A first question anyone who want to do business asks. But the moment of the question is different from beginners to gurus.
If you were -before wanting to run a business- a technical oriented person (lawyer, plumber, computer technician..) and you have the habit of doing things, you'll think as beginners, I mean that you'll see what you have or what you can offer as service and NEXT you'll try to sell it, and to who.
Real entrepreneurs will think backwards. I mean that they will fix a target (a niche) which is easy for them to reach, and a way to sell. THAN they will look for a product or a service to sell to them.
I KNOW, this seems weird for most of you -if you're a technical oriented person- but if you can't believe that, just look to big investment companies. They have money and access to customers, so all the time they are looking for what they can sell!! convinced now?
May be yes, if not yet.. Let me show you something else.
If you have something to offer, your niche market may be interested if you have the right product at the right moment, but this is not often the case, and with competition, you have to compete and reduce prices. The reason is that no one want to buy a product that he doesn't need unless it's princely attractive, and this still even not sure.
Now for the other side, if you have a niche already defined, than you can make a closer look in. Better if you're familiar with it so you can feel the needs and live them sometimes. So if you define finally a product to sell, they will pay top dollars as long as they still in need even with competition.
AND NOW??
So, how to choose your product? anything! I can reply.
But I recommend and this is proven by experience that goods that is sold at the price of 50$ up to 200$ are the most effective. People can buy without much thinking about, and at the same time, you can have enough profit with a 100$ product compared to 10$ one.
You have an idea now about your future product? have few ideas about where you start? Next time I'll try to get deeper in the way all that can be set up.
If you were -before wanting to run a business- a technical oriented person (lawyer, plumber, computer technician..) and you have the habit of doing things, you'll think as beginners, I mean that you'll see what you have or what you can offer as service and NEXT you'll try to sell it, and to who.
Real entrepreneurs will think backwards. I mean that they will fix a target (a niche) which is easy for them to reach, and a way to sell. THAN they will look for a product or a service to sell to them.
I KNOW, this seems weird for most of you -if you're a technical oriented person- but if you can't believe that, just look to big investment companies. They have money and access to customers, so all the time they are looking for what they can sell!! convinced now?
May be yes, if not yet.. Let me show you something else.
If you have something to offer, your niche market may be interested if you have the right product at the right moment, but this is not often the case, and with competition, you have to compete and reduce prices. The reason is that no one want to buy a product that he doesn't need unless it's princely attractive, and this still even not sure.
Now for the other side, if you have a niche already defined, than you can make a closer look in. Better if you're familiar with it so you can feel the needs and live them sometimes. So if you define finally a product to sell, they will pay top dollars as long as they still in need even with competition.
AND NOW??
So, how to choose your product? anything! I can reply.
But I recommend and this is proven by experience that goods that is sold at the price of 50$ up to 200$ are the most effective. People can buy without much thinking about, and at the same time, you can have enough profit with a 100$ product compared to 10$ one.
You have an idea now about your future product? have few ideas about where you start? Next time I'll try to get deeper in the way all that can be set up.
