2. Determine your product(s)
After identifying the most suitable business model for your goals, the next step is to select the appropriate product. The perfect option would be a product or service that has a high demand and minimal competition. However, this can be a challenging task as it may seem like every possible product or service is already available for purchase online.
One strategy for success is to establish a specific area of expertise, otherwise known as a niche. Consider your passions and areas of specialised knowledge, as well as creating products that utilise your skills and intellectual property. This could include introducing innovative products to the market, customising existing products for a particular audience, or offering a fresh solution to a significant issue that has yet to be solved.
How do you find these products? To get started, you can simply search for products to sell online. Keyword research can help you determine how many people might be looking for a particular product or service, and what it might cost to advertise for it. Google Trends can alert you to emerging problems and hot products.
Before deciding to sell on a preexisting platform, take some time to investigate the products available, their prices, and the level of competition. It is also beneficial to read reviews to gauge customer satisfaction and identify any unmet needs that you could address. Additionally, search for related products to determine if there are any complementary items that could enhance your offerings or if you could improve upon existing products.