Your Own Products Can Make You Rich
It's a dream most of us have had: making enough money from our own products to live comfortably. And it doesn't have to be a pipe-dream! With the explosion in the DIY movement and an increase in self-made success stories, it's now more possible than ever before.
Lately, there has been a shift in society away from mass production and consumption of products by large corporations, and towards personalized designs created by smaller shops or individuals.
The Bunn's Coffee machine is an iconic example of this shift, as its creator, Henry Bunn, worked from his house in Roxbury, Massachusetts for 12 years to develop and sell the first automated brew machine. Since then, there have been many other products that allow you to do everything from brewing your own coffee beans at home to making your own wine and beer.
Though some of these products are crude and primitive by today's standards—this doesn't mean they can't be profitable. You don't need to work for a big company or even build a complicated machine in order to make a good living with your own products.
Most of the tools and products you need to start your own business are cheap and widely available. You just need to know how to make them yourself and how to market them. All it takes is some time, sweat, and dedication. And of course, some money for materials or machines that you need.
The Freelance Revolution: A New Way to Make Money?
There are many articles online telling you that freelancing is the "new big thing" in terms of making money. The truth is that the vast majority of people, especially young people, are turning to freelancing as their main income source. And for good reason: it's easy to get a job, but it's even easier to be your own boss.
The only caveat is that you need to know how to market yourself and create an attractive pitch for clients and employers alike. You also need time and patience since the process of finding work can be long, albeit not as long as most people believe.
When you're just starting out, it helps having some experience in other industries before venturing into your own. The great thing is that there are many jobs available even if you're not a high-level expert in your field. There are also quite a few niche and even unique companies that need help, such as lawyers, graphic designers, etc. In short, there will always be something for you to do, so don't worry about it too much.
How to Start With Your Own Products?
There are numerous ways you can start with your own products. For example:
Products you make at home or from scratch (i.e., sewing machines, books, fashion accessories) – This is the most popular option if you want to create a unique product or business idea. In other words, you need to know how to make something before starting a business.
Products that are similar to those of already existing businesses (i.e., custom-made clothes) – This is less of a "novelty" business than the aforementioned one, but it still requires some knowledge and skill. Many successful entrepreneurs started with products similar to those already in the market before branching out on their own later.
T-shirts, hats, stickers, mugs or other small products – Making these items at home can be incredibly fun and rewarding if you have an idea for something new or interesting. You can sell these items online as well as at local stores and fairs. The only drawback is that there are many sellers out there so you need to outdo them all.
Artwork and Gallery – Offering something unique at a reasonable price can be extremely profitable. However, you will need an eye for things of quality and great design, as well as dedication to come up with the best piece every time.
Clothing, shoes, bags – Selling handmade or custom-made products from your own or purchased patterns can be both lucrative and fun. You'll need to have a good eye for clothing styles as well as knowledge about sewing in order to sell items that are both stylish and useful.
Homemade food or drinks – Making your own bread, jams, or even cutlery can be a great way to make some extra cash on the side. You'll need to have a solid knowledge about food safety and a bit of extra money for the equipment.
Used items – This can be anything from toys, clothes, books and movies to furniture. Finding good deals on these items is key if you want to make money with them. The same goes for buying these items in bulk—make sure they work properly before offering them in your store.
No matter which of these products you offer, remember that your customers need to both get something out of it and think it's worth the price you're charging. It's a lot easier to sell something that's cheap and of low quality than the opposite.
The ABCs of Product Design
There are many ways you can design a product, but for the purpose of this article, we'll save those details for another time. Instead, let's focus on the process itself: how you plan it and how you choose what to be your product in the first place.
Basic steps:
1. Brainstorm – Think about all the types of products that would make sense to produce in your town or city; think about what ideas will appeal to others and make them want these products more than anything else. You need your idea to be original so no other stores will be selling similar items.
2. Choose a Product – Make sure you choose something that can be profitable for you. There are numerous ways to make money, so don't limit yourself by starting with just one. For example, trading (either locally or online) is much more lucrative than reselling items at a local store or fair.
3. Set Your Budget – Before going any further, make sure that you have enough money and time to complete your product. Also, find out how much people are willing to pay for this type of product in your area.
4. Create Your Product – The last step is to create the actual product itself, which includes finding the right materials and colors as well as patterning and sewing everything together correctly.
Conclusion
There are many ways to make money, and most of them are simpler than you think. Of course, they're not necessarily easier or more fun as well, but that's a different matter. The most important thing is to start doing something and work at it until you get good results.
Remember that starting with your own products isn't much different from starting with reselling ones—you need to know how to create something before selling it. Choose a market segment carefully and be sure to do thorough research about what you're actually going to sell.
Source: http://www.budgetsaresexy.