So you’ve saved up a couple thousand dollars and you’ve worked out a timetable so you have a couple of hours after work to spend time on your very own web store. Now there’s just one thing left to do – figure out what online business to start.
Truth be told, most people usually have an idea what online business to start way before they begin saving up and getting their schedules prepared. Whatever the case though, all online merchants have to start somewhere.
We receive lot of email from people who are interested in our solution but are also desperately seeking a unique online business opportunity or tips on starting your own business. We have addressed several of these questions in a few of our previous blog posts. But then we also receive mail saying that some of these suggestions are maybe a little too unique for some of our potential merchants. So the question still remains, “What online business to start?”
Some people would prefer to open a web store that sells products or services related to their interests. A runner or an avid hiker may want to open a store which sells trainers, supplements, apparel and other related running products. However before you opt for this route, make sure you do enough marketing research so that you are certain that:
1. the niche you are targeting has a large enough market to sustain your business
There’s no point in trying to sell something that no one wants to buy. But even if there is demand, there should be a large enough market in order to be able make a healthy amount of money from it. Targeting too exclusive a niche may result in a smaller market for your products, although in some cases, this can’t be helped.
2. the profit margin is decent
The Net allows shoppers to compare pricing in an instant. You have to make sure that your product is profitable as well as competitively priced. Also, you should have enough room to be able to offer discounts and still make some profit. This is so that you can run promotions and sales to draw customers.
3. the supply for your products is adequate and timely
A lot of merchants have a lot of problems with supply. You need to make sure that you and/or your supplier have a system that can be updated in real time, preferably, so stocks can be monitored and replenished without inconveniencing customers. You should also ensure that the products you sell are not short on quality or you’ll end up with a lot of headaches trying to sort out the mess.
If your products can fill these criteria, then good for you. You can have a store that sells products related to your passion. This will make it easier for you to market your store and your products as well as answer customer emails quickly and accurately.
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