Efficiency Millionaires are the folks who help people and other businesses do things easier. They have created everything from the VCR to the cellphone. Sometimes they simply improve upon other people’s creations and bring them to the attention of larger audiences.
Efficiency Millionaires often do not carry any kind of inventory. In fact, in the online arena, they often use affiliate marketing strategies; making a percentage of the sales from traffic their website sends to other sites, which are already distributing goods and services.
If you target a large enough Niche you can do a reasonably good business for yourself. For example; making it so folks could buy wedding gifts online, rather than having to go to the store to buy wedding gifts, was just one way that an Efficiency Millionaire was able to improve upon an industry. By simplifying the wedding gift buying process, while saving hours of people’s time, they were able to make commission money from their partners.
In short; If you can improve something that is difficult for people to do by making it easier, “You could be the next Efficiency Millionaire!” Even fixing inconveniences that people face in a hobby is an awesome way to make money, “Right from home,” too.
You should always be keeping a notebook (Millionaire Journal) with you. A recorder should be in your pocket at the very least. You will want to record any ideas that you might have, whenever you might have them; in the shower, house cleaning, cooking, etcetera.
Some questions to ask yourself when on the hunt for a niche you can improve upon with your special talents are……
- Why do I have to buy from a brick and mortar based middle person, rather than directly from the manufacturer?
- Why does it take so long for some services to be completed, or products delivered?
- Couldn’t some difficult tasks be automated since they are so repetitive?
- Why isn’t a Service or Product available locally?
- Why is it so hard, or expensive, to get certain things?
You don’t have to be a Management Consultant to answer the above questions. You don’t have to be a Rocket Scientist, either, to start thinking about the processes in your day to day life that are most annoying… The websites that are just plain fun to use, or make your life easier… To see where a useful model could be used in another part of people’s lives in a positive way; yet to be implemented.