Business Plans& Idea

For too many solo-preneurs, the answer to low income is to create a new product and wait for the masses to buy. It is a far better solution to market the products and services you already have. By this, I do not mean for you to blindly continue to try to sell what has not been selling before. Instead I would urge you to do the following.

1. Look at the outreach material you have generated for the product. Does it emphasize that the product or service will alleviate a pain or difficulty the client is experiencing? This is often addressed by changing the features listed in the outreach for benefits. For example, you do not need to mention that it contains 32 pages (a feature) until well after you mention that the booklet will forever solve the problem of abdominal fat (benefit that solves a pain). This examination should include your web content and any written material.

2. The packaging must be appealing to the buyer. If it is shelved, it must be attractive visually. If you are selling a service it must be accessible to the buyer. A residential workshop may be what the buyer needs but will not purchase if it means traveling any distance. The packaging of this product could include making it into a tele-class or online course.

3. Is the price right for the product? In 1987, after building a house, I tried to sell the beat up residential trailer my family had lived in during construction for $2,000. No takers whatsoever. I jacked the price to $3,000 and had two bids in short order and the trailer was off my property in three weeks. Apparently there was not a market for a $2,000 mobile home but there was a market for people who wanted to pay $3,000. I have never forgotten this episode.

Before you invest too much time in designing new products and services, take a look at your existing product and services using the above guideline. You’ll be glad you did.

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