There are benefits to selling other people’s goods and services, but there are also disadvantages. For example, if you don’t have exclusive rights to your own distinctive product, you could end up being one of thousands of others selling the same thing. Excessive competition might drive you to lower your prices and lose sales, impacting your profitability and cashflow, all of which are critical to the future of your firm.
As a result, you may decide to build your own proprietary products and services, either exclusively or in addition to your existing range of third-party items.
You may spend millions on manufacturing and marketing after developing your own customized product. Before you even make your first sale, you could be bankrupt.
Here are a few low-cost options for profiting from your own customized products and services.
Licensing
Why not license your idea to a firm with the knowledge and capability to manufacture and promote it instead of trying to fund it yourself? In exchange for your concept, you will be paid royalties.
Exporting
Exporting your product to foreign nations can boost your sales significantly. Using an Export Management Agent can help you save money on fixed expenditures.
Offer Commissions and Finders’s Fees
Recruit independent sales agents and reps. To market your products and services, provide commissions and finders’ fees.
Online Auctions
You can also use Internet auction platforms like eBay or Yahoo! Auctions to market your own exclusive products.
Start Your Own Associate or Affiliate Program
Increased sales and earnings can be achieved by distributing your goods through many websites and distributors. Affiliate programs, unlike traditional advertising, only pay for results. Sales must be made in order for commissions to be paid.
Participate in Joint Ventures
Joint ventures have the potential to be successful. For example, you could give a commission if your product is mentioned in someone else’s e-zine or newsletter and sells.
The list of low-cost options to profit from your own proprietary products and services shown above is far from complete. It does, however, demonstrate that, with a little effort, your own products can make you wealthy.