We discussed finding a niche a few days ago. As soon as you’ve found a niche market in your area of interest, the next step is to create or find a product or service to sell. It is pretty obvious that when you are deciding what you’re going to sell online, you can choose from two strategies – create or find – or choose both…
Creating a Product or Service
Selling Existing Products and Services
While I believe that creating your own product or service gives most small businesses the best chance at success, it does takes a bit longer. Let’s do a broad-spectrum review of each of our options.
Creating Your Own Product or Service
I prefer the creating products strategy since it gives me complete control over exactly what I sell and how much profit it yields.
I typically market information and services. I create my products and services based upon knowledge and research. Using my laptop and mostly free software, I then shape them into many different marketable formats including print books, eBooks, software, member sites, and advertising services.
If you have information to share, or have the ability to research and gather information on a niche topic (and we all have that ability!), you can earn money using this model. For centuries, people have been making money providing information and related products and services, and this reality will continue forever.
It all boils down to helping people save time and money. You provide a product or service that allows them the option to avoid learning something the hard way – through research of their own. Essentially, you do the research, or share what you already know, and sell the help people need. The bigger the need for your specialized information or services, the higher prices you can demand. Continue reading »