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How To Tell If Your Amazing New Product Idea Is Really Worth Gambling On

Posted on January 19, 2008 | Filed Under Uncategorized

Q: I have a great idea for an amazing new product. There is nothing like it on the market and no competition that I can find. I think it will be a huge success and so does everyone I tell the idea to. I’m willing to bet the farm on this one. What do you think my chances of success are? A: I’m a lousy poker player, mainly because I can’t help grinning like the village idiot when blessed with a winning hand or frowning like a sad clown when dealt a dud. I also never make odds on the success of “amazing new products” because more often than not the only thing that’s amazing is the way the product is totally ignored by the buying public. In my software business there have been times when we came up with what we thought was an amazing idea for an amazing piece of software - a piece of software so amazing, in fact, that we knew that all mankind would sit up and take notice, then line up to write us checks. After hundreds of hours and thousands of dollars spent developing the product we were amazed to find that the only people who thought the software was truly amazing was us. We made mankind yawn. Quite an amazing accomplishment, if I do say so myself.It worries me that you say there is nothing like your idea on the market. While you may think that is a good thing, it might actually mean that there is no market for your product. The same holds true for a lack of competition. A total lack of competition might mean that there is no demand for such a product. Rarely does a product come along that revolutionizes an industry. Rarer still does a product create a new industry on its own. So, how can you tell if your amazing new product really is worth gambling on? The truth is, you can never be 100% certain that your idea will sell. No matter how enamored you are of it or how much your friends rave about it, the success of a new idea depends on a number of factors, many of which are beyond your control.Such factors include: ? The viability of the idea: is this really a product that you could build a company around? Does the idea have the potential to generate revenue or customer loyalty? ? The people implementing the idea: the right team can make even a mediocre product a huge success (ever heard of Windows). Inversely, a bad team couldn’t sell ice water in Hades. Pick your team carefully. The right people really do make all the difference. ? The demand for such a product in the marketplace: will this product fill a need or satisfy an itch? ? The competition: is the market already crowded with competitors? If so, what will it take to move your product ahead of the pack? ? The depth of your pockets: even an amazing product requires a ton of cash to go from drawing board to store shelf. ? The availability of other resources required to take the product from the drawing board to the consumer: do you have the time, the drive, the perseverance, the knowledge, the contacts, the support, and a hundred other things required to bring your amazing idea to fruition? ? The list wouldn’t be complete without sheer luck and timing. ? And a thousand other things.Before you invest too much time and money into your idea, do a little research to determine if it’s an idea that’s really worth gambling on:? Research the market for similar products. Again, if there are no similar products on the market that might mean there is no market for that product. If there truly is nothing exactly like your product, research similar products that fill a similar void in the consumer’s life. Learn all you can about such products: pricing, market share, track record, etc. ? Research the competition. As mentioned earlier, if there is no competition there may not be a market for a product like yours. If there is competition, research the competition fully (little guys and big guys) to help determine if you can realistically compete for market share. ? Identify your target customer and ask them for an honest evaluation of the idea and its marketability. Avoid friends and family as they usually just tell you what you want to hear. If your target customer is a 35 year old female, pitch your idea to every 35 year old female you meet and gauge their response. Just don’t break any stalking laws in the name of market research? :o).The best advice I can give you when it comes to amazing new product ideas it’s best to follow your head and not your heart. It’s a lesson that took me years to learn. If I had a nickel for every amazing new product I’ve invested in I’d go play a few hands of poker.Here’s to your success!

