One of the problems that people run into when they have decided that they’re looking for a product to sell is finding, choosing or deciding what product to sell.
Are you in that situation? If you want to start making more money working from home, selling products or buying into a franchise, there are a few questions you should ask yourself in order to help them choose a product.
- Is it something people will buy?
A great product is only going to become a business when other people are willing to pay for it…otherwise it remains a great product and that’s it.
A good way to gauge this, and to do a mini research project at the same time, is to ask your friends and family. These are going to be your first customers, and it should be something that they are interested in. Most of the time, if they aren’t interested then you’ll probably struggle.
- Is the product only popular because it’s a craze?
A fad is something that’s short lived. Yes – you can make a lot of money from fads, but you need to be clear about your goals before you set out with a business…especially if it’s a fad.
If you’re looking for short-term gain fads are ok, but if you want to build a business that will go beyond the short term then you need to look at how to sustain your business when the fad is no longer popular, or change the business all together.
- Are you passionate about the industry or product?
Having no business in your business at all won’t help you stay motivated.
It’s often hard to sell something if it’s something that you don’t like or wouldn’t use yourself or have no empathy with those who will use it. You want to make your sales pitch sound believable and let people know that you truly believe in your product, so if you fall short of this, your customers will see right through this.
- Is there any competition?
The competition for sales can be bad enough without selling something that everyone else is selling. While competition is good, an industry that’s over saturated can mean its difficult to make enough money and you’ll always have to keep your prices lower than the competition or strive to raise the quality of your products all the time.
These are just some of the things that you need to consider when looking for a new business venture. For more tips and advice, be sure to join the Mothers Who Work Club.