Historically, companies were started and run with the idea that they would endure, grow and create an everlasting stream of prosperity for the founders. Today, a ‘successful’ business idea can run its entire lifespan in a year.
No physical store is required, no ‘tight’ profit margins and, ideally, no employees outside your own family. Entrepreneurial success awaits you.
With this in mind, following the principles listed below, it is possible for many people who have an idea that their friends think is ridiculous, to develop it and make money from it – until people realize that they really didn’t need whatever it is after all.
This foolproof system has been used by thousands. You can see examples for it any day on television or in “As Seen On TV” ads in the magazine section of your local Sunday paper (where advertising, by the way, can be very reasonably priced.)
Fuller Brushes at $100 each or $1,000 Kirby vacuum cleaners are high end examples of successful, “I know you don’t think you need this but you really do” businesses over time. A plethora of less expensive kitchen and other household gadgets have been promoted, sold and collect dust in millions of American homes.
The secrets of entrepreneurial success are not secret at all. They are these:
- Create a product or service that people seem to be doing quite satisfactorily without.
- Persuade people, through advertising, media interest, etc. that they actually need it.
- Produce it for no more than 5% of the planned retail price.
- Write a clear sounding but functionally invalid warranty, one that sounds airtight but would leak like a sieve in Court.
- Ship by U.S. mail or UPS Ground and quadruple your actual shipping and handling costs in the price of the item(s.)
- Rent a Post Office Box to receive orders and/or put up an inexpensive Web page that the item or service can be ordered and paid for through. Low cost 800 phone numbers are also available for this purpose.
- Do all of the business from your own home. Retail floor space is a waste of money for all but devout ‘hands-on’ retailers.
The hardest step is #2: Convincing enough people they need whatever you want to sell them that you can make enough of them at a low enough cost to make a LOT of money from each and every order.
f course, it does take a tad of compromise in the scruples department to develop a plan to convince potential customers that they need the thing it is you have to sell.
This activity is called ‘Marketing” and is actually a highly regarded and often well compensated business specialty. Unless it is scruples you have to sell, you can leave them to the side. They likely may interfere with your entrepreneurial success.