How To Find the Perfect Product Niche For Your Home Based Business
Once you’ve found your niche market (see previous post) one that is seeking solutions to a problem – how do you come up with a product or service that solves the problem?
Let’s brainstorm again… you need to come up with a comprehensive list of ideas for potential solutions. Don’t edit your ideas at this stage and don’t worry about how to develop your idea, just get creative and brainstorm. Don’t hold back!
As you brainstorm ideas think of services and products. If you need inspiration, look at the products or services of your competitors and think of ways of improving them. Are there other aspects of the problem they don't address? Are they too expensive or two difficult for beginners to use or comprehend? Are they too specialised or not specialised enough? Or is there simply not the level of expertise available to address the problem properly?
The main thing is to ask yourself what you could offer that no one else is offering the market. How can you make your solution different from anything else that is available?
One customer I worked with last year, (Jane Grey), wanted to sell her artwork via the Internet. She wanted to produce greeting cards but when she researched into the market she realized there was a lot of competition for mass produced greetings cards. She knew she would have a hard time trying to sell her work in such a competitive market but by spending time finding a small niche market, Jane realized there was a considerable demand for high-quality handmade cards. Jane now produces handmade individual cards, not only with her artwork but also with dried flowers and other materials. She sells them at a premium on her web site and already has sales of over $45,000.
Keep all possibilities in mind. Your hot product idea may come from the most unlikely source and something completely different to what you could have ever imagined! Think outside the box!
Will it sell?
Before you get excited about your product you need to check it is actually suitable for selling over the Internet. Many people fail on just this one aspect. Is your product large or heavy and likely to cause delivery problems? Customers may not be willing to pay high delivery charges and your profit margins may not allow you to subsidize this.
Another thing to consider is the time it takes for delivery. Some customers simply won't wait several days for their goods once they've bought something online. Consider these issues when deciding what product or service to offer.
If your product or service is something already available in offline locations such as shops you need to have a very special advantage to make your customers choose you instead of your offline competition. For example, if you are selling garden plants that people can buy in the local garden center you’ll need something a bit different to tempt them into buying online. Perhaps cater to the disabled who can't get out to the shops or offer exotic plants, which are not available in garden centers.
Electronic products are usually a good bet to offer over the Internet and are virtually pure profit. Electronic products include things like e-books or a paid subscription newsletter. There is software available on the Internet to enable you to create e-books very easily and they will produce very professional looking results. Do you have specialized knowledge that you could use to create an e-book?
At the end of the day you have to make sure that you produce something people are willing to buy over the Internet and something that doesn't cost a fortune to get delivered to your customer’s front door.
Identifying a niche market and generating ideas for products or services that solves the markets’ problems is undoubtedly a challenging stage of developing your business… but it can be the most rewarding. To be successful any online business has to have a viable market and an effective product or service that customers demand. When you’ve found this, you're well on your way to establishing a profitable business.
How To Find the Perfect Product Niche For Your Home Based Business http://t.co/wYTRYb67
Hi there would you mind stating which blog platform you’re working with? I’m going to
start my own blog soon but I’m having a difficult time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design and style seems different then most blogs and I’m looking
for something completely unique. P.S Sorry for being off-topic but I had to ask!
No problem, We are using WordPress for this blog, hope this answers your question?
I’m really enjoying the design and layout of your blog. It’s a very easy on the eyes
which makes it much more enjoyable for me to come
here and visit more often. Did you hire out a developer to create your theme?
Exceptional work!
Many thanks for your kind comment! all done with great team work
I seriously love your website.. Pleasant colors & theme.
Did you develop this amazing site yourself? Please reply back as I’m wanting to create my own website and would love to know where you got this from or what the theme is named. Kudos!
Hi Crystle, thanks for the message. The site was developed by our team with a bit of imput from me! Blues and oranges are great trust colours and have proven to work best for us over the years
The Silent Shard…
This will likely almost certainly be pretty handy for some within your employment I want to don’t only with my blog but…
OK, many thanks for the comment
This is very interesting, You are a very skilled blogger.
I’ve joined your rss feed and look forward to seeking more of your magnificent post. Also, I’ve shared your website in my social networks!
Many thanks, I look forward to sending you more useful info !
This piece of writing gives clear idea in support of the new users
of blogging, that in fact how to do blogging.
Has any one checked this product, pinterest traffic fever, they have claimed that you can get 1 million pinterest followers, it seems un-realistic but i am still looking forward for pinterest marketing, can anyone recommend me some guide or even mentor
Hi,
We have checked it out, but can tell you that any service that offers automated relationships isn’t going to take you far. 2013 is all about creating real connections with your target audience in order to create a value bond.
hope this helps!
David
I very much like the information you provide us with through your articles. I’ll be sure to bookmark your weblog and take a look every day for new tips! I’m know that I’ll learn new things every day!