A Smarter Way to Find a Product to Sell If you need help in validating a concept, Don be afraid to share your idea, there are some very knowledgeable people on this sub who can help.
Remember: we need a bit more info then "I have a concept that will change my industry, I cant tell you anything about it oakley sunglasses deals but HELP!" to actually help Provide as much information as you can. Everything depends on context. The more information you provide, the better the feedback you get and the more focused the conversation will be. Self promotion of your business/idea is encouraged but should be done while sharing in an IAmA/Q question, or case study. Don spam, it won go down well. Please don post asking users if they would be interested in a guide to something just post the guide! Post it in series (Part 1, Part 2, etc). Don Follow Your Passion: Follow Your Passion is easily the worst advice you could ever give or get. (Mark Cuban) By Andrew Youderian You undoubtedly heard the mantra, "Just follow your passion!" But I have to agree with Mark Cuban I think it awful advice. This is especially true when it comes to choosing something to sell online. Your life long love of Star Wars figurines doesn mean it a great niche to build your new ecommerce store around sorry, Skywalker. If a thriving business is your goal, you should follow a methodical approach and pick a niche with attributes conducive to online success. In this blog post I share 6 strategies to help you find a niche and product to sell. oakley minute 2.0 I also show you how to determine if there enough demand for your product, and give you a few tools to measure the competitive pressures in those areas. 6 Strategies to Help You Find a Product to Sell While you brainstorming various niches and products to sell, there are a lot of important things to consider. Here are 6 strategies to help you find a product to sell: 1. Accessory Heavy Niches: Merchants rarely make much on big ticket items and will only earn maybe 5 to 10% on products like laptops and TVs. Where they really make their money is on the accessories. Accessories enjoy markups of 100 to 1,000%, and customers are much less price sensitive about them. A buyer might shop for weeks to get the best deal on a TV, but wouldn't think twice about dropping $30 on an HDMI cable from the same place. Yet there a good chance the business made nearly as much profit on the cable as it did on the flatscreen. When you choose a niche with lots of accessories, you enjoy significantly higher profit margins and fewer price sensitive shoppers. 2. Customers with a Passion or Problem: It amazing how much money passionate hobbyists will spend. Mountain bikers will drop hundreds on light weight accessories to shave a few pounds, and avid fishermen will invest tens of thousands of dollars in boats and related accessories. Also, if you can offer a product based solution to a painful problem, you find a captive audience eager to buy. 3. The $100 to $200 Range: I found that this price range is an ecommerce "sweet spot." It's large enough to create decent per order profit, but small enough that with a quality, informative website most customers won need to personally speak with someone before the sale. As you grow, being able to generate most of your orders online offers massive efficiency savings versus a phone heavy approach. But if you selling products that cost $500 or more, many customers will want personal customer service before pulling out their credit cards. 4. Hard to Find Locally: If you needed garden equipment, you likely head down to your local Home Depot or Lowe's. But where would you go to buy surveillance equipment or magicians accessories? Probably online. Pick niche products that are hard to find locally, and you be able to get in front of the vast majority of your customers as they search online. While you ideally want something difficult to source locally, you also need to ensure there ample demand for the product! This can be a fine line to walk, and we return to the issue in the competition section below. 5. Low Product Turnover: If your product line is constantly changing year to year, you'll end up spending valuable time on resources that will soon be outdated. Selling a product line with limited turnover ensures you can invest in an information rich website that will be applicable for years. 6. Consumable or Disposable Products: Repeat customers are essential to any business, and it MUCH easier to sell to existing customers who trust you than to new prospects. If best oakley eyeglasses your product needs to be re ordered on a regular basis and you able to keep your customers happy you'll be on your way to building a profitable business with recurring revenue. Finding a great product is only part of the equation. oakleys sunglasses cheap Even a niche fitting all the above criteria would be a poor choice in the face of inadequate demand or crushing competition. Understanding a product's demand, competition and suppliers will be important to making an informed decision.
If you want to learn more about finding the perfect product to sell, check out Shopify more comprehensive guide on how to find a good product to sell online. Is There Enough Demand For Your Product? The best way to measure online demand is with Google Keyword Tool, which provides data on how many people are searching for a specific term. If you unfamiliar with the tool, I strongly recommend watching this video on how to do keyword research: youtube video.
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