APPLY YOUR KNOWLEDGE IN NEW WAYS

One of the quickest ways to increase the income from your home business is to develop new products or services which relate to the products you are already selling. This works for two reasons: first, you have the opportunity to sell the new products to your existing customers (if they were interested in the original product and this one is similar or relates in some way it will likely also be of interest to them); and second, you can leverage the skills and knowledge you are utilizing with your current product to develop the new ones, which saves time and effort on your part.

I have some examples below which will help you understand what I mean. But first, a little structure:

Generally speaking your products will fall into these categories:
§selling goods
§selling services, where you physically do something for another person
§selling information, where you document how to do something and then package and sell it

Start thinking about your current primary product or service, and jot down ideas on how you can sell goods, services and information that relate to it. Don't judge your ideas at this point; you want to get a lot of ideas down and you will refine them later. Try to come up with at least 20 ideas.

Here are a couple of examples:

1.Current product: You sell your children's outgrown clothing on eBay. New product ideas:
§Goods: buy clothing at garage sales and discount stores to sell on eBay
§Goods: create crafty baby item (bibs? Blankets?) and sell on eBay
§Services: offer to sell other people's outgrown clothing or garage sale items on eBay for a percentage of the receipts
§Information: write a book on best ways to sell on eBay

2.Current product: You create and sell quilts. New product ideas:
§Goods: develop a new product (baby quilts?) and sell it via the web, to local boutiques, or on eBay
§Goods: purchase sewing notions on closeout and develop sewing kits to sell
§Services: sew items to order for others
§Information: develop a book of quilt patterns or gift ideas to sew
§Information: document the tips you've learned through years of sewing which a newcomer can use to do professional work more quickly

3.Current product: You are an attorney and do legal work for small business owners. New product ideas:
§Goods: doesn't apply in this case
§Services: develop a fixed-price package for specific services you are often asked to do - for example, a "new business startup package".
§Information: write book of legal tips for business owners

Got it? Then, get out a piece of paper and get started!

(c) 2002 Carol Woods