I had an epiphany just a little while ago about what I have been doing wrong on all the little side business ventures I have gotten myself involved with over the years, with the exception of my farming adventures. I tend to get focused on production types of items, that require a good deal of input, usually my time, to complete the item. And in the end, I have just that, one item that is good to be sold. What most business ventures need to be truly successful though is a product, good, or service that you make once and sell it many times.
I have to give credit where credit is due – there is a site that I have taken to reading of late called moms-make-money.com. It has some really good information, especially in regards to making money from your blogging, networking, and even your own product. I have been especially inspired by the authors monthly income statements. In her most recent such articles, she basically said just that.
My absurd lack of picking that up myself before is very disappointing. I am not sure what this actually says about me, but I have certainly had enough business classes and such to have figured this out on my own. Especially when you consider the years of real life experience at such things as well. Any production process is always striving toward greater efficiency and that in turn tends toward greater profit (or maybe profit to begin, versus having a loss otherwise). And how can you increase your efficiency exponentially? You got it, make it once and sell it multiple times.
Thinking back to my brief reference about farming, I am surprised that it did not produce this idea. The farm adventure I was involved in did to main things. Primarily it bred horses and heritage breed pigs. One of those two could have young two times a year and in numbers of an average around twelve. Maturity was reached in six to nine months. The other was a full year for one birth and had a LOT more time and other inputs into a finished product some two or more years later. Guess which one was much more profitable overall?
Now all that is left is to come up with what the product I should focus on should be…
** – Image is from columbia.edu