what you believe in that you use
and would recommend to your close friends.
I often see people make the fatal mistake of trying
to sell a product
or service they don’t want to use themselves.
Sometimes they try to sell products
that they personally can’t afford
or don’t find appealing.
They don’t want to recommend it to friends or family,
but they think that one way
or another people will buy it,
even though they won’t.
There seems to be a direct relationship
between how firmly you believe in the perfection
and value of a product
or service and how well you can sell it to others.
You have to be passionate about it.
You must firmly believe that the product or service can enhance the lives
or work of others and be eager to tell others about it.
These are just 16 ways you can find a new product or service.
There are many more ways.
In fact, there are many more beneficial views around you about products
and services than you can find in many life stages.
If you are really passionate about finding new business ideas,
there are no limits.
The person who doesn’t know where his next dollar is coming from usually doesn’t know
where his last dollar went. — Grant Cardone
***************
CHECK YOUR IDEAS BEFORE INVESTING
There is a process of scientific inquiry known as “negative hypothesis.”
Since business owners sometimes get too excited about a business opportunity,
you need to take a “negative hypothesis” approach.
into whatever product or service you’re thinking of investing time,
money,
and concern in bringing it to market.
With a negative hypothesis,
the scientist proposes
that he or she wants to prove
and create a negative explanation for the proposition.
For example,
a scientist might say,
“A daily dose of aspirin thins the blood
and reduces the risk of heart attack in the elderly.”
The scientist then created a negative hypothesis:
“A daily dose of aspirin does not reduce the risk
of a heart attack in the elderly.”
The scientist will then try to prove
that the negative hypothesis is true by citing all kinds
of studies in many groups of people tested
without clear distinctions
and reassuring (psychological) testing in individuals in an effort
to show that aspirin does not have a positive effect on reducing heart attacks.
If, at the end of the experiment,
despite the scientist’s best efforts,
the negative claim could not be proved,
the proposition’s affirmation could still be proved
as “Take aspirin every day.”
day will reduce the risk of heart attack in the elderly.”
****************
You must vehemently oppose yourself
Before you introduce a new product or service to the market,
you should also hypothesize it.
As a challenge, try to prove the idea that there is an existing demand for the product
or service that will be profitable.
If you cannot refute the proposition,
then you have reason to believe that it is a consumable product or service.
You can only be financially free
when your passive income exceeds your expenses. ― T. Harv Eke
******************
CHEAP AND QUICK CONSUMPTION MARKET RESEARCH
How cheap and fast can you drive market research?
How can you find out if a product will sell
before you’ve invested a lot of time or money into it?
These are the key questions that often determine your success or failure in business.
Before embarking on any business,
you must invest considerable time and money in research,
which accounts for more than 10% of time and money saved or earned.
For every coin, for every hour you put into doing market research,
you will save $10, $20 or $30 or more hours you will have to spend later.
Here are some ways that you can be sure in advance is that
there is a large enough market and can make enough profit
for your new product or service.
*************
Pre-study at home
Find out every detail about a product or every business.
Please study that carefully.
Ask questions from product sellers and product users.
Don’t immediately believe anything.
At the beginning of the era of automation,
there were more than 300 automakers in the United States,
and Walter Chrysler,
the founder of the Chrysler company,
believed that it was possible to build cars
of higher quality than any of the competition any.
His strategy is simple.
He went to buy some popular and best-selling cars.
He took them back to the garage at home and took them all apart,
down to the last canopy and bolt.
Then he put them back together again.
As he disassembled and reassembled each car,
he developed some brilliant ideas on how to create an automobile
of higher quality than any other special automobile.
Armed with this information,
he attracted bankers to found the Chrysler Motor Company
and built one of the largest fortunes in America.
**************
Find what else is being said or mentioned
Before you dive into a new business,
read trade magazines,
articles and stories about business,
industry or profession.
Here is a technique you can use.
In every major city library,
there is usually a publication called Reader’s Guide to Periodical Literature.
The Reader’s Guide lists all articles written on every topic
in most of the most popular U.S. editions on a monthly basis.
This library can guide you to the periodic index and show you how to use it.
