Your Own Products Can Make You Rich
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.
1. 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.
2. Exporting
Exporting your product to other countries can dramatically
increase your sales. Hiring an Export Management Agent can keep
your fixed costs down.
3. Offer Commissions and Finders` Fees
Recruit independent sales representatives and agents. Offer
commissions and finders` fees in order to sell your products and
services.
4. Online Auctions
You can also sell your own proprietary products through Internet
auction sites such as eBay or Yahoo! Auctions.
5. 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.
6. 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.