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General...with many exceptions to these guidelines.
Joe Cossman liked consumer products; ant farm, etc.
Watch his video and see it is old and those featured had consumer products.
Harvey Brody likes industrial/mfgr; molds, formulae, etc. Although he has two big selling consumer products, Zoom Spout and Pistol Grip.
Harvey Reese likes Intellectual Property.
All share certain strategies, like a TOLL POSITION and CONTROL of a product or asset.
They also share a need for TIME, rarely a deal is struck quickly and months and even years, sometimes are needed. It requires patience.
There is no one size template to suit everyone. Pick what you think is best.
Sherman Hunter also incorporates the TOLL Position, and he liked PUBLISHING products, the ol, paper and ink. Which also require TIME and even though they all might say, "without money"...
be prepared to hire a good patent/protection attorney and a good INSURANCE agent who specializes in patent protection...neither are cheap and doubtful you'll find one to work on spec. But, maybe?
The OVERNIGHT ENTREPRENEUR method by Sherman Hunter is by far and away the FASTEST
strategy in all their tool boxes. One drawback is getting a business where you need to be involved in...EXAMPLES
A shoe repair shop (all leather items; purses, shoes and briefcases) is a skilled trade...
A guy selling his shop has to have someone trained or you have to learn how to do it.
Whereas, a pizza shop can be (and often are) operated by high school idiots...
it then should make sense, to look for those "distressed" businesses which can be paid for from profits but also operated by remote means with only an occasional onsite inspection.
Finding tools, dies, molds is, for the most part...a long term project unless you have someone who can tell you if there is a ready to buy market.
Locating NEW products is easy, but just watch Shark Tank or Lion's Den for a season to see how delusional many inventors/creators are.
There is the RARE story where someone turns down a deal and makes it on their own, but my experience tells that 9 out of 10 will exhaust their time, money and energy on a product which no one wants.
If I had a dime for all those inventors I spoke to who said, "Everyone will want one"...I might have several pockets full of dimes.
If you have no experience, starting from scratch...plan on a three to four year learning curve into the consumer/industrial/IP Toll Booth markets, and the Harvey Brody course Dien mentions is as good as anything.
Just be clear about what you want to do, because, for every 1 guy who has a residual income Toll Booth set up, there are probably 50 who tried and couldn't.
If you want SPEED, consider Sherman Hunters stuff and new site...BUT don't neglect the old masters as a place to begin to lay a foundation of understanding.
Last edited by GordonJ : May 10, 2016 at 04:19 PM.