Different projects have different characteristic. All of us would like to work on projects that will in most cases be successful.
For progress and development in business, it is important to re-evaluate the projects you are pursuing and refine the business direction you are moving in keeping in mind the resources at your disposal and the goals you have set for a particular project. When running our own business, also, we try to choose the projects that suit our lifestyle and personal goals and the ones that best fit the changing world with respect to the technology and environment.
One would like to choose the projects that have high probability of success and reduce the risk exposure for you. The projects that have more likelihood of success have the following characteristics:
· Once the product is created, the same product can be sold over and over again very few ongoing changes in the product are required
· The product has use for customers who have the ability and would like to spend money for the product
· The product selling process can be automated
· Little or no inventory requirements, very few employees, no office overhead needed to run project
· No presence of partnerships, no revenue splits, no requirement of dependence on others for legal or financial requirements
· Minimal project start-up cost and very low overheads and only basic ongoing management requirements after project has taken off
· Break even point can be achieved after only a few sales are completed
· Very few or no downside risks are there, for example no foreseeable legal or moral problems are there.
All the above characteristics will not be found in many projects, but more the number of success characteristics that a project has higher are the chances of success in that project, and reduction of risk exposure. Along with the project characteristics, one also needs to analyze ones own capability in terms of ones skill sets and the resource availability. A few of the projects that have the above characteristics are given below.
Subscription Website related
Offer information and content related products for example articles, tutorials, tips on various subjects etc.
Offer applications on taps, for example with a click on your subscription website you could allow them to download some custom made applications or other applications that are not easily available Producing/Marketing DVDs.
How to DVDs and Videos for various complicated products so that people can get a demo kind of experience and have a tutorial at hand, all the time.
licensing out the sale of the how-to DVDs and videos, for certain products, that are created in house, to somebody else Conducting Trainings.
Conducting training workshops on use of various software applications or web applications.
Producing videos of these training workshops and selling them or licensing the sales process to an outside vendor Creating Software applications and Tools.
Creating custom made software and tools (add ons to existing technologies) to be sold to tech customers who may need them. Also licensing the sale of these tools and software applications created in house to an outside party.
Creating successful business applications like subscription websites and giving the ownership rights to another person for a price.
A number of project ideas that may have the characteristics of low risk exposure, high returns, short break even points are there, but everyone can not succeed at all the ideas. You have to figure out which business idea will suit your aptitude and what skill sets do you possess to run that particular business.
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