5 Tips For Deciding On What To Sell

Now you've made the decision to start up a business and you feel you have it all covered with the ideas of what you could sell to your target audience that would bring income for you.

While that's perfect, you can also add these tips to what you've come up with for a successful business execution.

1. Find Your Niche

There are companies that are making large profits online, selling mass market products like DVD, iPad, books, or even Levi’s jeans, but for the most part these businesses tend to be either brick-and-click sellers with established physical locations or very large concerns capable of investing millions into marketing.

To identify these niche markets, an entrepreneur may want to look at personal hobbies, skills, and interests or even news headlines. Whenever possible, seek to sell exclusive or unique products in a unique way.

2. Know Your Market

New online merchants should seek to serve a market they understand well. This means finding and selling products that appeal to known customer demographics with measurable and predictable buying habits.

In effect, knowing the market to which a product appeals brings balance to choosing a niche product, since market knowledge may help a startup avoid selling products for a niche that is too small or that tends to acquire products in a different way.

3. Know Your Margins

New e-commerce businesses should choose to sell products that have enough margin i.e., profits — to be successful.

A new online business may not have so many different products to sell. So it is important to select products that have a sustainable margin. As a rule, a merchant can survive on smaller margins if more total units are sold.

4. Understand Your Prospect’s Needs

Because you are the product, you have to know how to position yourself the right way. This means getting your customer to see you as their resource. You need them to see that you’re the one who can solve their problems.

5. Focus On the Outcomes

If you’re going to solve their problems, you have to demonstrate that you understand what their problems are. You have to ask effective questions that allow you to get to know them as well as you can.

Focus On the Outcomes

In the end, your prospect doesn’t care about the service you offer. They care about how it’s going to help them. They care about what’s going to happen after they hire you. You need to focus on outcomes.