Deciding what to sell can be a stressful process of starting an eCommerce venture. Ensuring demand is only one part of the equation. You also need to factor in the supply chain, the cost to bring a product to market, potential competition, and many other factors.
Having dabbled in a variety of products, I can confidently say that no product gives me greater satisfaction than a product I am passionate about. Choosing something you love also sets you up for success. Here are a few reasons why:
- You are your customer – You know what you want, which can make market research a breeze. As long as you don’t feel like what you want is too far out there. If you love it, if you would buy it, chances are other people would as well.
- You know how to shop – Children’s clothing is a high volume product with moderately high margins. It is cheap to ship, and there is an endless supply of mom’s looking to indulge their shopping habits by buying something for their kids. I’d love to be in that market, but I don’t know anything about it. I have kids and they do indeed wear clothing, but I unless I am going to create a clothing line specifically for dads to pick out for their kids, I don’t know what to buy. If I don’t know what to buy, I don’t know what will sell.
- You enjoy the product – I have been a guitar player for a long time, and I get excited when I see a beautiful instrument. I sell a lot of guitar kits now. When customer takes the kit and creates a beautiful instrument, I am excited to see it. I am eager to post them to Facebook or Twitter, and I like to talk about them. It’s natural for me to be excited about the product. Likewise, when new techniques or technology emerges for my product lines, I am excited to talk about that also.
So what are you passionate about? What are your hobbies and interests?
Exercise: In 3 minutes or less, make a list of 50 things you can sell based on your passion. Consider the things you like to buy (or dream about buying), supplies for your hobbies, accessories for your favorite gadget. Get creative, one of these products might be the launch pad for your new business.
Once you have some candidates, follow the sourcing model of testing new products to ensure you have a good market. Then, full speed ahead!
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