Article Source: www.iSnare.com

Back-End Offers ? Make Real Profits

Posted on January 19, 2008 | Filed Under Uncategorized

Often the real profits lie in back-end sales.Once you have a customer, you simply offer additional products, add-ons, upgrades, a super-deluxe version of the original product purchase with all the bells and whistles. The customer is already ?sold? on the product or service, based on your sales material or presentation.The back-end offer should supply the answer to ?what?s next?? It should be related in some way to the original product, and the most successful back-end products are higher-priced accessories that makes it easier of better for the buyer than simply having the original.A back end product should further enhance the product that the buyer intended to purchase. Whatever the original product does, a good back-end product will make it faster, better, more detailed, more complete or easier to use and benefit from ? in essence it is far more helpful to the prospect in satisfying his wants, than is the original, more basic product.Keys to SuccessThe success of back-end products can be attributed to having a captive, highly targeted audience who is definitely interested in achieving a specific result or solving a specific problem. The add-on product makes it easier to solve the prospect?s problem, quickly.Another factor is to further sell the customer while he is still in the buying mode and while he is feeling good about solving a problem or moving closer towards a goal.ExamplesTo come with examples of back-end products simply ask ?What product or service could I also offer that would be a natural match for what my customer is buying now? A self-publisher could offer a booklet on a specific topic. As a back-end, he could offer the same topic covered in greater detail and presented in a multi-media format complete with audio cassettes, videos, manual and CD.Opportunities for back-end or additional add-on products are easy to find. A shoe store can offer shoe buying customers, laces, polish, protectants or, other accessories, based on the type of shoe sold. Ever visit a theatre to watch a movie and not order popcorn, chips, soft drink, or some other refreshment? Those items are all back-end products. First you bought your tickets, then you went to the snack bar.My local video store now offers ?tape protection? as an extra option. It?s basically insurance against returning a damaged video. Since most videos rented out these days are new releases, tapes being returned in damaged condition are a rarity. Yet, many people gladly pay the extra twenty-five cents to ?feel? secure. A clever new profit center for the video-rental industry.How?Always be mindful of products, services or ideas that your customers will willingly pay for. Anything that can make it easier or hassle-free for the customer, could be a good candidate as an add-on product. Convenience is a wonderful thing and many will willingly pay you for it.

Article Source: www.iSnare.com

Home Business: Wreath Making

Posted on January 19, 2008 | Filed Under Uncategorized

So you enjoy making wreaths and have decided to go into business for yourself. Congratulations, that sounds like a positive idea and hopefully will be a profitable one. First, however, you will want to make your business plans so that your start up won?t also be your shut down. You will want first of all to make sure of your work space. Do you have an area that can be dedicated specifically to wreath making? Making wreaths in front of the TV is one thing when it?s a hobby/craft project but are you, and other family members, going to be willing for this space to be dedicated full time to wreath making? If not, do you have another place in your home that can be used as your place of business, perhaps a little used guest room or a part of the basement could be dedicated to this.Once you have your work area secured, what about a storage area for finished wreaths and for materials? There may be times when you will want to temporarily store some of your wreaths until an order is completed. For some wreaths, this will call for a cold or cool area where they can be properly maintained. Also, buying materials in bulk at bargain rates is a bonus, but you?ll need to be able to store the materials properly. Designing and printing up a brochure and some business cards is a good idea also. Not all potential customers will be able to talk with you immediately, but having a business card and brochure to leave will give them the opportunity to check over your product a little more closely on their own. You will also need a name for your business. You will need something to put on those brochures and business cards. A product display unit is nice also. Making a photo album of your wreaths will enable you to show potential customers something of your work without trying to carry a lot of it around with you.You might want to talk with the bank also and find out about setting up a business checking account. Many wholesalers insist that customers must use business checks in order to prove that they are a legitimate business.You will need a bookkeeping system also so that you can keep track of how much you are taking in and paying out. Also, when tax time comes, and it will, this will be a big asset to you and may just help you in making sure that you are remembering everything. Also, you may be able to deduct a certain percentage of your household expenses as business expenses if your business is being run from your home. This also includes gas and wear and tear on your vehicle.Lastly, you will need a sales book and pen. Go out and get orders, don?t take more than you can fill, and don?t forget to enjoy yourself. Congratulations on your new business.

