- something new;
- something better;
- something for an underserved or new market;
- or better integration of existing products and services.
Without one or more of these four critical elements, your business will struggle and you will be unable to command premium pricing in the marketplace.
If after a period of research, you are still struggling to find a unique idea, don't try to reinvent the wheel. Find a concept that is working well in another market and bring it to yours or vice versa. Think nationally or internationally and create local partnerships. Once your company is established, use strong branding, increased integration, and top-tier strategic partnerships to fend off competition.
If you are considering joining a direct-sales company, purchasing a franchise or buying an existing business to build wealth, it is important that the company you choose provides the following: a clear business model for sustainable success; a recognizable brand; an existing customer base; an accurate estimate of the ongoing operating costs; comprehensive training; and strategic partnerships. Without these six key elements, you will exponentially increase your costs and chances for failure.
- William R. Patterson is CEO of The Baron Solution Group. He is also Chairman and CEO of The Warcoffer Capital Group, LLC ("WCG"). He leads the WCG's corporate strategy and development consulting efforts including portfolio management, mergers, acquisitions, and divestitures. The Baron Solution Group is an award-winning training, business coaching, and consulting firm for executives, entrepreneurs, and investors lead by William R. Patterson. William is ranked as the #1 Business Motivational Speaker by Ranking.com and is also winner of three 2008 Web Awards including Best Speaker, Best Male Author, and Best Wealth-Building Site. THE BARON SOLUTION integrates over 200 proven business and financial accelerators to help you rapidly achieve your organizational and personal goals.