Determining what you are going to sell online from your home based business is possibly the hardest part of getting started. Below is a list of questions you need to ask yourself that may make the decision easier.
- What is is that you already know that make you an expert
- Is it a product or service that you know is needed
- Have you done any research to see if customers want it
- Is it a weakness in a current market
- Is it an exisiting product that is not available in your country or market
- Is there a product in the market that you think you could improve on
- Is there a product that you wish had better or additional features
This part of a home based business is crucial. Get this right and the rest will be easier.
DO NOT BASE YOUR NEW PRODUCT ON PRICE ALONE AS YOU WILL FAIL. TRYING TO SELL AT THE LOWEST PRICE IS THE QUICKEST WAY TO DESTROY YOUR BUSINESS!
Once you get a good idea of what the product or service is then you need to ask yourself the following questions.
- Will you make it yourself or get it made by professionals
- Making it yourself will give a much greater profit (view examples of Rob making his products)
- Only do what you can without taking away from the professionalism of a product
- Customers will pounce on you if you let the product drop below a certain standard and then stop buying the product
- There are plenty of tasks to be done to reduce costs
- Let the professionals do the hard tasks
Getting suppliers is also a crucial step. Whether it be the local hardware store or a professional supplier.
- Try and get local suppliers if they can supply at a good price
- Always keep supply, cost and profit in mind
- If you cant supply parts then the whole business will fall apart
- Equally if the parts are too expensive then the profit will drop and the business will fail