There are a lot of things to consider when you first start up an online business. Most businesses are created to sell something – a product or service. And one of the most important factors to determine is what product or service to sell. Is there enough demand for it? Is the market saturated or does it have existing competitions? We all enter into business to be profitable and without enough demand; there wouldn’t be much of a return to us. That is why, it is important that we determine this beforehand to save us time and effort.
What you are looking for is a product with a heavy demand but has relatively few competitions. This is what we call as ideal niche markets. The first things to look into are products which interests you. Selling products close to your heart would make the whole process not tedious and enjoyable. Of course, you should not be limited to that. If the products you like are already much saturated i.e. big players are already in it, then it is time to look for other products with lesser competitions.
Here are a few steps to do it:
1. Check in the search engines how much people are searching for a particular product. Monthly search volumes, local and global, can help you determine how many are searching for it. Google has free tools to help you with this data.
2. Concentrate on one niche class and offer a wide selection for it. If you choose Dog Care niche, you can offer dog care tips, dog care shampoo, dog care training, dog care dental health, etc. Aim to be the best resource for that category. This is a great tactic because you get to concentrate your promotional strategies on fewer, more specific keywords.
3. Check if the items are light or can easily be stored. Or if it needs to be shown or displayed. And if it is easy to ship. These are simple and basic things to consider but are instrumental to your business success.
There are a lot of outlets online that can provide you with the products you would want to sell. These merchants are the ones in the business of bulk sales or are often not in direct online selling. For instance, you can check your local business listings. I bet many of these stores have not gone online yet, so you can offer a consignment agreement with them to help their products be promoted online. Garage sales and flea markets are also a great place for looking for products to sell at affordable prices.
You can also check on eBay or Amazon. These sites have wide selection of products for sale. Check for your ideal products that can be bought in bulk but can be sold individually or those which can offer you higher commissions. Trade shows are also great resource for new products on launch. Drop Shipper Directories can also be a great source. These are wholesalers who will deliver your products straight to your customers so you don’t have to maintain inventories. Wholesaler directories can also help you because you can always get discounted prices in bulk purchases.
For more business building tips, vendors and resources visit http://www.mygoldenrolodex.info and get your hands on the exclusive report “51 Ways To Grow Your Business”.