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The Importance of a Unique Product or Service
To have a successful business, you MUST have
- A product or service. A "home business opportunity" with no product or service is NOT a business, it is a scam. An example of a money-making opportunity with no product is cash-gifting. Sometimes cash-gifting is concealed with a flimsy excuse of a product. No matter how it is done, cash-gifting is illegal.
- A desirable product or service.
At the very least, it must be desirable to YOU! Ask yourself, "Would I buy this product, even if I were not going to be selling it?" Does the product actually excite you? For the larger picture, review the question of market share potential. See
"What are the criteria for a great business opportunity?"
- A consumable product or service.
Or at least one that supports the idea of a "repeat customer." That could be a nutritional or food product (obviously consumable!). It could be a monthly telephone or health plan payment. An "opportunity" that does not include this element will have you chasing customers forever. You cannot build
a residual income
without the repeat aspect to the business.
- A unique product or service.
What makes a product unique? It has qualities that differentiate itself from any other product or service in the same category. By extension, that unique quality should be readily obvious or easy to communicate.
Years ago we joined a network marketing company without a lot of evaluation - just the desire for added income. After about a year, we noticed that our customers were going back to the supermarket or discount store to buy the type of products they were getting from us; our product was too expensive they told us. "But wait, our product is a better value because... ooops!" After taking time to measure, weigh, and calculate-- our ex-customers were correct! Why should they buy from us when the product could be purchased for a far better price in any store for the same perceived quality? The product was NOT unique at all.
We cannot stress this enough: successful home businesses will have a unique product or service! Unique can mean: (a) it is not available anywhere else; (b) it is available elsewhere, but you consistently have the lowest price; or (c) it is available everywhere at the same price but not at the level of quality that you offer. Although, direct selling provides the chance to explain your product or service more thoroughly to the consumer, that last point might be difficult to communicate.
To have a successful home based business, you WILL FIND IT ADDITIONALLY HELPFUL if the unique product or service is also protected ie., patented.
It is great to represent an innovative company that develops a unique and highly desired product, but IF the product is really great, it will not take long for copy-cat companies to market the same thing, or at least claim to do so. That's why having a protected product can make a critical difference. We believe that your position is strengthened if the company is willing and able to use litigation to protect its patent. If not, the great opportunity with a unique product or service may become a quick flash and disappear under pressure of competition.
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