The monthly indexes are aggregated into an annual volume.
Once you identify the articles you need to read,
you can view the microfilm in your library archives
or even go to the Internet to get all the information mentioned about a particular product
or service any difference in the last week,
month,
year or last 5 years.
You can do your own research to become an expert in a certain field
using Reader’s Guide
to Periodical Literature.
Many consultants will let you know when their clients ask them
for information and advice on a particular topic,
they go to library to browse indexes in periodicals on the subject.
They often invest many hours in becoming very knowledgeable about everything
that is going on in that subject area for the time being.
They often provide such advice in the form of consulting services
to earn clients hundreds of dollars per hour.
You can do the same.
Search in Reader’s Guide.
Become very knowledgeable about the business before you start.
***********************
Ask other people’s opinions
Pick people who are already in the same business
and ask for their opinion on the product or service.
Many people have saved themselves a lot of time
or money by finding someone
who wanted the business they weren’t in in the first place.
They wanted to invest more time or money
before going into business and now it is too late.
Go ask them what they think about the business.
Ask if they’d like to recommend someone else go into that business as well.
Do not hesitate or hold back in asking for information.
This situation is very common in my seminars,
people come to me to ask for advice on the business
they are thinking of getting into.
Then I asked,
“So, what’s your business idea like?”
Quite surprisingly,
they didn’t tell me how accurate their business idea was.
They said they were afraid someone would take their ideas away.
They want to keep it a secret.
***************
Ideas are going nowhere
In fact, the business idea went nowhere.
99% of new business ideas don’t work under any circumstances.
The quietest thing you can do is keep the idea
to yourself to open a new business,
run a business,
and market a new product or service that only you know about.
Instead, be open to being perfected.
Let people know what you’re up to,
get feedback from people who’ve worked in that industry.
This single piece of advice has saved me hundreds of thousands of dollars.
It was even able to save my entire financial career on two occasions.
When you go to someone who is already in the business
and let them know that you intend to change
or improve the business in some way,
don’t be afraid to reveal the idea to them
or under any circumstances nothing to worry about.
Often they are too busy trying to create
For their own business to succeed,
they don’t have the time or money to think about trying someone else’s idea.
*******************
Rely on your bank manager
Seek advice or advice from your bank manager.
A bank manager dealing with commercial accounts is often able to predict
with great accuracy what types of businesses will succeed and which will fail.
A mere one-minute private conversation with my banker a few years ago
saved me $200,000 of the capital I was planning to invest.
He showed me the weaknesses in that particular business.
He asked me questions about the product,
the market, the profitability,
and the state of competition.
I wasn’t able to give him a smart answer.
So I didn’t enter that business anymore.
People have told me that I don’t know what I just said,
but investing money from their capital into that business will lose nothing.
Be sure to consult your bank manager.
Bankers work with hundreds of businesses year after year
and have a very good sense of what will
and won’t work in today’s competitive marketplace.
Your banker can be one of the best sources of business advice in your field,
and it costs you nothing.
****************
Ask for information from friends and family
Ask for information from friends,
relatives and even acquaintances.
Family members are not only sources of information,
but they are also excellent targets for market research.
Ask family members and friends
if they will buy the product
or service you intend to provide.
How much will they pay?
Listen to their questions.
Listen to their critiques.
Listen to their concerns.
If you can’t answer their questions
and concerns in a reasonable
and believable way,
there may be something wrong with your idea.
****************
Receive customer feedback
Visit prospective customers for that product
or service and ask if they would buy it.
If you are going to sell something to the public,
Go to the type of company you’re thinking of selling the thing for
and ask if they would buy the thing if you made and supplied it.
If you’re thinking of retailing something,
go to the retailer to ask them if they’ll buy it and deliver it to their stores.
Ask prospective customers about the product if they plan to buy it.
Prospective clients are often open and impartial.
Sometimes they will give you valuable insight.
If you’re thinking of selling to a retailer,
ask them if they’ll take the product
or not if they’re selling it for the price you’ve got it in mind.
Why yes or why not?
****************
Research your competitors
Research all your competitors for the product
or service you’re thinking of offering and ask the following question:
“Why are people buying from you?”
