A Better Package
Don’t reinvent the wheel, just tweak it.
Your next big idea could be as simple as repackaging an old one. Seriously, it can be that easy. Just take an everyday products and think outside the box, bag, or whatever it currently comes in. Below are two great examples of repackaging an old product to make a lot more money.
I read a post over at Dan Miller’s 48 Days Blog where Dan described an Amish man in Ohio who rebuilt a hay bailer to make it produce smaller bails. The smaller bails are popular for decorative use. He can sell the smaller bails for twice as much as a regular sized bails. He is able to use half the hay and make twice the profit. This is an incredible way to increase profits by just packaging an old product for a different and more profitable use.
About a month ago I was visiting the Estes Park Brewery in Estes Park, Colorado. I struck up a conversation with one of the brewmasters who told me another amazing story in repackaging. The Estes Park Brewery brews a Red Ale that they call ‘Trail Head Red’ it retails for $8.49 a six pack. They also bottle the same exact beer and slap a different label on it. The different label calls the same beer the ‘REDRUM Ale’ and it is sold across town at the Stanley Hotel for $8.50 a 12 oz. bottle.
It is the exact same beer. But thanks to the Stanley Hotels claim to fame (the filming of the movie The Shining) they can sell the same product for 6 times as much and the tourist love it.
Your million dollar idea may be as simple as rethinking an existing product.