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BONUS INGREDIENTS
How to Pick what you Sell
Okay friend, if you don’t have a product or service already worked out NOW is the time to really listen, sharpen your pencil and take notes.
Being in the business as long as I have, I’m AMAZED at the things people try to do for an online business and expect to be successful.
CHOOSING CAREFULLY THE PRODUCT OR SERVICE YOU ARE GOING TO GET INTO AS AN ONLINE BUSINESS IS CRUCIAL TO YOUR SUCCESS
I suggest the following tips in picking the right product or service for YOU
Pick Tip #1 – Choose a product or service that people have a demand for. I know this sounds like common sense but you’d be surprised how many people engage in something that there’s not even a demand for. Of course once in a while inventors or fashion designers create demand where there is none but these are the exceptions.
Pick Tip # 2 – Unless you have a large marketing budget you should focus on a niche market. READ THAT AGAIN! Some of the most successful web sites on the internet are those that have discovered a niche and exploited it.
What is a good niche?
a. A product geared towards a unique or specialized group of people that if reached will absolutely WANT your product.
Real Example: Chuck my associate worked with me in developing a site for athletes that want to RUN FASTER. Our product is a Run Faster Program Booklet with Bands for athletes that want to train by doing isometric exercises. The unique audience we focused on were sprinters and athletes who want to increase their running speed.
When I stepped in the picture Chuck had already had the web site developed but he was losing money. I went through the site that had been formally called “Innovative Fitness Products” and renamed it “Run Quicker” . (1) I applied many of the “ingredients” found here, (2) started a pay per click campaign, and (3) began monitoring and tweaking the site.
Outcome: The site gets about 400 visitors a day. Our $29.97 program grosses about $4,000 in sales every month. I don’t spend that much in marketing, or product cost so most of the sales are profit. $30,000/ year approx. NET -- Not bad for a little “niche” product.
Niche markets are PERFECT for a small start up or growing company. Dollar for dollar your marketing PUNCH carries much more POWER than being weakened in a larger, broader market.
Pick Tip # 3 – Stay away from overly saturated markets. This goes along with Tip #2. The immense effort that is required to market a product or service and get it to rise above other competitors in a saturated market isn’t worth the effort unless you’ve got a huge marketing budget to do all the work for you. Many people still come to me to have a dating web site built. I tell them unless they have a specific dating niche, or a $200,000 marketing budget they shouldn’t even bother trying to go up against some of the bigger more established dating sites with millions of members. At this point that’s why people sign up for the dating service, because there’s plenty of other members to hook up with.
What are some big losers when it comes to online start ups ?
1. Auction Sites – How can you go up against Ebay or Yahoo without a specific advantage over them? These sites get top dollar for their auctions because they’ve got millions of members bidding on them. Unless you can develop a specific reason why people need to go anywhere else -- a new auction site is going to flop.
2. Dating Sites – With match.com , americansingles.com, cupid.com how do you expect to compete with them and their huge marketing budgets UNLESS you have a specific angle. We worked with a gentleman who started a dating site for people who had Hepatitis. The idea was based on the fact that for those that knew they had Hepatitis they might be afraid of passing the incurable virus on to their date whereas if they hook up with others who have Hepatitis they can be more at ease while going out. Needless to say that within its own small niche its doing very well.
3. Job Sites – Major job sites now dominate the market. Unless you’ve thought about why employers or resume listers should come to you instead of the big boys, you might be wasting your time.
The list goes on. Just be intelligent about the type of business you are getting into. If you cannot clearly identify what your competitive advantage over a bigger, more established rival is-- you aren’t going to make it.
Pick Tip #4 – Search for a product with a STRONG competitive advantage. By looking at the competitive advantage of your product before you even get into the business you can eliminate the stress of choosing what you are going to do for a business. Many people do not clearly identify what the competitive advantage of their chosen business is before even starting. Don’t make the same mistake.
Pick Tip # 5 Research
Pick Tip #6 Research
Pick Tip #7 RESEARCH. If there’s one thing I cannot say enough about its researching something before you get into it. Remember in most cases you should NOT be rushed to make an important decision – if you are, it’s usually best to turn it down.
IF YOU RESEARCH AN IDEA AND BEGIN WITH THE END IN MIND YOU’LL ELIMINATE A LOT OF UNWANTED SURPRISES.
(1) Research things thoroughly
(2) Don’t make hasty decisions
Where do you find good products or services to sell?
Ah, now that’s the question isn’t it? The truth is there’s more opportunity out there than you can imagine and some haven’t even been tried!
THE FIRST PLACE I WOULD LOOK FOR A GOOD IDEA IS IN MY OWN BACK YARD
The idea for what to sell or do might be right under your nose. For instance have you even asked yourself what your passions are? What do you like to do? This very well could lead you to an answer that will not only bring home the bacon but it could be something that you LOVE to do. DOING WHAT YOU LOVE IS NOT WORK!
You may also know of someone or something that could help you tap into a very profitable business.
Other places to look for fresh and new ideas..
1. Entrepreneur Magazine & Other Entrepreneurial Publications
2. Trade Shows
3. Over Seas
4. Business News
5. Ebay (Under “Businesses for Sale”)
Honestly these are just the tip of the iceberg. The important thing is to write ideas down as they come -- when you have a good list in front of you, begin the process of elimination.
Pick Tip # 8 Build something that can be automated or sold later. This is something I learned quickly and I think a lot of successful entrepreneurs still have yet to learn. Success isn’t just the accumulation of riches. Success is the ability to do what you want when you want with whatever money you want. Or at least it is for me!
ONE OF THE LAST THINGS YOU WANT TO DO IS START A SUCCESSFUL COMPANY THAT ABSOLUTELY CANNOT RUN WITHOUT YOU ... UNLESS YOU LOVE DOING IT!
Why?? You will be consumed by your company’s success, you won’t be able to put somebody else in charge, and you’ll have a hard time getting what your company is worth when it comes time to sell it.
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