Your Own Home Business Start Up
Consider everything when starting your own home business including your level of tolerance.
Niche Product Marketing
How Can You Make Money On The Web?
You have many options. It is just a matter for you to pick the option that fits your lifestyle and goals, and work a plan.
How Do You Choose?
Choose something that you like! It is no different that your decision to take a regular job. Job satisfaction is often the most important variable in the equation. And if you are selling with the help of the internet, you have to want to sell what you are selling.
You may choose to sell something that you think will give you a high rate of return. So you may choose to get involved in a multi-tiered scheme. Or you may choose to start promoting dating and matchmaking sites. And then there are gaming and betting programs.
Or you may choose to become and expert in a product like high quality oil lamps and sell to retailers all over the world. Or you may choose to sell them retail yourself.
Or you may set up an off line shop and use it in conjunction with a web site and newspaper and mail order marketing.
The possibilities are vast. But whatever you do, choose something that you like!
Choose One Thing And One Thing Only
Find your niche market.
A niche market is a smaller portion of a larger market. It generally refers to a group whose needs are not being addressed by mainstream providers.
Another definition of a niche market would be a narrowly defined group of potential customers.
Large businesses must move large volumes of goods to be profitable. This means they cannot cater to every segment of a market - only to the largest (and therefore, most profitable) segments. This leaves smaller segments of a market with specific needs that are not being met. This creates a profitable opportunity for smaller, more specialized businesses.
Don't try to compete with the mass marketers. Sell something that they cannot afford to sell. Sell high value, unique products or a service that is not well provided by someone else. Create a niche as stick with it.
Sell quality and service. You can try to sell price but you limit yourself by selling price. There is always room for quality. And there is always room for service. When times get bad, quality products continue to sell. People selling price and who sell to the masses who are price sensitive most often see sales drop.
If you have defined your niche well, you will continue to sell.
Your Market Niche
The competition on the web is fierce. You will be competing with hundreds of thousands of people on the web. You will have to convince people to buy your products and not from the competition. And guess what! You are going to be selling the same products as they are. And if you buy a drop shipping directory or service, you are surely going to be selling the same products as the thousands upon thousands of others who bought that directory.
So why should the people buy from you? Do you know that more than two thirds of the people who buy a product first shop for it on the web and then buy it off line. Not only do you have to compete with the competition, you have to convince the people to buy from you and to buy it on line. If not, you will just be advertising the products for someone with an off line shop.
You convince people to buy from you by picking a market niche. That means that you sell a particular product or service to a particular group of people. A niche can be geographic, cultural or it can be a particular product or service.
The first rule of your business should be NICHE, NICHE AND THEN NICHE SOME MORE.
First define your niche. It is your place to be. And only after you define your niche should you consider opening your shop.
What is a niche? Simply stated it is your little corner of the world where you are the expert and one of the few suppliers of your product or service. It is where you are unique in your product or service offering for your area or culture. It is what makes you unique and what makes people want to buy from you.
When the Internet started to go commercial there was so much hype about the new economy. They thought that they could sell anything and everything to everyone, everywhere.
Balderdash and other expletives deleted! There is no new economy. There are only new shopping malls and advertising mediums and they are on the Internet. Your shop on the Internet takes as much planning and work as your shop in your home town. And you have to a niche.
Would you open a shop in your town without checking the competition? Would you open a shop selling something that people can buy cheaper in the local shopping mall? Would you open a shop next to one selling the same exact products?
Well, hundreds of thousands of people do that on the Internet. And they lose a lot of money in the process. They fail to establish a niche and fail when they try to sell against everyone else.
Establishing Your Niche
First decide what you want to sell and then check who is selling it on the Internet. Look at the products. Look at the prices. Look at how they sell the products. Look at the complexity of their web site. Is that web site an advertisement for an off line store? Is that person selling on eBay to make a profit or is that person selling on eBay at a loss to build a customer base for off line or non eBay sales?
Can you complete with that person? What does it take to make you different? What does it take to make people want to buy from you? Can you afford to sell at a loss on eBay to attract people to your off line store or Internet store? Are you done before you start or is there something that you can do?
There is, IF you can carve a niche or take a different approach. There are alternatives. And we will explore them. And I will give you some solutions and information that you can use in your business plan.
Those solutions and information will come in future lessons.
Most people approach selling on the Internet by saying: "Ready, Fire!" They don't consider aiming until well after they have lost a lot of time and money.
Please be careful. People are depending on you. Do your homework. Do your market research first and use that to make a plan. Then get ready to go into business.
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