Six Ways to Find a New Product

There are many different sources of new product ideas for your business. Here are six of them.nnRead Everything You CannThe first way to find a new product or service is to read newspaper stories, read articles, read advertisements, read the classified ads. Very often when people have new products or services available in a market or they’re looking for someone to sell it or distribute it, they advertise in the classifieds under business opportunities. Read all US publications that are written for businesspeople. Look for potential in new products or services everywhere.nnStudy Trade MagazinesnThe second way to find new products or services is to read trade magazines, especially in your field of knowledge or expertise. Libraries usually have them all. Go down to the library, take a look at all the magazines and then subscribe to the very best ones.nnVisit Trade ShowsnThe third way to find a new product or service is to go to trade shows. You need only a business card to get into a trade show and they hold trade shows everywhere all the time. You can have business cards made up for you in 24 hours.nnTalk to the Key PeoplenPresent yourself as a retail buyer. Sign up at the beginning, pay the entrance fee, and present yourself as a buyer looking to buy the products offered in the trade show. Then go in and talk to the key people there. Find out what they’re doing. What they’re selling. Where the market is going. What the industry trends are. What is successful and what is unsuccessful and so on.nnTap Into Your NetworknThe fourth way to find a new product or service is your friends. Tell them that you’re looking for new product ideas. Tell them you’re looking for something to sell, something to distribute. Have them keep an eye out for you. Sometimes your friends will see things that you won’t see, or they’ll see things when they’re traveling and so on.nnKeep Your Eyes OpennThe fifth way to find new products or services is to read Entrepreneur Magazine. Read Success Magazine. Read Inc. Magazine. Read magazines where people advertise new products or services or business opportunities. Read The Wall Street Journal. Read Money Magazine. Read Fortune. Read Business Week. Read everything that you possibly can.nnLook Overseas For New ProductsnThe sixth source of new products is foreign publications. There are three foreign publications that you can get if you look around for them. One is called Made In Europe, which has hundreds and hundreds of products that are made by European corporations who are seeking US distributors. Sometimes the distribution rights for those products are available for the asking. There’s also a book called Made In Hong Kong, which has hundreds and hundreds of products made by Hong Kong corporations. And then there’s another catalog from the Taiwanese Trade Consulate that’s available that lists hundreds of manufacturers of thousands of products who are looking for US distributors.nnRemember, 95 percent of all products are never sold outside of the country that they’re manufactured in. Sometimes all you have to do is find a product that is selling well somewhere else and bring it into your market area and that can be the start of your successful business.nnAction ExercisesnFirst, take action immediately on at least one of these ideas. Buy and read magazines, visit trade shows or subscribe to foreign publications. The more information you have, the better decisions you will be able to make.nnSecond, ask for what you want. If you see a product or service for sale somewhere, write to the company and ask for the right to distribute it in your market area. You may be surprised.nnThe Power of Brandingnn