Published : 26 June 2017
Have you ever had an idea for a unique product or service, only to dismiss it as 'silly'? You're not alone. Only sometimes, it may not be as silly as you think!
Where would we be today if George de Mestral hadn't been fascinated by the way burrs stuck to his clothes whilst out hiking, and invented Velcro?
Better still, what about the cardiac pacemaker, which was first created accidentally by Wilson Greatbatch in the 1950s, and has saved millions of lives!
Even Silly Ideas Can Pay Off
Greatbatch left us with some wise words: "Failure is a learning experience, and the guy who has never failed has never done anything."
Sometimes that silly idea may not be as silly as you think. And even if it is, that doesn't mean you can't sell it! Seriously. Remember the Pet Rock craze? Basically a rock in a box, yet it made creator Gary Dahl $15 million in the first six months!
That unique product or service idea that has been simmering on the back burner for years could be your ticket to a fortune - or, at the very least, give you a solid income. It's just a matter of taking that first leap of faith.
Do Your Homework
Of course there is risk, to some extent. Launching any type of business comes with some risk. And that's why it's a must to do your homework first.
Let's say you've come up with something you consider to be a unique product. The first step is to confirm that! Is it unique, or has somebody beaten you to it?
If it is unique and original, the next question is whether there is a big enough market for the product. To work that out you need to determine who would buy it, what they would be willing to pay for it, and whether it's something they would buy as a one-off, or regularly.
Starting An Online Business
You need to work out a rough estimate of how much it would cost to set up production, taking into account premises, materials, labour, marketing, and so on. That should give you a cost price for the product. Is it worth it?
Perhaps your unique business idea is a service, not a product. And you can run it online, like Felicia Spahr. With a passion for communication and sales, she discovered that she was good at coaching. So she set up online charisma and confidence training. Who's going to pay for that, you might ask. That's not a business. Seems it is, as she now earns up to $10,000 a month, working 30 hours a week.
Dream Big and Commit
So what are your passions? What niche market do you see? And how can you turn that unique idea into a successful business?
- Make the decision to do it
- Believe that you can do it - ditch self-limiting beliefs
- Validate your market
- Surround yourself with like-minded people - mentors, other entrepreneurs
- Find financial support
- Make it happen
As Richard Branson said, "Any idea can be a great idea if you think differently, dream big and commit to seeing it realised".
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