“Whatever the mind can conceive and believe… it can achieve.”
Napoleon Hill, Think and Grow Rich
Let’s say you’ve got a successful business with a decent stream of buyers. Everything is moving along smoothly. Steady.
The question is, how can I find more profit in this situation. My answer is to Expand the Product Line.
Here are a few ways to consider this challenge…
1. Think about vertical markets. Consider where you are in the distribution channel of your product. Is there a way to get a new product from your suppliers? Or, can you act as distributor to someone downline who ultimately has the final buyer?
2. Add a related product to your existing line. If you sell sunglasses at a stand in the mall, do you also sell those fancy neck chains or cases? If you offer a lawn service, can you include a tree triming or irrigation services?
3. Upgrade or improve your existing line. If you offer a basic package, can you make a deluxe version? McDonald’s was genius when they packaged their hamburgers with fries and soda. The $1 little burger turned into a $6 Big Mac meal.
4. Look at what you’re doing well and do more. If you sell hats and the Fedora style is selling well to your upscale market – add ones in charcoal, tweed or Burberry plaid. Put of posters of Hollywood Elite wearing sexy Fedora’s. Take a picture of a buyer in his hat. Believe me, you’ll sell a lot of Fedoras.
I get back to the idea of Think Big! Don’t limit yourself to any ideas. Get a sheet of paper and see how many ideas you can come up with. See if you can think of two concrete ideas for each of the four areas I listed above. Then add two more. Now you’ve got 10 solid ideas to seriously consider.
Napoleon Hill was a genius at finding ways to make money. If you can implement one of these methods into your business, you can be on the way to more profits. Kay Peck
