The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Hot Sellers or Think Outside the Square

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Sep 13, 2014
3,209
12,766
World citizen
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
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Sep 13, 2014
3,209
12,766
World citizen
Just to play devils advocate, wouldn't that violate control since the manufacturer has all the leverage?
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
 

Anandb

New Contributor
Read Fastlane!
Read Unscripted!
Jan 21, 2017
16
18
25
Hong Kong
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
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.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top