What To Look For In A Product Or Service
Selecting The Right Product Or Service For Your Business
At the heart of a successful business is a product or service that people truly need or want. The most profitable business is one that has a product that is unique and consumable – or, a service that is unique and renewable.
“Unique” means the customer must buy it from you. Typically this is because the product is covered by patents or only available in certin stores or from select distributors. If you have a favorite restaurant, why is it your favorite? What’s unique about it that causes you to continue to go there instead of somewhere else? Make sure you have unique products.
“Consumable” means the customer reorders the product continually from your initial effort. This is a key component of creating wealth.
“Renewable”, similar to consumable, means the customer renews their service with you on a regular or consistent basis.
Your Time Versus A Product
When thinking about owning your own business, it’s wise to consider weather you want to sell “YOU” or sell a product. If you decide you want to cut hair as a business (sell you), consider that there is a limited amount of time in a day – you cannot personally cut enough people’s hair to ever create wealth.
Yet, a product can be manufactured millions of times. Therefore, if you want to create wealth, it would be far better to sell shampoo than to cut hair.
| Print article | This entry was posted by Rich Price on October 1, 2009 at 9:10 am, and is filed under Latest News. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site. |
