Many people think of shifting from an 8-5 job and venturing into the entrepreneurial world, however, the first question that would stump many is what product to sell. Deciding on what to sell is dependent on the demand and supply forces in the market and selecting the right product to sell is critical for success.
If you choose a product that requires a significant capital to produce, it may deplete your resources and if you choose a product that is being offered by a hundred other retailers you may find yourself facing tough competition.
You have to choose the right products to sell and must have a game plan in place to make sure your business will prosper and survive and you will stay ahead of the competition.
You must ask yourself some crucial questions to narrow down the types of product and service to sell and ensure that your business will grow and dominate in the years to come.
What Are Your Reasons for Choosing a Particular Product?
There is an underlying reason why you would choose a certain product. You may have a passion for it or it could be a product that excites and thrills you. Think of the reason why you are making this your product to build a business on.
Some of the reasons for choosing a product would be a financial benefit to your business, low investment requirements, positive ROIs, feasibility and easy to produce, and low risk.
Does Your product solve a problem?
People naturally avoid pain and they will go to great lengths to avoid it. If your product addresses a problem, need or opportunity, you may be in the right place.
Your products or service must have real value that customers can recognize, want, and need. You can include in your product information and sales materials how your products benefit. For example, your business reduces time, effort and expense.
Marketability
Your products have to be marketable. It doesn’t matter what you are selling the final point should be customers should be buying it. If customers aren’t buying there is no reason to persist or you may have to change your game plan.
Before deciding on what product to sell you have the consider the kind of market you are selling to. It all begins with the customer and when you have honed into the kind of customer you want; you will be able to determine their needs.
If your products are too specialized and the only appeal greatly to some people, it may not be enough to sustain a business.
Your products don’t necessarily have to appeal to all people but you have to convince a large percentage of shoppers that they need your product.
One way to know the marketability of an online product is by observing online sales statistics which can give you a clear idea of how well a product is selling in the marketplace.
Consumable
Chose a product with recurring sales value. A consumable item that needs to be replaced regularly means a retailer can establish long-term sales. Think of consumable items like perfume, skincare products, or food.
When you establish a customer base with recurring products, customers will continue to come back to buy more to replenish their stock as they use up the products. In addition to this, satisfied customers are more open to recommendations for similar products.
Choose what is Popular
Timing is extremely important when selecting products based on what is popular. New trends and new products can be a boost to your business; however, you will need to be at the beginning of the product lifecycle to be successful.
What this means is you have to pick a hot product before it becomes popular. This is a valuable skill to have that comes from knowing your market.
Private Label
When you have a product that you are truly passionate about you can make it yourself. This guarantees that your product is truly unique. You can partner with a small business that makes a product that you would enjoy selling.
You can also consider private label products which will allow you to make a brand of an item made by another person or business.
Think of Quality
When choosing which products to sell in your store ask yourself if the products are of high quality. Ask yourself; is this product something you would give your dearest friend?
If you don’t think your products aren’t up to standards you may have to keep searching for the right items to sell. Your reputation will be on the line so product quality is extremely important.
Conclusion
Choosing the right products is the first step in creating a business that will last. Ask yourself important questions before embarking on a product or service. The main consideration is the market and the consumer; hence, the product and the service must be appealing to them.
Whatever you choose adhere to high quality in all your endeavors because reputation and credibility are also assets that can help you score in earning your consumer’s trust.