One of the things we hear most, and perhaps one of the questions you’ve asked yourself when you first contemplated starting a new business is, “What do I sell? What products are hot? What markets are hot? What is my business going to be?” In this series of upcoming posts, we will explore those questions and subsequent issues around finding what the market wants.
Using Market Research to Find the Perfect Product
Objectives:
1. The three kinds of products to sell
2. How to discover possible product ideas from your past
3. How to determine what people want
4. Should you do network marketing?
5. Advantages and disadvantages of franchising
6. Should you make a product to sell?
7. What resources do you have?
8. What market research is and how to use it
9. How to use the Internet for research
10. Seven issues to consider when choosing a product
Introduction
Every year tens of thousands of people look for a way to augment their income. One of the key issues they have is to decide what kind of product to sell. There are many things to consider when choosing a product to sell.
The three kinds of products to sell:
a. Products- tangible products are many and varied. There is great supply of thousands of products and a demand for them all. Many products are wanted and therefore easier to sell.
b. Services-there are thousands of services that are sold in both stores and the Internet. Many people wanting to have a part time business on the side choose services like carpet cleaning, lawn care, telemarketing and more. This kinds of business cost little to start and to do.
c. Information-is sold primarily online but stores like Barnes and Noble also sell information. Information is often sold online as e-books, courses, subscriptions to newsletter, and special reports. Selling information has the advantage of costing nothing to produce, sell and distribute. No inventory to keep and no product to ship.
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