Imagine what you could do if money wasn’t an issue.
There are countless ways to make money. From franchising to freelance consulting, most of these activities remain unsuitable for our goal of spending as little time as possible on your business.
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The art of the Muse makes it possible to solve this problem composed in its equation of the following elements :
- The niche
- The product
- The price
As far as the niche is concerned, if you have the idea of creating a product for computer lovers, cars or dogs, stop right away! If everyone is your customer, then no one is your customer because reaching so many customers is expensive in advertising and you are competing with a lot of free information and many products.
Then comes the question of the product: “How do I find a good product?” The image of the creator who does everything himself is very present in the collective unconscious as if he had a symbiotic relationship with his creation.
On the question of price, be aware that by charging a low price, you are heading straight for bankruptcy because you always have competitors ready to squeeze your margins.
3 advantages to define a high price in the art of the Muse
It’s hard to imagine that most of the most powerful companies in the world don’t answer phones, make their own products, generate their own shipments, and handle their customers’ requests.
Keep in mind that meeting demand is much easier than creating it. To define your niche, be the fish in a small pond rather than the anonymous one in a huge pond.
There are 3 advantages for you to set a higher price than the competition and create a high-end image of your product :
- Sales are faster with fewer units and it is easy to manage fewer customers.
- Your customers will be attracted by a high price and you generate fewer tasks (fewer complaints, returns, questions, etc ). In short, less hassle.
- You are assured of higher margins.
If you think you can’t sell anything because you don’t have the expertise. Make no mistake, in selling, the expert means you know more about the subject than the buyer. It’s simply a matter of being better than a small targeted number of your potential customers.
Create your product in 2 steps
The goal is to create an automated system that will generate cash without consuming your time. You can convert your expertise into a downloadable product. All it will cost you is to escape the constraints of a model based on hourly profitability.
The price of your product should not exceed 500€ and should not require more than one management day per week. Moreover, you must be able to automate it after one month.
First of all, start by finding a market and defining your customers and only then find and create a product for them.
Become a member of your market without leaving you to speculate on what your future prospects might want or need to buy.
Step 1 : Identify your niche
You can help yourself with the following questions to find a profitable niche in 2 steps :
Step One : Take an interest in the books, subscriptions and products that interest your target group and ask yourself “What group of people buy the same ones ?” and “What websites, magazines and newsletters do they regularly read ?“.
Second step : Search in bookshops of small specialized magazines to discover other lists. Ask yourself the following question: “Among your group, which ones have their specialized magazines ?” and apply the following steps :
- Discover other niches by selecting from a large newsagent’s or bookshops of small specialist magazines.
- Narrow your list down to what you can touch on one or two small magazines.
- Favour those who spend their money on products related to their hobby.
- Contact the magazine to ask for their advertising rates, circulation figures and back issues.
- Peel through their columns and look for regular advertisers who use 0800 numbers or websites to make direct sales.
The profitability of the magazine for a regular advertiser is an objective profitability criterion for you.
Step 2 : Find your product
In the art of the Muse now comes the product ideas. You will choose a product that you can explain from A to Z in an FAQ section on the Internet.
In the art of the Muse, you have three options for your product :
- Resell a product : It’s the least lucrative but the simplest. It consists of buying wholesale a product that exists and reselling it.
- Resell a licensed product : This consists of obtaining the right to produce hundreds of products using their image and name in exchange for a percentage of the sales.
- Create a product : You will first need to test the market reaction to your product before making it. If the product is physical, you may hire industrial designers and mechanical engineers to make prototypes before passing it on to a manufacturer. If the product is informational, they are difficult to imitate quickly and inexpensively.
In this last step, 3 options are available to you :
- Create content yourself on a given topic.
- Use content from the public domain, which is no longer protected by copyright.
- Use licensed content. You can pay an expert to help you create the content. His or her remuneration may be in the form of a fee, 5-10% copyright, or net income.
Timothy Ferris In : The 4-Hour Work Week: Escape the 9-5, Live Anywhere and Join the New Rich [Online] Format Paper book and digitalavailable on : < https://amzn.to/39FP572 >