Monday, October 10, 2011

Brainstorming while also researching our "muse"

While my family and I are brainstorming where we will build our niche market, online business (aka our "muse" as Tim Ferriss would call it from the Four-Hour Work Week), I am also going through the book (The Four Hour Work Week) again to refresh my memory. I am pulling a lot of details I may have missed as well. 

We're not basing the enter project off this book alone. We are scouring the web for articles of people who have also succeeded with this philosophy in business, the new rich.

Some of the points that I picked up from the book last night were the following:
  • Whatever the muse is, test it and research it for potential profitability. Look before we leap essentially.
  • Decide on how we are going to sell and distribute our product/service before we actually make the product/service.
  • Niche market, niche market, niche market. Big business goes after the majority of customers to provide the most sales at the lowest price. Getting a hire price point, a higher profit margin, our product/service will need to meet a very specific need for a very specific type of customer. We don't need all 7 billion people on the planet buying, just enough to buy enough for $4000 in profits...or more.
  • Limit distributors to one. The more competition among distributors the more price war that would happen. The only folks who would lose on that is our family business.  This is not to be confused with competing against other products. I'm talking about having my own product compete against itself because it was placed in competing stores (online or in real life.)
I'll keep you posted on how this develops.

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