Last updated on April 5th, 2021. Posted in Finding Profitable Ideas.
As you begin developing the products that you'll offer in your online business, you'll need to put some serious thought here. And just think for a second what kind of product format might be best not only for the target audience you serve...but also for you as the business owner.
Here are links and resources mentioned in today's video. Enjoy!
For example, physical products that you might sell online can be a challenge -- the biggest one being shipping...shipping presents all sorts of potential problems and issues. Cost is a big one, of course...a cost that will be passed on to your customer...but also what about time?
A business owner friend of mine who sells a physical product online is constantly making trips to the post office with boxes and boxes of product to ship out. There's the time to box everything up, print shipping labels, and then of course, to get everything to the post office and sent off.
And you should see his basement! It looks like a warehouse! And that's another challenge with selling physical product...you have to have enough product on hand to keep up with orders...but not order too much from your supplier because you don't want to be completely overstocked. It's a delicate balance.
In a much earlier incarnation of Ten Ton, we sold all our training on physical DVDs online. It was certainly cool to have a physical, tangible product for people...but it was a royal pain in the butt...inventory, shipping, and eager customers waiting for their order to arrive.
So for yourself, I'd suggest either trying to come up with solutions to get around some of these challenges and problems...or to go digital if you can.
Years and years ago, Ten Ton stopped selling physical DVDs and now our training is all 100% online. Or for yourself, if you're selling books or other content that can be sold in a digital format directly online, seriously consider going that route.