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What Would You Do In A Situation LikeThis

by jideofor
14 replies
If you found yourself in a situation like this,what will you do?

There is a physical product needed by every car owner and you knew that in your country, there are only a few people selling such product--Not more than ten.

This means that its a less competitive but highly profitable market ( considering the number of people selling)

With this product, you really do not have to scream 'buy', the product sells itself because it fills a need nobody have been able to fill. all you need to do here is just to show the product to a car owner ( the rich ones) and how it works.

You also know where to get people with cash in hand.

Knowing this, you are confronted with one problem--MONEY. Money to buy the product and sell. I mean that you are dead broke.

MY QUESTION IS :HOW WOULD YOU RAISE THE NEEDED CAPITAL TO START SUCH A BUSINESS IF YOU ARE FLAT BROKE?

LET THE WARRIOR PROVE HE IS TRULY A WARRIOR IN BUSINESS
#likethis #prove #situation #warrior
  • Profile picture of the author tpw
    Venture Capitalists? Angel investors?

    But those guys want to know that you have more than just a brilliant idea.
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  • Profile picture of the author 60MinuteAffiliate
    you would look for joint venture partners and business investors.

    make sure you have good contracts though.

    regards

    colleen
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  • Profile picture of the author ChristineP
    Simple - JV! you prove that you have the IDEA, the PROOF and the Skills and JV with the person that has the MONEY
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  • Profile picture of the author LMC
    If I were you....

    I would take $100 an invest it into a site that is targeting the market and prepare it to be positioned to receive traffic. Get it listed in the top of Google so you don't have to prove anything to your prospective business partner you can tell them to just type in, " product name" or whatever the keywords are.

    Build the site.
    Build a list discussing the release of the product coming soon or something of that sort, don't point them in the right direction yet.

    Contact the product owner/organization/etc present an interest in selling their product and try to work out a reasonable commission offer.

    Accept a low base commission first if they and provide them the sales and statistics. At that point you now have leveraging power and you can ask for more commission.

    Build a relationship with the provider, if they don't have an affiliate network yet, get involved by being the first to get into the market, and then try to work out a tiered program by you bringing in more affiliates.
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  • Profile picture of the author Dan C. Rinnert
    Originally Posted by jideofor View Post

    There is a physical product needed by every car owner and you knew that in your country, there are only a few people selling such product--Not more than ten.

    ...

    With this product, you really do not have to scream 'buy', the product sells itself because it fills a need nobody have been able to fill. all you need to do here is just to show the product to a car owner ( the rich ones) and how it works.
    (emphasis added)

    So, is this a product that is needed by every car owner, or just something that is wanted by every rich car owner?
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    • Profile picture of the author Alexa Smith
      Banned
      Originally Posted by Dan C. Rinnert View Post

      So, is this a product that is needed by every car owner, or just something that is wanted by every rich car owner?
      This would certainly be my first question, too.

      The answer to "how to proceed", here, depends on the product. Why only the rich car owners? And is this a "needed" or a "wanted" product? Where you go for finance, and the type of finance you look for, probably depend on the market (and possibly on your own credibility in it). Your potential difficulty is in finding an investor who can't just take the information and do it without you? So you need to have a way of making yourself indispensable? Obviously difficult to discuss in detail, as you have to keep the underlying product to yourself ...
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      • Profile picture of the author jideofor
        Originally Posted by Alexa Smith View Post

        This would certainly be my first question, too.

        The answer to "how to proceed", here, depends on the product. Why only the rich car owners? And is this a "needed" or a "wanted" product? Where you go for finance, and the type of finance you look for, probably depend on the market (and possibly on your own credibility in it). Your potential difficulty is in finding an investor who can't just take the information and do it without you? So you need to have a way of making yourself indispensable? Obviously difficult to discuss in detail, as you have to keep the underlying product to yourself ...

        I would say both needed and wanted in this case because most people do not know that they want it until you show them the product. Actually, it is fuel siphoning pump. One thing about people in my country is that there are millions of car owners and generator owners( since we still lack steady powers supply in Nigeria) is that most of them buy gasoline in containers of different liter and one major problem is how to transfer it into their car and generator.

        Now, I say the rich because a guy ones tried to sell the product to s group of transporters who use motor-bike as means of transportation, though they needed it, but they turned him down
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  • Profile picture of the author LetsGoViral
    Borrow money from an investor would be my best bet in your situation.
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  • Profile picture of the author agc
    Originally Posted by jideofor View Post

    If you found yourself in a situation like this,what will you do?

    There is a physical product needed by every car owner and you knew that in your country, there are only a few people selling such product--Not more than ten.

    This means that its a less competitive but highly profitable market ( considering the number of people selling)

    With this product, you really do not have to scream 'buy', the product sells itself because it fills a need nobody have been able to fill. all you need to do here is just to show the product to a car owner ( the rich ones) and how it works.

    You also know where to get people with cash in hand.

    Knowing this, you are confronted with one problem--MONEY. Money to buy the product and sell. I mean that you are dead broke.

    MY QUESTION IS :HOW WOULD YOU RAISE THE NEEDED CAPITAL TO START SUCH A BUSINESS IF YOU ARE FLAT BROKE?

    LET THE WARRIOR PROVE HE IS TRULY A WARRIOR IN BUSINESS
    Simple: Drop Shipping

    In other words, don't buy and inventory the product yourself... sell the product that other people keep on hand.
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  • Profile picture of the author jideofor
    His sale reach the roof when he started focusing on Bank executives, oil workers, and the rest is history
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    • Profile picture of the author Haphiza
      You may want to a bank and ask for a loan or a credit union. You can also ask families or friends for a loan.

      I wish you good luck.

      Haphiza Baboolal
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      • Profile picture of the author ChiTownRoc
        The problem with getting a loan and implementing yourself is that you are back to square one: you are one your own.

        The best way would be to find some financial partners who know who to create buzz and sell it and share the profits with them.

        If you involve wise people into your idea then you will benefit the most than trying to go on it on your own.

        After all, doing it all by yourself has brought you here.

        Involve others in your dream so that you will have time to dream up other things people will want to buy. Then you can always venture on your own once you brand yourself as the genius who created XYZ product.
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