When in search for a product or service to sell online (or off, for that matter), you must take some steps to get the perfect market (or some call it niche) that will have a high desirability in today’s marketplace. The public must want it! :-)
Normally, you’d research the supply and demand of a market first, then locate the product that market is demanding specifically. But let’s take a look at starting with the product first.
So how do you find that perfect thing to sell in your Internet business endeavors? There are many workshops that offer advice and recommendations, but it’s really you that has to come up with an answer. It’s crucial to find something that will give you a good chance at success.
First, get a list of products or services that are potential items you would like to market. Each thing on your list should be something you have some knowledge about… Don’t try and sell ski boots when you have never been skiing or have even looked at a ski boot. Of course, if you absolutely LOVE ski boots, you can always learn all about them! :-)
That brings up the other point… and one brought up by almost every seminar ever given on the subject—find something you love! When you are going to be spending hours and hours of your days (and sometimes nights) setting up your Internet business, working on building traffic and getting things moving, and this for the next 3-5 years, you better enjoy what you are doing.
So… the items you put on your list should be products or services that reflect specific skills or aptitude you have, hobbies you are interested in, or things you know a lot about. You can add items that you have a high interest in learning, too. Just don’t make the runway for takeoff too long by needing to devote a lot of study to the subject first.
The idea is to leverage and improve your strengths, not your weaknesses.
Break down your list into three sections. First, list all the things you enjoy doing, such as baking, drawing, traveling, etc. Then list all the things you are good at doing… which could also overlap the first list. Now list your unique skills, perhaps playing the piano, computer programming or the like. And finally, list all the things that you have a lot of knowledge about.
Work out for each thing on your list what could be a product or service entailing the action involved with each one. This will at least give you some ideas—maybe really interesting and unique ideas at that!
Let’s say you came up with a product to sell such as fishing equipment. Some folks feel more comfortable to narrow the product/market down to something less competitive and more specific than “fishing equipment.” Perhaps you could just sell reels, lines or rods. Now you will need to find out if there is a market for this product. You instinctively know that there is, but research it anyway.
Find out how many out there will be your competition (or possible future partners). How much demand is there for the product? And is that demand high enough to sustain a business? Is it just too low, go back up a step or two until the demand number gets exciting. And ask yourself how you could create something unique—something that could be a Unique Selling Proposition that would make you stand out from the competitive crowd?
Turning your product or content rich Web site into a profitable Internet business venture is really doable if you are doing something you love, you are selling a product that is in high demand, and you stand out from the crowd in what you offer. You’ll have fun running your business every day, and will know how to handle customers’ questions effectively.
What an adventure!