Business Empire Magazine provides how to's and articles for entrepreneurs by entrepreneurs
| What You Can Sell in a Recession |
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| Written by Joel Barrett | |
| Friday, 27 March 2009 01:37 | |
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At this point, the news is shouting at me that consumers are cutting back spending from their food bill. This evidently worries Wall Street. For many, it reinforces the fear that the economy is getting worse. On days, the news seems like a bus tour of a graveyard with a dark, hooded figure at the wheel. Onlookers are startled by every turn of a leaf or every odd shape because it's an indication of...the graveyard. But you're driving through a graveyard! You can expect to see leaves turning and strange shapes. Why not boot the hooded figure, put the bus in gear, and go somewhere else! RVs and common luxuries are not selling. Cars are not selling. Banks are not lending. So? I can tell you, I'm not worried about this situation and inventors like me are not worried either. People do not realize that recession is an opportunity. If you are bothered by the recession, then you do not know what you can sell in a recession. You need to get yourself together, place yourself in the year 1607 and found another Jamestown. Tame the frontier. Let me explain. In a recession, people still need water, food, and clothing. Basic necessities be economically hit, but they will be the last to go. As long as people remain, foodstuffs will be bought. Luxuries are out. Necessities are in. More than necessities, however, are savings. People don't want to spend, they want to save. The irony is that the average person will spend in order to save if the investment is in their means. In a consumer's mind, savings are earnings in a recession. And that's where you come in. Take for example the "Debbie Meyer Green Bags." If you have not heard of them, you can ask the nearest mom about them-because they can save a household plenty of cash in just a month. -More than enough to pay for the bags themselves. Plus, they are reusable and the savings continue. Most everyone can still spare $15 for the perfect investment. What is a perfect investment? A perfect investment is something that pays for itself over and over again in the short term. All you need is an invention that someone can buy for $15 that will save them $50 in the short run and far more in the long run. Listen for keywords in your conversations, like "That's an outrageous price," or "What if there was a little gizmo that could..." Listen for the expensive and the inconvenient. Then, capitalize on it. Find someone who is brilliant with witty inventions and double team the project. I make most of my innovations while staring into a metal scrap pile full of odds and ends. An old proverb says that wisdom holds knowledge of witty inventions. Ask God for some savvy wisdom and develop that next amazing product! As an engineer for a metal fabricating facility, I am only slightly biased towards metallic inventions. I love to work with metal. I can recommend to inventors and investors alike to take advantage of low steel prices and develop your new metal product line. I've seen inventors make more than %1,000 markup on their inexpensive OEM parts. Maybe you can too. Make sure the companies that you choose to build your inventions have enough experience to reduce your costs and make your products in the most efficient manner.
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