Having your own business and running it can be quite the fun at certain times coupled with the feelings of adventure.
Most online businesses fail due to the fact that they cannot make any meaningful profit from their business approaches and eventually they end up going out of business.
Out of the numerous factors that determine the success or failure of a business especially an online business, there is one factor that stands to be very important and neglected and that’s what i’m going to be talking about today.
Hi everyone my name is Timileyin and in this post i will be talking about the 6 ways to carefully select products that are profitable to use as your business product and make money through your online store
Everything i’m going to be writing here all boils down to a thorough market research, it will help you with your decisions among many other things.
Let’s look at the ways to carefully pick them.
1. Solve a problem that’s worth it
When starting a business, one of the first and foremost things you need to find out is the problem you intend to solve.
The product(s) you intend to make money online from has to have a problem it’s trying to fix and a value it intends to offer.
If you have no idea of which product to pick, you can use your personal experience or the experiences of those around you to identify a common problem and then work on it to arrive at a product for you sell.
2. Locate a gap within your competitor’s online market
You may think you have all the answers to an issue or you think you have answered all the questions in your market space or even solved all the problems your market niche experiences but one way to find out is to check your competitors.
Observing your competitors will you you a heads up as to what remains to be touched. When i said observing your competitors i meant checking them and seeing if you can identify any gap within their market system.
The gap could be their product, how they market it, their strategies, their strengths, their weakness, the opportunities they are open to and those things that poses as a threat to them, (SWOT). Identifying these things will help you see the gaps that you competitors haven’t filled up yet.
Once you can identify the gap (s), you can then start filling them up by building a product that meets that need.
3. Keep yourself updated
One major way to stay active in business is to keep yourself abreast of the happenings in your industry.
Just as Albert Einstein quoted, he said “The definition of insanity is doing the same thing over and over again, but expecting different results.”.
This is the truth because to grow in a certain cause at times requires a change and to experience change, new things has to come into play.
As an online business, one major platform to keep yourself updated about the latest happenings in your industry is the google trends. This platform records the latest most search for keywords and you can locate your industry to leverage on that platform which will then make you earn more money.
4. Know your Maths
Before starting a business like i earlier said you need to carry out a market research and one of the major things to do while doing that is to know the cost at which the service or the product was created and the value at which it will be sold for.
Try not to just set an arbitrary price which will most often than not negatively affect your sales, growth and ultimately the life span of your business. When doing business online, money shouldn’t be your ultimate goal so as not to lose sight of the people you are trying to offer value to.
You shouldn’t make your profit too much because this will mean that your customers will have to get your product at a high price when compared to the cost price and it eventually will draw customers away from your product especially when there is similar product in the same market.
You shouldn’t also make your profits too little because although you may have a lot customers, you may not be able to survive harsh market conditions especially when the cost of materials used had grown to be higher.
5. Check for repeatable sales
One major pointer to a successful business product is when that product is constantly sort after in terms of sales.
When carrying out your marketing research, this is one of the things you are keep an eye out for. Most successful niches survive by leveraging on the products that are sold more often and has the least cons.
6. Study what interests you
A research was carried out on entrepreneurs in the eCommerce industry and the result showed that about 45% of them started their business based on what they love doing and other factors reasons like freedom, sovereignty among others got the other share.
From this analysis, it is clear than a good number of already made entrepreneurs based their brand and products based on what they love doing. It’s a passion for them, they don’t have to be compelled to do it before it’s done.
Going through this 6 ways to carefully select profitable products for you to leverage to make money from your online store, you can then apply this knowledge you have applied to your personal business and begin to see results.
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