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More Ways to Make Big Bucks with Existing Ideas

June 30, 2017 by  
Filed under blog

There’s no question that fortunes are made every year by people who come up with new products and services. Whereas many of these new products are totally new and different than anything we’ve seen before, there are just as many or even more products that are copies of existing products with some changes, a recombination, or additions that make it virtually brand new.

Take for example, the common product—the suitcase. They have been around for many, many years. It used to be such a tiresome thing to lug our heavy suitcases or trunks through the airport or into a hotel. Of course, there was the ever-present bell boy to help and get a tip for doing so but it was still difficult to get around with those bulky cases.

Another product that most of us, since we were little kids, have seen or had a bit of fun on ourselves are roller skates and skate boards. These had nothing to do with suitcases, not until someone said to themselves, “Hey, wait a minute, why don’t I put some small wheels on my travel bags, suitcases, and heavy trunks? It can’t be that hard to do.” Even if you didn’t have any skill to put those two things together, you certainly could find a mechanical type person to do it for you. And now I can only imagine how much money was made from that simple change.

That was a pretty simple little invention made by putting two known products together in a new way. If we take the time to observe and study familiar inventions and products and then thinks through how to put a couple products together we could, no doubt, come up with a brand new idea.

To help facilitate this, you could gather together 5 or 6 people you know that are creative thinkers. Put them together in a room and give the group a big list of products then ask everyone to brainstorm and throw out ideas on which products might be put together in a new way. Surprising things can come out of such a brainstorming session.

Or if you are a creative thinker, use that same long list of products and brainstorm on your own and see what you come up with. You can do the same thing to come up with a new service, as Uber did, though the taxi industry certainly didn’t like it. However, I don’t think the owners of Uber, a multibillion dollar company, were very bothered by that.

My first venture into mass marketing was done by copying someone else’s formula and it lead to millions of dollars of profits. As a stock broker manager, I discovered that several of my employees had purchased a book from an ad in the newspaper with the headline “The Lazy Mans Way to Riches”.

That got my attention to the point that I called the author, Joe Karbo, repeatedly until he agreed to meet with me in his California office. When I discovered how many thousands of books he’d sold from that simple ad, I burned the midnight oil each night to write my own book and when I finished I sat down and studied the style, sentence length and tone of Joe’s ad and made my ad as much like his as I could without copying his exact words. So yes, in a way I copied, but did it legally and the big money rolled in beyond my expectations!

There are many, many more fortunes to be made by observing what is happening in the markets and what products, ideas and services exist and then by coming up with something different enough to be seen as brand new. And if you do it right, soon enough, you’ll see the money flowing your way.

 

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