Picking up the topic...

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The three options of Timothy Ferriss to the: How does one obtain a good product that satisfies you? Resell, license, or Create a product. And how to do it.

Mobile Lifestyle, Part 3, let’s go!

“Creation is a better means of self-expression than possession; it is through creating, not possessing, that life is revealed.” – Vida D. Scudders.

Resell a Product:

Buying an existent product at wholesale and reselling it is the most straightforward path but also the least lucrative. It's quick to launch but suffers from price competition with other resellers.

The profitable lifespan of each product is short unless an exclusivity deal stops others from selling it.

Reselling is a great option for secondary back-end products that somebody can sell to existing customers or cross-sell to new ones online or over the phone.

To purchase wholesale, follow these steps:

1.Contact the factories and request a "wholesale pricelist" and terms. Typically, you'll get about 30-40% off retail.

2.If a corporation tax ID number is required, print the appropriate documents from your state's Secretary of State website and file for an LLC or a similar protective business structure.

-> Don't make any purchases yet; more information is coming! 

This is to verify profit margins and obtain product shots and sales literature.

License a Product:

Allow others to produce many items using their name and image in return for a % of sales. A licensing agreement involves two parties, and a member of the New Rich could be either.

The product creator, known as the "licensor," can grant others the right to produce, use, or sell their product, typically earning 3-10% of the wholesale price per unit sold.

Develop the product, let someone else operate production and sales, and gather checks. This approach isn't wrong, but the New Rich usually prefers the other position.

The other position is the licensee, an individual interested in producing and selling the inventor's product and keeping 90-97% of the profit.

Yet, licensing is a complex field that requires dealmaking for both parties. Creative agreement negotiation is crucial; you'll likely encounter challenges with the first product.

-> Visit the "fourhourblog" or similar sites to find complete contracts with financial elements. Learn how to market products without a prototype or patent and secure rights to products as a newcomer.

Create a Product:

Creating a product is more straightforward than it sounds. "Developing" might seem more complex than it is.

For tangible products—like inventions—hire engineers and designers to build a prototype based on your specifications and then take that to a contract producer.

Finding a generic or stock product from a contract producer that can be repurposed for a specific market is even easier.

They produce it, add your custom label, and voilà—the product is ready to sell. This is the essence of "private labeling." If you can focus on information products, that would be all the best!

Information creations are low-budget, quick to produce, and difficult for competitors to replicate. It's easier to bypass a patent than to reword an entire course to avoid copyright issues.

-> Please reflect on information products. 

You can create one, repurpose public content, or license an expert to develop it.

Expert Status:

We understand you're not an expert—the extent to which you need to establish yourself as one depends on how you source your content.

If you create the content yourself or repurpose public domain material, you only need expert status within a niche market.

Just reading the top-selling books in your field will give you more knowledge than 70% of people and, more importantly, clients. But here's the plan:

1.Join 2 or 3 relevant trade organizations with authoritative names. You can do this online in just a few minutes.

2.Read the top 3 best-selling books on your subject and recapitulate each on 1 page.

3.Conduct a free one-to-three-hour seminar at a nearby renowned university, using posters for promotion.

4.Offer to write 1 or 2 papers for business magazines related to your subject or question an expert and write that article to get your name published.

-> Again, you don't need to be an expert! 

If you truly want expert status, you can get it in around 4 weeks.

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Last thoughts:

So how is it gonna be? Resell, license, or Create a product?

Don't forget, either way, information products are one of the best product classes to choose from, especially for beginners.

Still, we want to share more information on this topic, so please be attentive to part 4 for the first time.

The ProfitZine is gonna tell you how to go from micro-testing to remote CEO step by step.

-> If this sounds too good to be true… it’s just because we don’t have all the knowledge.Because it is real and the first step is to believe it is.

See you in a week.

Your Zine.