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Business Rule #5:
Be Your Own Best Financial Advisor
October 7, 2004
(PAGE 3 of 3)
You never know when your product is going to be huge—so price and plan it accordingly! Let me now offer some final advice for entrepreneurs eager to capitalize on the next big thing:
Do your research for a big-money payoff. Read and study magazines in great detail and pay attention to pop culture for signs of the next big product craze or innovation in product development. If you’re able to hit a trend or fad early, you'll make much more money on it than you would from a more established line of business.
Try a variation on an already viable trend. Always extend a trend, describing how, for example, the principles of the Atkins diet may be used to help children—or even pets—shed unwanted pounds.
Consider a contrarian approach. One of the things I do, often successfully, is to go opposite the trend. If the hottest buildings in Chicago are smaller units—studios and one or two bedrooms—I’ll start building very large ones. By the time I plan the building and get it built, which takes a number of years, there will end up being a glut of small apartments and not enough big ones.
Fine-tune production. Since no one can predict how long a trend or fad will last, make sure, if you're a manufacturer, that you aren't stuck with overages. You can't produce or build so much product that you’ll be stuck with it if the trend dies. You need the flexibility to be able to stop quickly when the craze ends.
Jump in before anyone else. Being too cautious will cost you dearly. If it's already on the shelf, you can forget the idea.
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Go with your gut. You are sure to do well if you're lucky enough to be blessed with gut instinct. Don’t worry about the naysayers who don't understand your vision for a product that hasn't yet become a household name. You're the one taking the risk; they're not. Believe me—when it works, family and friends will be right behind you.
Until next time,
LaVelle Ward
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Being too cautious will cost you dearly.
