• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. The forum software will be upgraded on Sunday May 26th and may not look normal during the transition. Some functionality may be offline. This is TEMPORARY and is expected to last up to 8 hours.
  2. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Hot Sellers or Think Outside the Square

Discussion in 'Product Creation, Inventing, Importing, Sourcing' started by Walter Hay, Sep 4, 2018.

  1. Walter Hay
    Offline

    Walter Hay Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

    Messages:
    2,089
    Likes Received:
    8,538
    Joined:
    Sep 13, 2014
    Gender:
    Male
    Location:
    World citizen
    Rep Bank:
    $69,056
    Software to assist in finding Hot Selling products seems to be big business, but let me tell you about a novel business that resulted from thinking outside the square.

    The idea came to my book reader several years ago when he tired of the inconvenience involved in working in his slowlane job that required a lot of travel within the country in which he lived as well as overseas.

    One day when traveling to a remote location he remembered that he had seen a strange kind of business on one of his overseas trips. Maybe he could possibly do something similar to start a business of his own??? The idea was very simple, but sourcing the main product that he required for the enterprise proved to be a major stumbling block.

    Using my sourcing book as a guide proved fruitless and he became frustrated, upon which he turned to me for help. I soon joined him in feeling frustrated, but anyone who has read my story in the Featured User forum will understand that I don't give up easily.

    The problem turned out to be that the product that he needed simply did not exist.

    I contacted an old friend. a manufacturer in China that I had known for nearly twenty years, explained what I was looking for, and he confirmed that he had never heard of such a product.

    So, I put into practice some of the advice I give newbies in my book about looking for manufacturers who use the same type of material and techniques that would be needed to make the kind of product they are looking for, and I hit the jackpot.

    The result was that a new product was made, and my book reader has built a substantial, fastlane business that is close to being an entirely passive income earner.

    I can't tell you the brilliant niche he has discovered because others might try to copy. But, even if someone hits upon the product being used, and do try to copy, there is only one manufacturer.

    Periodically since, I have searched for the supplier on numerous B2B sites, and the product is still not being advertised.

    Finding that manufacturer will be totally beyond the ability of most potential copycats.

    True entrepreneurs will find their own niche rather than follow the herd into low margin price cutting businesses. Think "HOT SELLERS". Everyone is searching for the latest "HOT SELLERS".

    Walter
     
    YoungPadawan and steelandchrome like this.
  2. Sebastya
    Offline

    Sebastya Bronze Contributor

    Messages:
    413
    Likes Received:
    458
    Joined:
    Dec 22, 2014
    Location:
    Los Angeles
    Rep Bank:
    $2,432
    Just to play devils advocate, wouldn't that violate control since the manufacturer has all the leverage?
     
    Walter Hay likes this.
  3. Walter Hay
    Offline

    Walter Hay Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

    Messages:
    2,089
    Likes Received:
    8,538
    Joined:
    Sep 13, 2014
    Gender:
    Male
    Location:
    World citizen
    Rep Bank:
    $69,056
    Yes to some extent it does, but being that manufacturer's only customer, who has developed a great relationship with them does carry a lot of weight.

    There is no patent protection, no official agreement, just a good relationship, and for the past several years, the manufacturer has not betrayed that trust. Guanxi !

    Walter
     
    PersistentlyHungry and Anandb like this.
  4. Anandb
    Offline

    Anandb New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    15
    Likes Received:
    14
    Joined:
    Jan 21, 2017
    Gender:
    Male
    Location:
    Hong Kong
    Rep Bank:
    $71
    Guanxi is immensely powerful and respected out here in the Chinese world. And quite a contrast from "contracts are made to be broken" (a line by Michael Keaton from "The Founder") which is quite a popularly echoed sentiment elsewhere.
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page