If there is already the same product or service in the market,
why would people leave the product
or service that is fulfilling their need to buy your product
or service without them knowing anything about it?
Is your product, service or idea cheaper,
better,
or higher quality?
How can you convince enough customers about it to stay in business?
Most importantly, thoroughly research the most successful competitors
and find out what they are doing to help them beat their competitors.
Throughout your career as a business owner,
make it a habit to admire the people in your industry who are doing well.
Then find ways to do better than them.
****************
Become a skeptical optimist
A great way to conduct cheap and fast market research is to become skeptical.
Be careful. Develop an attitude of skepticism,
reticence,
and distrust.
Find the fatal flaw in your business purpose.
Whenever I advise a company,
especially when they ask me to research an investment
or about a new product or service,
I’m always looking for catastrophic failure.
I am always on the lookout for something that could destabilize an investment
that my client may have to spend a lot of money on.
And do you know what happened?
In 100 cases, there are 99 cases,
I see catastrophic mistakes in investing.
I see it in the contract or mortgage agreement
or in the way the land is planned
or the method in the distribution contracts people sign.
I look for a problem that will lead to business failure if it is not discovered.
***************
No one sells a successful business
Whenever someone tries to sell you an existing business,
always look for a reason why.
If a successful business is sold for any reason,
there is almost always a fatal mistake somewhere.
Whenever someone tries to sell you a successful money-making opportunity,
it is always inevitable that there will be mistakes.
If you can’t find the fatal mistake and are sure there isn’t,
then you should do it.
People often sell running businesses
because their businesses are making a loss.
Sometimes they say,
“The reason I’m selling this business is
because I want to focus on something else.”
But the real reason they sold the business was
because they made a loss.
Take the time to figure out why someone wants to sell a successful business.
Rarely does it match the reason you are given.
***************
Find hidden possibilities
A friend of mine was offered for sale to a company
that was making about $1 million in sales a year,
but the company never made a profit,
just broke even.
My friend studied the financial statements,
then paid the owner of the company $100,000 cash to buy the business.
The owner of this company accepts that price
and is willing to continue running the business
if the new owner wants to continue to hire him.
But my friend, an accountant,
knows that over the years the owner of that business has increased his personal salary
by $200,000 a year and has long paid his secretary every year $75,000.
The day after buying the company,
my friend fired both of them to cut operating costs by $275,000 per year.
Then he hired a general manager with a salary of $50,000 a year
and an assistant to the general manager for $25,000 a year,
which took the company from breakeven to a profit of 200,000 dollars per year
is almost a day or two.
The fatal mistake lies in the fact that the salary structure
of the key players has completely spiraled out of control.
You can sometimes spot an opportunity like this
if you know how to read financial statements.
*****************
Think about long-term business activities
Take a deep look at a business before you go live
even though you’ll be running it for another 20 years.
With the principle of “Long-term outlook sharpens short-term decision-making.”
If you carefully consider any business,
product,
or service,
whether you’ll be doing it 20 years from now,
you’ll find yourself far more astute in making decisions
within a short period of short time.
***************
Be prepared for negative comments
Find and listen carefully to the person who denies your opinion.
Your goal is to be a “realistic optimist,”
but you should find negative people to soften your optimism.
Denial opinions can be invaluable
and often save your time and money.
A friend of mine is a corporate lawyer.
He advises many people on investments.
When someone came to him and wanted to invest
and they weren’t sure how,
he did a little exercise.
He brought them into his office and said,
“I want you to sit behind my desk and imagine you are me.
Then I will come in and present this investment to you.
I want you to critique this investment as if you were my advisor.”
When his clients began to criticize the investments
by themselves were about to engage in
and were forced to become skeptical of the investment,
he said they were amazed.
Those investments are really bad.
He saved clients millions of dollars
by forcing them to be negative thinkers of their own ideas,
simply by switching roles from sitting at the front of the desk
to sitting at the desk sitting behind the desk.
You should do the same.
*****************
The story of a hugely successful business owner
You shouldn’t be overly swayed by those
who have negative thoughts about you,
even if you need to consider their points of view.
