If you lack direction and focus, here’s an easy way to choose a niche and select a product to sell
Deciding to start an online business is always extremely exciting – but it can also be daunting, challenging, intimidating and quite frankly terrifying!
For new online sellers, one of the biggest challenges is deciding what to sell – in other words, finding a profitable niche and product – and I can totally empathise with this because I know that getting inspiration can be tough and there is always that niggling worry that a market might be saturated and there is simply too much competition.
There is no denying that there is a huge amount of competition online these days, in fact concern about competition is one of the most common topics in my email inbox! However there are still massive opportunities available for new sellers – and you can still get in on the action! The trick is to really consider the ways you can achieve a successful online business – not just have a quick think about what you might like to do, then select a product at random – because that won’t work!
You need to think about a specific product or niche first so that you have direction and focus – then simply consider the opportunities that are all around you.
Ok, so now that you know that you need focus, there are six main things that you should bear in mind. To make these easy for you to remember I’ve created a shortcut phrase that’s also easy to remember. This is TOPPIK! It sounds just like the word ‘Topic’ which of course means a subject, a matter, an area or an issue. This in turn ties in with direction and focus. It can also be associated with ‘Top Pick’ meaning the best of a selection.
So here we go with TOPPIK…
- Trends
Trends come and go, but by recognizing a trend early enough, and getting in to the market at the start will ensure you make a name for yourself before anyone else. Keep your eyes and ears open at all times – listen to what your children are talking about, read newspapers, browse online – and keep your wits about you. Product opportunities appear in the unlikeliest of places!
- Opportunity
Opportunities are everywhere, but finding a gap in a market is great news. You need to capitalize on that opportunity to the best of your ability. Look at a particular niche and try and work out if there is a problem or something that is missing within that niche. It comes down to my ‘similar but better’ strategy. Think about what you could introduce to the market that is ‘similar but better’ than what is already being offered there. This could be a ‘luxury’ item or a ‘bargain’ item; it could be a product that already sells well, but with an added element or ‘twist’. When you find it though – seize it – or someone else will!
- Passion
You might decide to focus on something that you have a real passion for. This can prove to be extremely profitable simply due to the fact that ‘passion’ tends to carry you through the inevitable bumpy journey that you will undertake! Passion motivates and motivation is the key to building a successful business and not giving up when the going gets tough. So think about your hobbies, interests and passions as a first step.
- Problems
Solving a problem has long been a fantastic way to get sales! Have a think about problems that people have – and how you could solve the problem with a particular product or set of products. You may be surprised to learn that a ‘problem’ doesn’t necessarily have to be in the realms of a physical ‘pain’ either. To a young lady on her first date, her problem could be as simple as finding the perfect shoes to match her outfit…!
- Identify
I talked about ‘passion’ earlier and this can apply to customers too. When buyers are immersed and passionate about something – for example a hobby, an interest, a sport – they will spend more money in order to achieve the best results. For example, if you could offer a product to a cycling enthusiast that would enable him to cycle further and faster with less effort, he would probably be prepared to buy it! This is identifying a need.
- Knowledge
If you have knowledge of a particular industry, product or niche or if you have a particular skill or have experienced something that makes you an expert on the subject then use this to your advantage. You can turn your expertise into a route into online selling safe in the knowledge that you know a huge amount about the area that others in the same niche may not!
Opportunities are all around you. Which one will you see first?
The most important aspect you need to consider when choosing a product is to not be scared of looking into smaller, less well known niches. In fact the deeper you dig and the more specific you become the more opportunities there are for you to achieve success due to less competition.
Remember that the niche, and ultimately the products you choose to take further in your online business will each bring unique challenges but importantly, they will shape your business for the future, so choose carefully and choose well.