When people want to start a business online, the first thing they usually think of is having a product and selling it.
In one sense they’re absolutely correct. If you’re going to be making money you must have a product and get as fast as you can to the point of selling it. That’s the start of a business.
But in another sense they’re being mislead. Before they create it, or buy one to sell, the need to know it will sell. That is, that it is wanted by some people in their niche. If nobody wants or needs it, nobody will buy it.
There are two main problems here.
First, a common scenario is that someone has an idea for something they think people in their niche will want. They think they have some key information or service or software that will sell like hot cakes. However, the most common product they aim to produce is a PDF of some sort. It might be stand alone or a series, like a course. They start, keep going over a period of time, find it’s too much to do, and stop. Even if they finished it as, for example, a complete and practical home study course on their topic, most customers won’t read it all.
Second, you’ll notice this is just one product. They think having one product will do, that they believe is so good, it will be all they need in their whole business. That’s ok if you’re treating your business as a hobby business and you’re happy to just make a few dollars a month maybe. But if you want an on-going business, you have to have plenty of products in order to keep people interested and so you’re as helpful as possible to customers interested in your niche. Customers will want more to expand their knowledge and abilities.
Keep product creation to the end of a process, unless you already have a similar process in place.
Briefly, here are the things you need to do first.
1 Decide on what niche or part of a niche you’re in. This might be an easy decision for you if you already know a lot or have a lot of experience in a topic. You know you could produce a number of products with what you know or can do. But you need to make sure you’re actually interested enough in the topic to be spending your time doing that and building a business over time. if you think you’ll get bored with it you may as well stop before you start and save yourself any future disappointment.
If you’re interested in a niche but don’t know much about it, you have to get enough knowledge to begin with. Then check in search engines, FAQ sites, forums, and offline places like bookshops, what interest there is in your topic. Plus are people advertising products in it and do so repeatedly? If so, you know there’s money to be made.
2 If you don’t yet know enough about your topic, then you nee to find out as much as you can about it. Use online and offline sources. Seek out your top competitors and see what products they’re selling, and what they might be missing. That is, are there any gaps in your market that you can fill?
3 Make a list of as many different categories as you can in your topic. For example, in internet marketing, there’s email marketing, product creation, traffic, and so on. Under those heading you can put related topics. So for traffic, you might have paid traffic and free traffic, PPC, search traffic, content traffic and solo ads.
This should give you lots of topics and sub-topics to create products about. Did you find an gaps in your searches in any of the categories? If so, you might want to focus on that one and learn as much as you can about it. You aim to be the or an expert in it. Even your top competitor may not have the type of products you can create in it.
4 Build your presence online with valuable content, including on your website. Show your expertise in that content, in whatever format: text or video or audio. Choose a couple of formats to focus on. From your content, send people to an opt in page to join your list. You might have decided what products you could create. But ask your subscribers what products they’d like, to solve problems they’re having in your niche.
5 Choose one product that people want, large or small, and create it together with a sales page and follow up email series for your next product. If you’ve responded to what subscribers said they want, then your product should sell. Keep improving it according to further suggestions and queries, and keep creating products that people want.
This is building your own business and not just jumping at the latest “hot” product other marketers claim will make you lots of fast money.