The key to success in one thing.
FOCUS
When picking the product you want ot sell you need to make several decisions.
1. Is this something I want to be involved with?
The first thing you need to ask is: Does this add to peoples lives?
Is this product going to make things simpler or quicker or cost less?
2. Is there a market for this?
You need to do research and find out if the market is big
enough to generate substantial revenue.
You may have the greatest idea but if no one is willing
to pay money for it, then It may not be a the product for you.
3. Once you have determined if the product has a market you need to determine if the product can be profitable.
In other words. Can you make and deliver the product for less than you can sell it for.
You will save yourself hours of grief if you answer these questions first.
If any of these questions yield a no answer, move on to something else.
You cannot fix a No answer. It will just be an endless source of frustration.
Selecting a Product:
Do this:
Pick three different ideas.
Ask the three questions above.
Hopefully that will eliminate 1 or 2.
Now do some research to find the biggest yet most focused market.
An example of unfocused market would be Cars.
A focused market would be Mercedes 450 accessories.
The market is somewhat small but the potential customers have lots of money and like to spend their money.
A warning here. Make sure you are honest with yourself about whether or not the topic is interesting to you.
Sure Money is very interesting but if you just start your business because you think you can make money you will burn out quickly and won’t have the desire when things are slow.
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