Create a New Forum Owner Login Contribute & Create Your Member account VoyUser Login (see contribute) VoyForums Directory/Categories No-ads: Completely remove ads from your forum VoyForums Homepage VoyForums News Help Desk VoyForums Exchange FAQ - Frequently Asked Questions Search VoyForums

[ VoyUser Login optional ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: [1], 2, 3 ]

Subject: Build Multiple Streams Of Success Part 3

Author: Dennis S. Vogel

[ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 13:44:00 04/03/06 Mon In reply to: Sims 's message, "I know what I can do, but how can dl it?" on 19:02:03 03/28/06 Tue As weird as it may seem, there are, at least, two 1st factors to determine. Each factor--sets of resources or information--can be a bird in your hand. Both are necessary for a fertile business. Neither should be ignored, but which comes first? Potential 1st Factor #1 -- Based on your passion, abilities, resources, assets, products, distribution channels, relationships & opportunities--which business should you be in? Sub-factor: Are you ready to use those? Potential 1st Factor #2- Based on what a significant number of people or businesses want/need, what can be profitably sold to them? Sub-factor: How long will it be profitable? Clayton Christensen defines resources as the most visible factors contributing to organizations can & can't do. Resources include people, equipment, technology, product designs, brands, information, cash & relationships with suppliers, distributors & customers. Resources are usually things or assets; they can be hired & fired, bought & sold, depreciated or enhanced. They often can be transferred across boundaries of organizations much more readily than processes & values. Since resources can be developed &/or acquired, you shouldn't let a lack of some resources prevent you from pursuing goals. If you have key resources needed to do something, especially passion, (I consider passion to be a resource) find the resources you still need. The sub-factor of factor #1 is -- Are you ready to use what you currently have available? Some buy things via eBay & rummage sales, then sell them in bigger or smaller lots. Generally, buying in bulk & selling in smaller units is profitable because large amounts of things tend to have built-in volume discounts & many buyers won't want a lot of something. But if you're an Elvis Presley fan, you might do of each of these. You might get Elvis albums from stores & people & keep some for your collection, then sell the rest. You could sell the rest individually, in random combinations or in sets. Example- RCA produced a series -- Elvis A Legendary Performer. I have Volume 1, it has excerpts of an interview with Elvis as he was preparing to go to Germany. You could compile his albums represented by the hits on each volume of this series, including each volume. One set could be albums released before he was in the Army. By doing this, you may get more money per record than if you sold them separately. Why would people want the albums & the volumes of this series. I don't know about the other volumes, about 1 has previously unreleased versions of some hits from concerts & a newly discovered take of a hit. The interview excerpts are interesting also. Plus, some like full collections. The sub-factor of factor #2 is -- How long will it be profitable? Since you wrote about records, let's use that example. Unless people can find phonograph needles, records may be only collector's items, but have no practical use. I have 2 turn tables & I listen to records, so I might buy used records. But I won't do it after my turn tables stop working. The profit potential of selling records will decline every time somebody stops using a turn table. Dennis S. Vogel thrivingbusiness@email.com Your business's profit potential depends on how much value your target market perceives in what you offer. They won't perceive any value unless they have a reason to think about it. It's why you need effective marketing. http://web1.lakefield.net/~thrivingbusiness/ http://www.voy.com/31049/ [ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

Subject	Author	Date
Use Systems To Build Multiple Streams Of Success Part 4	Dennis S. Vogel	22:21:27 04/06/06 Thu