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There is an art to picking profitable products. It's not just what you want to sell but rather what will sell. Unless you pick a product in demand in the marketplace, you will fail. A fundamental principle of the capitalist system is "supply and demand". It represents a delicate balancing act between "what people want" and how much of "it" is available.
Every Christmas, we see one toy that everyone wants. One year is "talking Elmo" and the next year it's something else. But, it never fails to occur. Because everyone wants "it", so "it" is in high demand. If the supply of the product isn't sufficient to meet the customer demand, prices soar, as do profits for the people selling them.
You could hope you pick one of those products and make a lot of money in one season, or you can be smart and have a profitable business all year round. How? Understand trends in our society and how they help you predict the products which are or will be in demand, now and in the future.
Current Trends In American Society
By reading and watching current news, we should be able to spot trends. These trends will have an impact upon people and therefore, the products they need or want. For instance, some current trends in the United States are as follows:
· Americans are fatter than prior generations (particularly children)
· Baby Boomers (a very large potential market) are getting older. Many are in the 50s or 60s.
· More and more people purchase online from the security and comfort of their own home
· Americans are more security conscious since 9/11
· Travel by car or recreational vehicle is up over previous years
· Diabetes is making major inroads into the general population
These are just some of the trends impacting our culture now. We need to take those identified trends and make some assumptions about them. With these assumptions come product decisions, profitable product decisions.
Using a Trend to Pick Profitable Products
Let's choose the Baby Boomer trends upon which to focus. We know that the Baby Boomer Generation represents a large, and very wealth, segment of the current American society. If we choose to focus upon this group of consumers, we know we have a large potential audience. More importantly, we know we have an audience who can pay.
Determining the products we will offer starts with making some assumptions about our targeted market. What does that mean for the Baby Boomers? We need to take what we know about that market segment and then make some assumption based upon that knowledge. Let's try.
What We Know: What We Can Assume:
We know they are getting older. We can assume they don't like that. We know they are fatter than prior We can assume they don't like that generations. and want to do something about it.
Let's just look at those two trends and how they help us choose products. If this generation is fatter than the last generation, we can assume larger size clothes are needed right now. Is that true? At eBay, plus size women's clothing sold for a total of $90,903.37 in the last 30 days! There's a profitable product selection for the present.
If we assume they are fatter and don't like it, they must want to do something about it. What might they do? Exercise or diet. What does this mean for possible products? Exercise equipment or diet pills. Is this true? At eBay, exercise equipment sold for a total of $1,125,144.50 in the last 30 days and weight loss pills sold a total of $130,795.34 in the last 30 days! Two more profitable, "in-demand", products at eBay, right now.
Choosing the right product for a profitable business does not have to be difficult. Just follow the four easy steps; analyze, assume, test, and choose. You simply have to read and watch the world. Look at leading news articles and magazine stories. What appears to be uppermost in the minds of potential consumers? What assumptions can you make about the trend? What product(s) does that translate to? Sell that product and you will earn money. Continue to follow those four steps and you will be profitable for a long time.
Michele Schermerhorn has over 30 years experience in the business world and over 12 years running her own successful online businesses. She is President of Online Business Institute Inc. (http://www.obinstitute.com). Online Business Institute Inc. exists to "Create Successful Online Business Owners One Person At A Time". They run regularly scheduled free online seminars.
Chevy Hardcore (blog)
Auction Watch – Restomod 1957 Bel-Air Ragtop Brings Almost $150K
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Whether you like auctions or not, they're a good finger-on-the-pulse barometer of what hot rods, restomods, and kustoms are selling for. Each week, our “Auction Watch” column here at Rod Authority brings you some of the coolest cars and trucks offered ...
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Yale Halfback's 1937 Heisman Trophy Drives To $312000 At Heritage Auctions
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DALLAS — Numerous bidders made a run at the 1937 Heisman Memorial Trophy presented to Yale University halfback Clint Frank to drive its final price to $312,000, with buyer's premium, claiming top-lot honors in Heritage Auctions' Fall Sports ...
Roberto Clemente Game-Worn Jersey, World Series Trophy Up For Auction
PITTSBURGH (KDKA) — One of Roberto Clemente's game-used jerseys and a World Series trophy awarded to a Pittsburgh Pirates pitcher are both up for auction. Clemente's 1971-72 home jersey is one of a number of items available from Robert Edward ...
Stolen and Seized Items from Municipalities and Police Departments to be Auctioned Off through PropertyRoom.com
PR Web (press release)
From July through June, September, ten (10) Municipalities and Police Departments chose to partner with PropertyRoom.com to auction off their unclaimed stolen, seized or surplus assets and goods. PropertyRoom.com is an online auction site offering “$1 ...
Need a Porsche at bargain-basement prices? Saturday's state auction has you covered
All vehicles must be paid for in full the day of the auction. Cash, credit and debit cards (Discover, MasterCard and Visa) are accepted. There is a 3 percent service fee on all credit and debit card transactions. Temporary tags are no longer available ...
AmmoLand Shooting Sports News
Morphy's To Auction Wyatt Earp's Gun, Chief Rain-In-The-Face's Winchester Oct. 30
AmmoLand Shooting Sports News
Colt single-action Army revolver that belonged to legendary sheriff Wyatt Earp in the 1890s, extensive Earp family lineage and documentation. Est. $75,000-$100,000. DENVER, Pa. – -(AmmoLand.com)- While Morphy Auctions strives to make each of its sales ...
Oil study attributed to Thomas Gainsborough (Br., 1727-1788) will headline Woodshed's Nov. 1st auction
The auction will be held on Thursday, November 1st, online and live in the 500 Gallery, at 475 Franklin Village Drive in Franklin. Live bidding will begin promptly at 5:30 pm Eastern time. People can register and bid now, at www.woodshedartauctions.com.
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Over a Half a Million Dollars Raised to Benefit Tilly's Life Center
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Sponsors, supporters and friends of TLC gathered for an evening of dancing, drinks, family style gourmet food, music, live and silent auctions accompanied by a TLC graduate's captivating story of forgiveness. Their overwhelming support resulted in ...
Yield curve flattens before auctions
NEW YORK: The US Treasury yield curve flattened to its lowest level in more than two weeks on Monday before the Treasury Department is due to sell $108 billion in new short- and intermediate-dated debt this week. The debt sales will include $38 billion ...
November Basrah Light Cargo Sold At OSP +$0.20: Dubai Mercantile Exchange Auctions
Exchange News Direct
Iraq's National Oil Company SOMO Monday sold a 2-million barrel cargo of Basrah Light via DME Auctions, achieving a premium of $0.20 per barrel over the November Basrah Light Official Selling Price (OSP). SOMO increased its Basrah Light OSPs for ...
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