Decide What You Should Sell
Are you thinking about launching a new business? Do you have some new product or service you want to sell?
Are you pretty sure the product or service will be a big hit if you can get enough money to get started, or get the time and resources together to add it to your existing offerings?
Whether you’re starting a new business or expanding your existing business, be sure you stay focused on the most important aspect of any product or service: what real, living, breathing customers want or need badly enough to buy.
1. It must be something people want or need.2. It must be good quality and effective.
3. It must be something you can buy or produce at low cost and sell for at least two to five times your cost.
4. It must have a market you can afford to reach.
5. You must be able to describe a typical customer in that market in detail.
6. It should be something that involves repeat sales to the same customer or allows up-sell and cross-sell additional products.
7. You must have an affordable and reliable way to deliver or distribute your product to customers.
8. There should be related, and possibly more expensive products you can sell to satisfied customers after the first sale.
9. It should be something you like and believe is worth the price you put on the product or service.
Photo by Shahrokh Dabiri.
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