what's your business

What’s Your Business?

Hey hey! Welcome to Day 2!

Today we’re going to begin exploring what kind of ecommerce business you’d actually like to start.

You know you want a business selling physical products but do you know what niche you want to be in, who you want to serve, what you want to sell and how you want to sell it?

If your answer to that question was a resounding YES! Then move on my friend todays lesson is not for you.

But if you’ve got as far as, ‘I want my own online shop’, then the next few days are going to be extremely helpful to you.

So let’s start with you.

Following on from yesterdays mammoth session, today should be quite easy!

What niche do you want to be in? What kind of products do you want to sell?

Think about;

What do you enjoy doing?
What do you enjoy talking about?
What are your hobbies?
How do you help others?
What can you do all day without even thinking about it?

Write down some ideas that come to mind from the above questions.

Some examples might include;

I love making soap,
I love make up tutorials,
I love my pets,
I spend all day discussing the future of AI & technology,
I enjoy jigsaw puzzles,
I’m a voracious reader and love discussing books,
I’m a keen gardener and enjoy helping my neighbors with their gardens.
I love baking.
I tinker with my car engine all day or take apart and put back together all the electronics in the house,
I love to make model boats and cars.
I love to play games with friends and family & regularly host games nights.

Once you have your list of ideas, ask yourself is there a potential business opportunity here?

For example from the suggestions above opportunities might include;

Selling soap or soap making kits
Selling make up or skin care products
Selling pet products
Selling technological gadgets
Selling jigsaw puzzles
Writing book reviews and affiliating for Amazon
Selling gardening kits & tools
Selling cooking accessories
Selling electronics, gadgets or tools
Selling model boat & car kits
Selling board games

Here’s some examples;

Pet Products

A Jigsaw Store

Gardening Products

Baking Products

Model Cars

Board Games

The world is your oyster right!?

When I built legendsnotladies.com last year, it all came about because of an Instagram photo I saw.

Sara Blakely was wearing a hat bearing the Stevie Nicks quote ‘Be a Legend Not a Lady’.

It caught my eye and I just loved it as a brand idea.

You can read my story in the ‘How Not To Start & Grow an Ecommerce Business‘ post.

I decided to sell t-shirts & mugs etc with cool designs and quotes, but I could also move into the world of jewelry with empowering quotes, custom made inspiring journals, key-rings, posters, jewelry boxes, trinket dishes, affiliate for books etc.

Potential Products

The opportunities are endless, however just deciding on the products you’d love to sell is only part of the story.

Is it profitable?
Is there a need?
Will people buy it?
How much will it cost to ship? T

These are all questions we’ll explore in the next few days as we go through this process.

However, when considering your options it might be worth running through the 17 criteria as identified by Richard Lazazzera at A Better Lemonade Stand, my go to blog for all things ecom.

He says when picking the perfect product you need to be thinking about;

1. Potential Market Size

I’ve always been a huge advocate of picking as narrow a niche as possible when building a brand and an audience, but I’ve now been told by a couple of Ecommerce experts. Too narrow and your market size is too small. So when you get onto Day 3 tomorrow and you start thinking about who you want to serve, it would do you well to consider the potential market size as well.

As Richard says;

2. Competition

Never be afraid of competition, if other people are doing to it shows there is a market. However, the bigger the competition the more you will need to work on your USP.

3. A Trend, Fad or Growing Market

It’s always an attractive proposition to go after a trending product. As I write this I could do well with medical face masks due to the Covid19 pandemic, however once the virus dissipates so will the market (possibly).

Richard recommends Google Trends as a good starting point to see how popular a product has been over time and my good friend Justin Woll of Beyond Six Figures determines the popularity of a product by typing in your main search term for example ‘face masks’, selecting the criteria ‘shopping’ and if the term has been above 50 for at least 50% of the time in the last 90 days and is still above 50 today it’s a potential winner (dependant on a lot of other criteria also).

Potential being the operative word. Remember this is just a starting point to list products you might want to explore further.

Looks like T-shirts could be a long term winner!

Face Masks? Just a fad me thinks. 😷🤔

Richard goes on to list another 14 criteria including target market, durability, size & weight etc, and gives excellent examples of sites that either meet or don’t meet the criteria, but don’t get yourself too overwhelmed at this stage.

We’re simply gathering ideas right now and we’ll dig deeper into product selection & sourcing on Day 8.

If you find yourself getting a bit stuck for ideas, just head over to the big gun itself – Amazon.

See what’s selling. What are people buying?

In fact if you go to Amazon bestsellers, you can see the most popular products sold on Amazon today by niche! – Amazon Best Sellers

Spend some time today exploring your ideas and choose a niche you think you’d enjoy and a potential list of products you could sell to that niche.

Tomorrow we’re going to define our ideal customer which will certainly help you further with your niche and product selection ideas.

Have a good one my action taking friend, make today count! :)

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