Come up with an idea that people are excited about. It could be a product or service, big or small, you just need to have something that someone will get excited about. You don’t need very many people to be excited about it either.
Start with the excitement, find a way to create and distribute that product. Just focus on creating the best product you possibly can right now, don’t worry about your long term business plan, costs, employees, etc.
For a small business to succeed, they need a better product and a customer. Once you’ve got that you can find a way to make it profitable later.
I buy old houses and fix them up and either rent or sell them. This is a very small business, no full time employees, no fancy office, no big corporation. When I buy a house I create a vision for what I want the house to look like and feel like when I’m selling it. I don’t worry about what it will cost at first, I just think about what I could do to make the house really easy to rent or sell. Then I work backwards and find ways to achieve the vision under my budget. My goal is always to achieve the highest sales price and highest demand, then profitability second. If you can create something that is valuable. A buyer will come. In my business, I don’t need a lot of people who are interested. I estimate that if I continue this model over the next 10 years, I’ll only need about a hundred people to actually like what I create. I operate in markets of several million people, I only need about 10–12 people a year to like what I do, that means I can be very specialized and very niche.
Consider the fact that even the most widespread and recognized brands in the world have less than 50% market share. Apple, the biggest company in the world only has about 25% of the smartphone market share. 75% of the people who buy smartphones didn’t want and Iphone, in addition to all the people who don’t have a smartphone at all. Hermes is a luxury clothing brand whose signature item is the Birkin bag. The Birkin bags start at $10,000 and go up to well over $100,000. 99.9% of the people reading this think paying that much for a bag is ridiculous and would never even consider it. If I were starting that company today and selling $10,000 bags, all of my friends and family would think I was insane. The reality though is that it doesn’t matter what they think, because I’m not selling to them. At $10,000 each, I only need to sell a few per month. If I focused on truly creating the best bag in the world, I can find a few dozen people who will buy it, even for an insane price.
Just because you wouldn’t buy something, or your friends and family wouldn’t buy something doesn’t mean other people won’t. It may be difficult to find you first few buyers, but if you product is superior, you will find someone who care more about the product than the money.
When you are thinking of product ideas, think about what would help the richest person you know. Would they want you product, if so what would they spend on it?
I bet Rihanna discount when she bought her Birkin.
If you want to grow a successful business quickly, focus on creating the best product out there. It helps if that product is a big ticket item. It take a really long time to sell the $1 million dollars worth of the worlds best beer. It’s a lot easier to sell $1 million dollars worth of houses. Think about what people spend a lot of money on, even if you don’t buy that product. I pride myself on being a. I don’t buy very much stuff. I live in a relatively small apartment and don’t have a lot of personal belongings. I’m not the type of person that I like to sell too. I sell products to people who buy a lot of expensive items. Things I’d never purchase.
Everyday millions of people and businesses spend outrageous amounts of money on expensive products. It’s not that outrageous though for them. They’re buying because it’s the best deal out there. Create the best product and the money will follow.