How can you almost guarantee the success of your business?
Well you can’t guarantee business success, anyone that tells you that is lying.
But you can increase the odds of success, I use a 15 point process when i’m evaluating business ideas, I’m not going to share it all with you but I will share this 1 strategy which, for me, is the starting point of all the best businesses I’ve built.
One of my business rituals is to go to WH Smith every Tuesday Morning
I do this to get information on the market and a feel for the general feeling of people.
I’m also looking for ideas, specifically I’m looking for 2 things:
1. Products that I can sell in other countries
2. People I can build products around
Let me give you an example of those.
One of the products I sell very successfully throughout Europe is a hair care product. I first discovered this product on the front page of InStyle Magazine, it was also featured in Vogue and Cosmo (not on the cover) so I knew there was a great buzz about it and also knew that it would do well in the EU as I tend to find that most things do, with some tweaking and localisation.
It was touted as the best low budget product in the UK, I took the product to the EU, increased the price and started selling it.
We sell about 150 bottles a day.
I sell a “how to be an awesome fisherman” type newsletter to fishermen, my step dad John fishes as do my 2 brothers, but I find it boring as hell. But when I saw that the best fisherman in the world lives in Yorkshire I knew I had a product I could sell to the 2.5 million people who call themselves fishermen in the UK.
I contacted him and asked him if I could interview him and use his image etc and offered him a royalty on the newsletter, naturally he agreed. Free money and publicity is persuasive.
We started off with 50 subscribers and now have over 1000 and growing, plus of course fishermen are notoriously good at buying other stuff to catch bigger and bigger fish.
The opportunities are endless.
So my strategy is to find someone or something with massive amounts of credibility built into it. Then build a product around them.
My good mate Joff is very close to jancis robinson who is a very well respected wine writer for the Times. Massive credibility built in to her, people know and trust her.
Do you think that if Jancis recommend a wine it sells?
You better believe it does!
What if Jancis had a wine business do you think it would do well?
In fact I have an incredible idea for the wine industry that would turn that industry on it’s head, i figure £25,000 to test the business and if I’m right it’s a £100 million a year business. If you’re interested in the idea e-mail me.
but that’s a different story.
I saw a magazine dedicated to Dr Who, so I did some research, I found a guy who makes £500K 4 times a year by putting on a Dr Who convention, I then researched further, Dr Who is shown in 22 countries….
See, where I’m going with this?
Right now there are literally thousands of ideas waiting for you to take action to put them into existence, good ideas, some are a couple of grand a week ideas and others are blockbuster billionaire ideas.
Let 2012 be the year you put one of those ideas into practice, there is no better time to be an entrepreneur.
The economy means there has never been a better reason to take control of your destiny.
Job security is a thing of the past.
State funded pensions are a joke.
The only way to free yourself is to educate yourself, and the fastest way to learn is to get started.
Don’t look for a business to start, look for a problem to solve.
When you’ve found your problem look for someone or something that can give you instant access to credibility and a market of buyers.
The easiest way to find that is an hour at WH Smiths looking through the magazines.
P.S last Thursday I asked if anyone wanted to see my SEO strategy that involved some naughty boobie pictures, I had 15 people put there hand up for that out of hundreds that read that post so I have to conclude no one wants to see it. If you do then go here and tell me:
P.P.S I’m in Australia! Nice and warm on Bondi Beach :o) after months indoors, I am so white that I am actually reflective, so far I’ve stooped 3 yachts crashing into the beach 😉