Staying with our theme this week of Wealth Creation and "Assets", Passive or Residual Income, and Creating Income Producing Assets . . . This post will provide some direction in developing a winning product or service. 

When you are thinking of your product/service idea, you need to think about edging out the competition.  Hopefully, you won't have much competition, but if you do, THINK:

• Faster-- Quicker, easier than the next guy.  This is especially powerful with "chores" like cleaning the oven.  If you can make or delivery your product or service faster or make it faster and easier for the consumer . . . you may have a winner
• Better-- More features and benefits can make you stand head and shoulders above your competition.  Think premium or deluxe . . .  
• Cheaper-- Everyone likes to save money, especially if they view the product as a commodity where price is the only differentiator.  Think gasoline.  You make your money on the volume, as opposed to the margin
• Unique-- This can be the product/service "nirvana".  Being first and different makes a big difference.  The key here is to be "cool" or "hot".  You can earn a premium on these products, but eventually copycats come in and cut into your profits.  Think Apple iPhones . . .

Look at the competition and see where they fall short on any of the above-- their shortfall may be your opportunity . . . more to come!