Reading this post just may save you THOUSANDS of dollars and countless hours of hard work!

When a person gets interested in creating a product to sell, usually the first thing that they do is to take a look at something there good at or love to do and create a product or service revolving around that activity. While this will ensure that you pick a product that will keep you engaged in it’s development, naturally you have a passion for it and know a lot about it, It doesn’t always mean that it’s a good idea to move forward with spending time and money to put it all together.

Lets take the fine art of basket weaving for example. Now to many people basket weaving might seem to be just a bit boring and un-interesting. I’m quite sure though, that there are people out there that are in complete bliss when they are weaving together there next masterpiece of a basket. God bless em, you know who you are!

So Joe (our in-house basket weaving guru) makes his living as a basket weaver but wants to create some extra cash flow to make things a little easier finacially for himself and his family. What should I do? Joe asks himself. Of course! I’ll teach other people how to weave baskets.

Joe is now charged up with creative energy and entreprenuerial vigor. All I need to do is teach people how to do what I do and I’ll be raking in the dough. Joe now spends every extra hour of his day creating videos, drawings and educational material that he will use to teach other people how to master this most awesome of arts. After all, basket weaving has been Joe’s biggest passion in life so doesn’t everyone else want to do what he can do?

After month’s of hard work and spending a lot of money on producing videos and educational materials, his product is now done and ready to sell. Since Joe is not that knowledgable on marketing, he hires a marketing firm to get his product in front of as many people as possible on the Internet.

After spending thousands more to market his product and get the word out, results are looking grim and disapointing. Only a few sales were made and not much interaction from potential customers. Feeling defeated, Joe now scraps his idea of making extra money online and goes back to his regular grind.

This same scenario happens every single day online to hundreds if not thousands of people. The problem is that Joe never researched his marketplace to see if there actually was a demand for creating a product that teaches basket weaving.

All too often, we get caught up in our own ideals and interests, thinking that everyone else on planet earth should and wants to know how to do what we can do. While in many cases this can be true and profitable, many times it is not. The most crucial and important thing to do BEFORE you start spending time and money on an idea, YOU MUST research your marketplace to determing if there is a demand for what you have to offer. If you find that there is not, then either tweak your product to fit a need that people are willing to pay for or scrap the idea all together.

I have been there and done that and I can tell you first hand that it is extremely discouraging to put all your time and energy into an idea and then not see any financialy rewarding results come of it.

Moral of the story: DO YOUR RESEARCH AND CREATE SOMETHING THAT PEOPLE ARE WILLING TO SPEND MONEY ON!

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