We’ve all heard it, and if we haven’t all experienced it, we will. What goes up, must come down. And you’d better be prepared for it.
What happens after you achieve success, after you’ve sold a product or licensed it and are collecting royalties? I certainly wasn’t ready for the fall-out. But the one truth we can count on is that everything has a cycle, an inevitable boom and bust. Some products, nicknamed “evergreens”, do sell year-in and year-out. But they have a special name for a reason – they’re very unusual. But with these few exceptions, every product does eventually become old and tired and replaced with something new.
I have one technology I talk about frequently, called Spinformation, a rotating label. It did extremely well for me, and the money it generated allowed me to do fun and amazing things with my family. But I developed the idea fairly early on in my career, and I wasn’t prepared full advantage of the opportunity. I had licensed it and created a great contract, but I didn’t understand how to maximize it. I lost a little control in licensing the label, but I could have done so much more to promote and market it – like setting up a little company with those aims. But I wasn’t ready for it, and that’s simply a fact.
I’d won thirteen awards, gained national and global attention, sold millions of units, and had every major company calling me. But there were problems. The label was expensive, and I knew I had to eventually redesign it if I wanted it to be on more products. I loved and enjoyed the dream ride, but slowly, it dried up. The product had been successful for six, seven years. And then suddenly, it was over. I remember the day it hit me. I’d been making just a ton of money, and then, the bottom fell out.
The question hit me. What could I do? What can you do? Everyone knows the feeling. Life is going along so wonderfully, so perfectly, and then suddenly something changes and it’s just not.
Things do go up, and they do go down. I’ll share what I did, and what you can do, in the next blog.