John Hurd’s latest ‘e-Wealth Daily’ article is titled “Is There a Short-term Solution?”. [é-Wealth Daily’Article]

John Hurd’s latest ‘e-Wealth Daily’ article:

Is There a Short-term Solution?

“The goal for many entrepreneurs nowadays is not to create a company that will someday make billions but to come up with an idea that will produce revenue quickly.”

The above quote is from an article in The New York Times and comes from the mouth of Jerome S. Engel, of the Berkeley Haas School of Business, who is the director for the Lester Center for Entrepreneurship and Innovation.

With thousands of people facing layoffs and even more companies under a hiring freeze, the goal of many entrepreneurs right now is to get back on their feet in the short term and then work out the details that will take them to the future once they get out and running.

Now, here at e-Wealth Daily, we prefer to focus on the long term. However, in times like these, we understand the need to create income as fast as possible, since debts and expenses still exist, no matter what your personal situation may be.

If your focus then is on a short-term payout, here are a few suggestions on how to find the right business start-up and see your energy turn into profits.

1. Look for high profit margins: This may seem obvious, but if your profit is just a tiny percentage of your operating costs, then you’re going to have a hard time getting the payout you need in the least amount of time. Information products are a great example, since they can often cost very little to produce and, with the right content, can be marked up exponentially.

2. Know that fast turnaround is vital: The faster you can produce a product and then get it into the hands of your customers, the better positioned you’ll be for rapid profits. Outsourcing production is one way to speed your product to market; however, this will cost you upfront.

3. Focus on a single problem: The recent successful fad products like “Snuggies” and the “ShamWow” are great examples of quick-profit products. Not only do they satisfy the first two points, but they also each help solve one problem: cold nights in front of the TV and annoying spills, respectively. Sure, the marketers of these products will try to sell you on further uses and benefits, but when we get down to brass tacks, you instantly can identify what each product will do and sum that up in a short sentence.

4. Recognize that timing is everything: Would the Snuggie have been such a success in the middle of a heat wave in August? Of course not. The timing of the release and promotion of your product can help make or break the chances of a quick success. With summer just around the corner, keep in mind the needs and wants of a summer customer when considering what product you’re looking to sell.

Keep these four points in mind when considering your business options. While focusing on the long term and building a business one step at a time is preferably the way to go, finding a short-term opportunity to help you keep your head above water may be possible, even now.

e-Wealth Daily

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The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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