OH MY YES! You have just thought of a million dollar idea!
If only the process of making a million dollars were that easy.
People think up million-dollar ideas all the time, and most of those people do absolutely nothing about them. Yet, many of these people do try to bring their million-dollar ideas to fruition but still fail also.
What does that mean for you? It means that there are a lot of opportunities that are just waiting on you.
However, oftentimes a high percentage of these people do not have the skills needed to bring their idea into reality. Some of them do, in fact, make tremendous strides in the right direction, but still fall short of their goals.
Others attempt to learn how to personally create a successful business but are overwhelmed by the enormity of the job.
As a result, very few people who begin with a million-dollar idea are able to bring it to life. All of those who eventually realize success will have required assistance from others either to manage their company or to fully develop their product. This is true for the creator of every successful product. Sooner or later, they all come to realize that they cannot do everything by themselves.
If you are not sure how to approach these opportunities or how to locate them, start by subscribing to our blog. We share insights on exactly how to locate, identify, evaluate, and negotiate for ownership and/or marketing rights to such products. It is quite possible to create a number of very lucrative business functions for yourself by focusing on these kinds of product situations.
The Product Life Cycle: Where to Find the best value
Of the stages that define a product’s life cycle, a good place to find value is within the maturity stage, especially with a product that may not have had the best marketing. Companies are, sometimes, happy to sell off a product that they think is about to enter into the decline stage of the product life cycle. With careful evaluation of such products, you can locate many opportunities that still have a lot of life left in them. This is especially true if the competition for these products is still relatively low.
The best place to acquire the rights to a product that still has “untapped potential” is when the product is between the growth stage and the maturity stage. It is during this transition period that the obvious value of the product will likely begin to materialize.
Your preference should be to become involved, if possible after the costs of design and development efforts have been spent. By coming into the picture between the growth and maturity stages, you will avoid all of the debts that normally are required to bring products to the growth level. The value of such products can be even higher if the company is already in trouble and needs to liquidate to survive.
In fact, you don’t really need to wait until you have your own million-dollar idea, you simply need to locate products that are underperforming and/or in need of better marketing. We specialize in assisting clients who wish to learn how to use such strategies.
This article was written by SDK Hunter Consulting Group
About The Author:
Sherman Hunter and SDK Hunter Consulting Group staff consultants provide global moneymaking opportunities and proprietary strategies that quickly accelerate business activity. You may familiarize yourself with these unique concepts by visiting the SDK Hunter Consulting Group blog located at: https://sdkhunter.com
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