There is a famous story about Mary Hudson,
who started her career with $200 in the midst of the economic crisis in America.
She rented a gas station that the two men
who ran it lost their jobs at two different times.
Everyone said she was an impossible woman
run the gas station successfully if the other two men have failed before.
She ignored their advice.
From that gas station,
she built a company called Hudson Oil that
became one of the largest independent petroleum distributors in the United States.
From a $200 investment,
although people told her she was going to fail,
she became one of the richest women in America.
It’s helpful to listen to negative people,
but you don’t have to follow their advice.
The greater the passive income you can build,
the freer you will become. ― Todd M. Fleming
********************
MARKET YOUR PRODUCTS OR SERVICES
How do you market your product or service?
How do you know if people will actually buy it?
There are several steps you can take
before you have to invest too much time
or money in an idea that may not work,
such as
****************
Step 1. Sampling or prototyping
To create or obtain the first product sample.
Create or sample.
If it’s made elsewhere,
get a sample of it that you can show others.
If you’re going to produce your own product,
create your first prototype so you can demonstrate it,
demonstrate it,
and photograph it.
There’s a template so you can show it,
feel it,
and give your opinion on it.
*************
Step 2. Give access to samples
A few years ago,
I negotiated with the Japanese company Suzuki Motor
to bring their two-wheel drive vehicle to North America for the first time.
My first request was to get 3 models of that car
for them to send to me on the next train.
We then drove those cars around about 30 car dealerships
and let people see them,
touch them,
smell them like new,
feel them,
and test drive them.
In addition,
we took these three cars to a number of large
and small trade shows and spoke
to over 4,000 potential customers over a number of weeks.
When people can see them and test drive them,
they immediately want to buy to own Suzuki cars.
We know we’ve been successful
and have signed import
and distribution contracts to put thousands of these vehicles on sale
through 65 car dealerships.
It’s a great success.
But the starting point is from a first sample
that one can actually see and feel it.
**************
Step 3. Know the price
Make sure the supplier’s pricing and delivery deadlines are correct.
If you’re going to show your first sample or sample,
you should be sure to let prospective customers know
how much it will cost and how long it will take to receive the item.
You must be sure to get these answers.
**************
Step 4. Ask the customer
Get personal opinions of customers.
Go to the person you hope will buy that product or service
and ask them to tell you how they think
and feel the product or service you offer.
Ask them, “Would you buy this?”
If that customer is a retailer, you ask,
“What price can you sell it for?”
Always go to the person who made the purchase decision
and who can sign the purchase check.
**************
Step 5. Be objective
Compare your product or service
with other products on the market.
Also, you ask yourself,
“Why do people buy from me and not from someone else?
What makes the product sell faster,
more convenient,
cheaper or better in some way to the product that is currently available?”
**************
Step 6. Try checking out a store
Try checking out a store to see if you see your product in limited sales
and see how customers react to it.
Ask a customer if they would buy that product
or service and give you their candid feedback.
**************
Step 7. Display
Take your product or service to a trade show.
As noted at the beginning, there are 15,000 trade shows
throughout the United States each year.
Connoisseurs go to trade shows.
They will let you know right away whether you are successful or not.
They’ll tell you pretty quickly whether there’s a market demand
for your product at the price you’ll have to charge
for it to be available to customers.
Sometimes these discerning clients are right,
sometimes they aren’t.
The game developer Trivial Pursuit took it to the toy
and entertainment show in Toronto and sold only 132 sets.
Two months later, they took it to another toy
and entertainment show in Montreal and sold only 144 sets.
Trade show strategies don’t work for them.
They then changed strategy
and approached a New York-based toy
and amusement company directly, Hasbro Industries.
The Hasbro corporate customer saw the potential for this game
and agreed to distribute it.
The following year they sold the game Trivial Pursuit for $750 million.
**************
Step 8. Ask your friends
Ask your friends if they bought the product or used the service.
Ask your loved one.
Even a spouse.
Sometimes your mother is a useful test subject.
Sometimes it is necessary to ask your father.
Sometimes your siblings
or friends will give you accurate feedback on
whether you were successful or not.
If they say they will buy the product or service,
ask them for a firm commitment.
