Continuing on the theme of one of the articles in the Dicks & Nanton Business Growth Report (if you aren’t getting it…you should be! So shoot us an email to let us know!) I wanted to take a minute to look at how “cyclical” opportunities can create astronomical revenue for your business.
Let’s look at an example. It seems if you slap the word “organic” on any product these days you won’t be able to keep it in stock (and you’ll be able to charge about 10 times the price for it!). You can look at many industries from food to cosmetics and you’ll see that if organic products aren’t already the fastest growing sector, then they will be very soon.
What is Organic? Well there are about a million different definitions online but lets look at a simple definition in the food industry:
Food produced without artificial or chemical fertilizers or pesticides. (source: thefoody.com/glossary/glossaryo.html)
Translation: food grown the “old fashioned” way. Organic food has become a new craze but if you were able to communicate with your great-great grandmother, she would tell you that you’d be a fool to try to grow food any other way. It was just the way things were done back then…and now it’s the hottest thing you can do.
What was old is new again.
And here are just a few examples of other industries “bringing back the old school” and making a killing doing it:
1. Custom Made Clothing – http://www.makeyourownjeans.com/
2. “Vintage” T-shirts – http://www.revolveclothing.com/DisplayProduct.jsp?product=TRUNK-WS252&c=Trunk
3. Vinyl Records – http://www.time.com/time/magazine/article/0,9171,1702369,00.html
4. New Cars that look like their “classic” predecessors – http://www.usatoday.com/money/autos/2005-06-27-mustang-usat_x.htm
And those are just a few examples.
The Point is, What’s Old is New Again!
So, take a look back in the archives of your business or industry and see what you can “bring back” and charge higher prices for!
Come up with some examples, send them to me and I’ll post them.