Oct 28 2019
What new light bulb will soon change the world?
Not that many years ago, the light bulb industry came up with the fluorescent light bulbs shaped something like the incandescent light we all grew up with. Now it's the LED bulbs. How can you make some serious money now, with LEDs?
Yes, they save energy. And yes, they start up like car on it's last legs, the light is cold and harsh, and when they break, they pollute with mercury. Now, the LED bulbs are making the scene. They are more efficient than the florescents, they start right up, and they last for many years. How can you make some serious money with them, now?
Kort, my son and co-author on this article went to an expensive business college to get a degree in Entrepreneurship. Many of the kids he went to school with have started business with big money loaned to them by relatives and friends. Many of these kids are from families that are wealthy.
Anyway, one of Kort's school mates started a business where they go to factories, and show them how by hiring their company to manage the lighting in their factories, they'll save a boat load of money. In their first year in business, they have done millions in business.
Where do you come in?
Well, when an idea is done in a big way (such as the example above) crumbs are often left on the ground. The college kids above are not going house to house, they are going factory to factory.
You can easily do what they are doing, but your target will be houses. Here's how:
HOW #1: Educate yourself a little.
Get some education about lighting by using Google. Basically, it goes like this: If you are replacing 100 watts of incandescent light with LED, the savings will be about $10 a year. In some areas, the saving could be $20 a year. Let's stick with $10 a year. Let's say the bulbs being replaced are in 3 locations in the house. It will cost about $10 per bulb to buy LED bulbs.
HOW #2: Who would spend $30 to save $10?
Good sales people know it is all about the math. IF you do the math clearly, you'll get the sale. LED lights live incredibly long lives. The average incandescent light bulb in a house is used 500 to 1,000 hours a year - and it only last about 1,000 hours. The average fluorescent light bulb lasts about 10,000 hours. The average LED last about 30,000 hours.
There are many ways to present this information. It is safe to be conservative. Here's one example. "Mr. Home Owner, if I replace one of your incandescent bulbs with an LED, it will last at least 10 years. It will save you $10 a year in energy costs. I'll replace that bulb for you, for $19.99 today, when you have me replace at least 10 bulbs - so your yearly saving will be about $100.
Over a 10 year period, your savings by replacing just 10 bulbs, could be as much as $1,000."
It's a very environmentally friendly thing to do.
HOW #3: Discover the secrets to presenting - the highest paid profession in the world.
All you have to do is have nice conversations with people, either by knocking on their door or by calling them. Your cost to replace 10 bulbs will be about $100. You'll be paid $199.99 to do it. Your profit will be close to $100.
IF you really know how to sell (ethically) you could sell as many 10 households on replacing 10 bulbs, in one day. You could then go replace them the next day. Your total income for the two days would be about $1,000 or $500 per day.
Here's a start on learning how to sell (selling is the highest paid profession in the world). Be yourself. From eye level, ask questions of your potential customer and then listen. The more your customer talks, the more you win. You may have to re-contact some leads many times. 80% of sales are made between the 5th and the 12th contact.
If you don't have a specific trade, degree or skill that is worth money, consider learning to sell. However, to do so is more than just being nice or asking questions. Great sales people spend time and money to learn to sell well. You may know someone who makes good money selling. Talk to them. We have a friend who sells companies on booking inspirational speakers. She makes $400,000 a year doing it, from home. Take some time and learn the skill of selling if you're going to sell anything.
What should you do next?