Article Source: www.iSnare.com

Don’t Fall For The Latest Internet Identity Theft Scam

Posted on January 19, 2008 | Filed Under Uncategorized

Q: I use PayPal to accept credit cards for my online collectibles business. I recently received an email that my PayPal account was going to expire in five days if I didn’t click a link in the email and give them my PayPal account information. Being naturally paranoid I decided not to give this information and I’m happy to say that my PayPal account did not expire. Was this a scam?– Brenda A.A: Be thankful that your paranoia kicked in, Brenda, because you were about to fall victim to the scam of the week, this one aimed at the 35 million merchants and individuals who use http://Paypal.com as their online payment processor.The email you received was not from PayPal, but from an Internet bad guy behind a forged email address using the http://PayPal.com domain. You should understand that no reputable online company will ever ask you to provide your account information. Think about it. They already have this information. Why would they ask you to provide it.Since I use PayPal for several of my online ventures, I, too, received the email in question. The email first seeks to instill fear in you by saying that your PayPal account will be closed if you do not provide personal information. You are then directed to open an attached executable file and enter your PayPal account information and other personal information that PayPal doesn’t even require, including your social security number, checking and savings account information, driver’s license number, and other personal information that can be used to clean out your PayPal account and perhaps even steal your identity.If you’re not familiar with PayPal, it is a hugely successful, web-based company (purchased by eBay in 2002) that many online retailers and eBay sellers use to accept electronic payments for everything from newsletter subscriptions to consulting services to just about any product for sale on eBay. The allure of PayPal is that it does not require the seller to have a bank merchant account through which to process credit cards. Anyone with a verifiable email address and bank account can use PayPal and the service can be implemented almost immediately after registering. When someone places an order on a website that uses PayPal for online payments, that customer is directed to http://PayPal.com to complete the payment process using a credit card or electronic check. The merchant can transfer the money collected in his PayPal account to his checking account any time he likes. Since many larger merchants make this transfer just once a week or so, their PayPal accounts are ripe for the picking from those who have the cunning and lack of ethics required to gain access.The shear number of PayPal customers is one reason it has become a popular target of scam artists trying to steal personal information from individuals and businesses alike. Identify theft is on the rise. Thanks to the Internet stealing someone’s identity has never been easier. At any given moment, there are any number of Internet thieves using all manner of high tech wizardry to steal personal and business information from unsuspecting souls, and many times they can gain access to this information simply by asking the person to provide it through fraudulent means. The PayPal scam is just the latest in a long line of sophisticated attempts to steal personal information through online means, Amazon, eBay, Dell Computer, and many others have been the brunt of many such scams in recent years.Identity theft is what’s known as “a knowledge crime,” which means that the criminal doesn’t have to break into your house to rob you blind. If you have a bank account and a social security number, you are susceptible to identity theft.While most people are familiar with identity theft, most business men and women never think about it happening to them, at least on a professional level. Consider this: if a criminal can learn your business checking account number or the number of your company credit card, they can steal far more from your business than if they had simply knocked down the door and carted off your desk.The Internet aside, most business and personal identity theft is still the result of stolen wallets and dumpster diving. You should guard your business records closely and be very careful what you throw away. Stop and think for a moment what a criminal might find in the dumpster behind your office.There’s a good chance that dumpster has, at various times, contained scraps of paper with your social security number, driver’s license number, credit card number, old ATM cards, telephone calling cards, and other pieces of vital business information like bank statements, invoices, and purchase orders. A dumpster-diving thief could literally rob your business blind in a matter of hours.Here are a few ways to protect yourself from business and personal identity theft.? Never give out your first name, last name, business name, email address, account passwords, credit card numbers, bank account information, PIN number, social security number, or driver’s license number.? Change your online account passwords every 30 days. Believe it or not, a hacker who steals your personal information can guess your online account passwords in about two minutes. If your Charles Schwab online account password is your birthday or the name of your first born or family pet, count on a hacker cracking that code faster than you can say “Bill Gates.”? Never provide personal information in response to an email or telephone call. Just because someone calls and says they are from Dunn & Bradstreet and need to confirm your business information does not mean they are really from Dunn & Bradstreet.? Never give your business credit card number over the phone to place an order with someone who has called you unsolicited. If you are interested in what they are selling get their number, check out their company, then call them back to place the order.If you think that you have become the victim of identity theft or think someone is trying to steal your identity or personal information you should report them immediately to the Federal Trade Commission. You will find more information on their website at http://www.consumer.gov/idtheft/. For more information on what to do if identity theft happens to you visit http://www.privacyrights.org/fs/fs17a.htm. So, if you ever receive an email from PayPal, Amazon, eBay, or any other ecommerce website asking you to update your account information by email you can pretty much bet the farm that it is a scam.Here’s to your success.

Article Source: www.iSnare.com

Hello world!

Posted on January 19, 2008 | Filed Under Uncategorized

Welcome to Actualblog.net. This is your first post. Edit or delete it, then start blogging!