Solving a critical, recurring problem is the best way to create income.
Surety that you are selling a product that will sell
Ability to plan and execute
Continual customers
Potential steady cash flow
The best business are those that solve a problem for the customers. If you can do that then you will always have sales.
Research the market to see what people need/want
Develop products that solve a problem
Research purchasing habits of customers
Pay attention to trends
Market your products in accordance with the purchasing habits
Click to learn more:
A common mistake that many excited prospective business owners make is that they produce and try to sell a product they are excited about, but they don’t bother finding out if other people are excited about the same product. The result of this approach is usually a short-lived business and a lot of frustration on the part of the business owner. The remedy is quite simple: sell what the market will buy—or, more specifically, what the people in your target market will buy.
Before you can start selling what the market will buy, you first need to find out what your potential customers are looking for. You find out the preferences, wants, and needs of your market by doing research. One type of research involves talking with people about their purchasing habits and their impressions of a certain product. If you have a specific product that you think will be successful, show it to people and ask them if they would buy it on a regular basis. If you don’t yet have an idea of what you want to sell, talk with people to see what kinds of products they want to buy but don’t yet buy because they can’t find them at a convenient location, or find out what they already buy on a regular basis.
Another type of important research involves observing a market and studying the purchasing trends of the people in the market. Careful study of a market over a period of time will indicate what products or services have generally been successful in the market, what the overall demand is for such products or services, what trends have been and are currently popular among customers in the market, and which trends are cyclical in nature and might soon return to popularity.
Trends (or fads) present a unique opportunity for business owners. The success of the business in catering to trends depends on when the business enters the market. Thus, if you want to get involved in a business that is focused on fads or trends, realize that those fads won’t last forever. Be sensitive to the importance of knowing when to get in and when to get out of the fad market. If you can get into the fad early, you can be a leader in the fad and reap a great harvest by either making a lot of profit before the fad expires or selling the business before the trend fades away.
In addition to watching for upcoming trends and fads, you should pay attention to general social and economic patterns in your town. Cultures are constantly evolving; they change as new forces and influences are introduced into the social systems. Because almost every member of a society is affected as the culture changes, you must be aware of how the cultural changes might introduce new business opportunities.
Overcoming these obstacles will help you implement this rule of thumb successfully.
Desire to sell products that you are passionate about
Time to research market and develop new products and bring them to market
Finding new suppliers
Marketing
Click to learn more:
The obstacle of time can usually be overcome if you will learn to work very hard at your business and be patient with the rigors and time-consuming aspects of business.
Application of the Principle in each stage of Act Now
"I noticed right away that people bought much more cabbage than squash."
Click to learn more:
Went to a local market and watched to see what people bought the most of
Asked 10 friends what vegetables they bought the most of
Decided to grow the three crops that people preferred most
Julieta: Cafe owner | Grow Now
"My customers buy more of some products than others. Monthly I make an assessment of what sells best and then I produce more of that product the next month."
Click to learn more:
Keeps records of what customers buy the most of
Increase supply of popular items and decreases supply of less purchased items
Asks current customers about their favorite products
Manuel: Online clothing retailer | Expand Now
"I am at a point where I need to invest in knowing what my customers want."
Click to learn more:
Performs deep research into customer preferences and purchasing habits to validate products
Sets a minimum sale number on all products and eliminates products that don't pass the minimum
Always seeks to find new products that are popular
Marta: Digital marker | Give Now
"In order to keep giving to others I have to keep selling things that people will buy."
Click to learn more:
Doesn't stop researching customers and products
Continues validating her own products
Seeks to help others validate business ideas
Chapter Meeting Agenda
Where There Are No Jobs Vol.1
SGMB resources/ videos
other staff resources ??