Should you make a product to sell?
If doing the business as a hobby then yes. If you want to make money then no.
Making your own product requires lots of time, energy, and money. You will not be able to make them fast and cheap enough to make enough money, and it will dominate your life.
Seven issues to consider when choosing a product
a. Is there a demand for the product? If you try to sell a product without verifying its demand, you will be sorry.
b. is it easily available? Is there more than one supplier of your product? It is wise to have two or more suppliers. It gives you a wider selection of products, and safety if a supplier can’t deliver.
c. Selling price competitive-for many products price is the only thing customers want. Research the prices you will have to sell for and checkout the competition.
d. Enough profit- Smaller inexpensive products have small profit for you. Higher priced products produce larger profits. Think about it.
e. Enough time to do the business. Make sure you have enough time in your busy life to run a business. It will take 10-20 hours a week.
f. Startup costs-make sure you know all the costs involved in the startup. Don’t spend more to startup than you can afford. You will need all the capital you can get.
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