Your Own Products Can Make You Rich
by Stephen Pope
Published on this site: January 30th, 2006 - See
more articles from this month
Although there are advantages to selling other people's products
and services, there are also drawbacks. For example, the lack
of exclusive rights to your own proprietary product can mean
that you are just one of thousands selling the same thing. Excessive competition can cause you to drop your prices
and to lose sales, thus affecting your profits and cashflow
that are so essential to your business survival.
For this reason, you may decide to develop your own proprietary
products and services, either exclusively, or to complement
your line of other people`s products.
After creating your own proprietary product, you could spend
millions in manufacturing and marketing costs. You could go
bankrupt before you even had your first sale.
Here, then, are just a few, low-cost ways to profit from
selling your own proprietary products and services.
- Licensing
Instead of trying to finance the manufacturing and marketing
of your invention, why not license it to a company with
the expertise and capability required? You will then receive
royalties in return for your idea.
- Exporting
Exporting your product to other countries can dramatically
increase your sales. Hiring an Export Management Agent can
keep your fixed costs down.
- Offer Commissions and Finders' Fees
Recruit independent sales representatives and agents. Offer
commissions and finders` fees in order to sell your products
and services.
- Online Auctions
You can also sell your own proprietary products through
Internet auction sites such as eBay or Yahoo! Auctions.
- Start Your Own Associate or Affiliate Program
Multiple web sites and distributors selling your product
can result in increased sales and profits. Unlike conventional
advertising, affiliate programs pay only for performance.
Commissions are not paid out unless sales are made.
- Participate in Joint Ventures
Joint venture arrangements can be profitable. As an example,
you could offer a commission on the successful sale of your
product featured in someone else`s e-zine or newsletter.
The above list of low-cost ways to make a profit from your
own proprietary products and services is by no means exhaustive.
However, it certainly illustrates that, with some effort,
your own products could make you rich.
J. Stephen Pope, President of Pope Consulting Inc.,
has been helping clients to earn maximum business profits
for over twenty-five years. For more profitable Work at Home
Small Business Ideas, visit http://www.yenommarketinginc.com/
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