White is light and light is a kite. Feeling of lightweight is the theme. Life is tough and we need a beam-of light.
White paint is one of the things you must invest in if you are going to "re-purpose" items that you want to sell. Here on my front porch are pieces of furniture and baskets all in various stages of white.
Another day of homework.
- Perceived Need for Product
One of the things this course tells you is about customers. If a customer does not recognize they they need or want the product you have to make "two" sales. One to educate the buyer about the product and second convince the customer to buy it from you.
- Product ready to sell.
This is one of things I hope to overcome with employees. I will need people who can paint, and paint and paint. It just is too hard to try to do it all yourself. I want to use the locals who already have a craft or gift they need to put to work. And I want to use already established businesses. Our local upholster for one, paint stores for another and maybe even electricians! I would love to have people who love to redo in their expertise be a part of my business.
- Unlimited product life.
Because I am not going to sell fruits and veggies this won't be as critical, but I realize that decor fashion is fickle. I actually have a Tupperware bowl that is bright yellow, I bought when Jerusalem was a baby. Everyone who sees that bowl can date it, so I know I will have to be up on the newest trends.
- Proprietary rights
This is to be able to sell patents, trademarks, copyright, or trade secrets etc. Boy if I could find a trade secret concerning chic this and chic that I could make a ton. I am "pondering" again.
- Limited Government Regulations
Now if I could just get on a soapbox for a moment: Why can't one of the candidates for President say and be believable, " I believe in the American People to make this country great." "You are the greatest people in the world and I want to get Government out of your way so you can make this country great again." "I am here not to do for you, but to let you do for yourself, your family and your friends." " I am here to encourage you in being the greatest citizens in the world." "The greatest workers and thinkers and entrepreneurs in the world." "Together we will bring this country back to it's rightful place as the nation all nations aspire to be." Now that is what I would like to hear.
- A market that you know is out there.
One of the things using the data base will let us find out is how many people want what we have. No people, no sales, no business.
No competition may mean no one wants your product. Too much competition may mean low profits. Do you have to do the double sale? Educate and sell?
If I do a business with a lot of furniture I might want to get a mover who will deliver the large items. Actually I have wondered if someone was traveling and bought a dresser how would they get it home if they were in a car? How to find people who would take things if they are going that way or a business that specializes in delivering?
- Customers purchase more than once
It is easier to sell to repeat customers.
- Would this business be a great news story
Would people be intimidated in a new kind of decor, or would they be interested in it?
- Limited Investing in business
If I put a lot of money into this business and it fails, have I lost everything. So maybe I should start small and expand.
- Continuing revenue stream
Mine would be you need this table to go with the lamp you bought last month. Need customers to return and make repeated purchases.
- Customers pay before you make it
When you do custom orders, get the payment before hand. If not paid in full get the customer to pay a deposit to cover the costs of products. If they don't buy it after all you have the money paid for the product and could sell to another customer. All this has to be written out for your protection and the customer.
Be careful how you use labor. It is costly to hire and then to fire. Remember the Government is watching. You must do things their way.
- Dependable source of supply
Hey there are more garage sales, estate sales and thrift stores around here then I can shake a stick at.
- Getting out
This is one of the things this course emphasises again and again. Know how to leave your business. It is funny, cause you aren't even in yet, and they want you to know how you are going to quit. In other words what will happen financially if you have to or want to quit the business. It can't have so much of your money tied up in it so that you lose any profits you've made from it.
OK gotta get some time to sleep.