With an international customer base and comparatively low overhead, most people know that the internet is a great place to start selling products and making money. But before you throw your hat into the ring, it’s important that you think about a few things, such as your business model, the time you want to devote to your new money-making endeavor, and – perhaps most importantly – what you’re going to sell.
Finding a product to sell can help you to answer a lot of those other vital questions, so it’s worth putting some thought into and weighing your options. What are some factors that should go into your decision on what product to sell?
How big is the market? Ideally, you want to focus on a product that a lot of people want but can’t get. Unfortunately, products like that are few and far between, often requiring people who can think outside the box to find them. Don’t panic too much if you’re selling something “typical,” though. Just make sure there are enough people willing to buy that you can sustain yourself and hopefully grow.
Can you get a good deal on the product? You have to be careful that you don’t end up going after merchandise that’s going to cost you more than you make back in sales. Find products that you can get a good deal on so you’re making money with every purchase.
Are there lots of people already doing it? Chances are good that if there’s a big market out there for a product, dozens (if not hundreds) of people just like you have already discovered it and want in. This can be a good indicator for demand, but sometimes it can be smarter to hone in on a product that isn’t as popular but offers far less competition. Then your job becomes finding ways to market the product and increase its popularity.
Is it a fad? When it became an overnight success, lots of people probably were wishing they’d invested in Nintendo stock right before the original Wii came out. However, if those same people still owned Nintendo shares today, they probably wouldn’t be very happy. Such is the nature of jumping in on a product that’s “hot” only for a short time. Fads are impossible to predict, so the smartest thing a new seller can do is offer products that have stood the test of time… at least to a certain degree.
Do legal hurdles exist? Those who attempt to sell foods, supplements, and other specialty products have to ensure they stay up on the latest regulations from state to state and country to country. For many new business owners, this can be overwhelming and may be best to avoid.
What do you know the best? Often, it’s best to stick with your area of expertise. For instance, if you’re a car mechanic, you’ll be better able to spot deals and predict demand for auto parts. And you’ll also understand your target consumer better, making it easier for you to market it to them. Your expertise can also set you apart from competitors.
Finding a product to sell is easy, but picking the right one for you takes a bit more effort. Even if you’re chomping at the bit to get selling, do yourself a favor and make sure you put some thought into it before diving in.