Give them orders and give them a deadline for delivery.
Ask them to write a check.
Sometimes people will tell you you have a great product
or service and encourage you to go into a new business
where they don’t really trust your product or service.
Later, when you come back to them,
you will find that they are not your customers.
When you ask them to write a check,
when you ask them to actually put down some money,
they will give you a thousand reasons not to buy.
The key to a successful business is actually quite simple.
It is the ability that you can provide a product
or service that people will pay you for at a price
that is sufficiently above your cost,
so that you are profitable and can afford the inputs
to supply more products and services.
That is not complicated.
Money helps you live more comfortably, opens doors and creates more opportunities. — Steve Siebold
***************************
HOW TO BUILD A PROFIT BUSINESS
There are several ways to build a profitable business.
************
Find ways to add value
A way to add value to a product by bringing the product
or service from elsewhere and making it available
to customers in your existing market.
You can profit by creating products
or service and sell it for more than your total cost of production.
You can become rich by selling a few products
or services with high profit
or selling many products
or services at low prices and earning less profit.
Your best strategy, of course,
is to sell large volumes of products
with each item having a lower profit margin.
Most of the great wealth comes
from selling products in bulk over a large area,
thus expanding your market
and reducing your dependence on just a few customers.
For example, consider the difference between selling yachts
and selling candy or chewing gum.
There are a few rich achievements from selling yachts,
but there are many rich achievements based on selling candy and chewing gum.
The basic principle is “If you want to sell rice to all the worlds,
you have to sell it to the masses.”
The best way to build a large profitable business is
to sell large volumes of product with a reasonably small profit
at a time that does not fluctuate up and down.
****************
Starting from a certain area
Another secret to business success is to start from a certain niche
and only try new products or services
from your established business that has turned a profit.
One reason many business owners fail is that
when they first enter the market they have too big
of an idea with a brand new,
untested and unproven product.
Don’t fall into this trap.
****************
Trust your inner voice
Read every publication and explore every opportunity.
All ideas are welcome.
But in the final analysis,
you have to believe in yourself.
Trust your inner voice telling you the right thing to do.
All great business people excel by listening to their inner guides.
This inner voice will never fail to lead you to perfection.
The more knowledge and experience you have,
the sharper,
better and more precise this inner voice will be.
As you begin to attract in your mind images of wealth and success,
and as you begin to search your mind
for ideas that can be profitable,
you will begin to draw in your life.
the people and opportunities you need to achieve your goals.
Your success will surely happen.
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BUSINESS OPPORTUNITIES ANYWHERE
There have never been more opportunities for more people
to start building successful businesses than today.
The possibilities open to you are endless depending only on your imagination.
Since your imagination is limited,
so are your opportunities.
In the next chapter,
you’ll learn how to do business in the marketplace
and sell whatever product or service you decide to build a business on.
The big money is not in the buying
and the selling, but in the waiting. ― Charlie Munger
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PRACTICAL EXERCISE
1. Take a look at yourself and determine
what kind of product
or service you might actually be excited about producing and consuming.
How you personally feel about your business will determine whether
or not you make it a success.
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2. Survey the market and identify unmet needs
and unresolved problems
that you can do something about in a new
or existing product or service.
Look for opportunities everywhere.
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3. Test your ideas for new products or services
by getting as many opinions from others as possible.
Be prepared for negative reactions and skepticism.
They may contain seeds of truth and ideas for improvement.
**********************
4. Subscribe today to some of the most popular magazines
and trade journals in your field.
Read the “Business Opportunities” section for information.
The more ideas you have,
the more successful you will be.
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5. Go to the Internet to find organized trade shows in your area of interest.
Make engagement plans and spend a day
or two talking to exhibitors about the future possibilities of your business.
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6. Take the time to develop a business plan
before you start investing your time and money in a new business venture.
Determine where your business comes from,
how much it costs,
and how much you can profit from them.
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7. Make a habit of using wisdom and imagination rather than money
and thoughtless activities to create success in life.
business.
Always practice thrift.
Maintain the required amount of cash.
“There will always be a border where there is an open mind and a willing hand.” – Charles F. Kettering
